Amid skyrocketing premiums, Louisiana's insurance commissioner proposes reforms to entice more insurers, targeting an overhaul.
Louisiana's new insurance commissioner, Tim Temple, is stepping up efforts to attract more home insurers to the state amid a deepening insurance crisis, marked by skyrocketing premiums and companies exiting the hurricane-prone market.With homeowners facing high insurance costs and a dwindling pool of insurers since hurricanes Laura and Ida, Temple's regulatory reforms aim to stabilize Louisiana's volatile market.
The consecutive years of destructive weather events have propelled the state into a deepening insurance crisis, culminating in 22 insurance companies either declaring insolvency or exiting the Louisiana market, PolicyGenius said in its report.
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