La. lawmakers search for solutions to bring insurance rates down
BATON ROUGE, La. (WAFB) - In a state like ours, one thing is certain: we need insurance.
The problem is figuring out how to drive down the price you are paying without putting insurance companies at a disadvantage to do business. After hurricanes Laura, Ida, Delta and Zeta, many of you were suffocated by spikes in insurance rates.
Today the problem is still here, even though we have managed to dodge hurricanes this season so far. Our track record for dodging them in the past has kept those prices where they are.
“We know that numerous companies have gone out of business, other companies are writing new business and it’s really a crisis here in the state,” said State Rep. Gabe Firment (R).
As a board member of the Joint Committee on Insurance, Rep. Firment said bringing down the cost of your insurance is the ultimate goal. But trying to figure out how to make it happen without tying the company’s hands behind their backs is the challenge.
“We’ve got to take a balanced approach, we have to make sure policyholders are treated fairly, but we need insurance. And we do not need to create an environment where insurance companies can’t survive,” Rep. Firment continued.
A couple of programs have been implemented in recent years but have not done too much to bring prices down. Those programs could get additional funding during the next session. But some at the Capitol believe more can be done between now and then.
“Look, I don’t think we need to take a narrow approach. I think we need to turn over every rock and make sure we’re not leaving any stone unturned,” Rep. Firment added.
Between now and the next regular session, the committee plans on meeting at least one more time before anyone begins to start drafting something they can put up for a vote.
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