Sunday, May 26, 2024

LABI welcomes Special Session

by BIZ Magazine

BATON ROUGE – To address the increasing challenge of finding affordable property and casualty insurance coverage in Louisiana, the governor has announced he will call a special session to begin January 30. LABI welcomes this decision from the governor and legislative leadership.

The current insurance crisis is unsustainable in terms of affordability and availability and is placing a major strain on policyholders and the state’s economic potential. LABI firmly believes that greater market competition from viable providers is vital in reducing costs and improving coverage.

This spring, a substantial escalation in rates is anticipated for those who have been forced to insure their homes through the Louisiana Citizens Property Insurance Corporation, which is the state-managed insurer of last resort. Expanding the number of insurers providing coverage in Louisiana will offer alternatives for these homeowners and lessen the burden on Citizens. This approach has been used in the past and proved successful. 

“Calling this special session is critical to support and protect the property owners of Louisiana,” says Stephen Waguespack, President and CEO of Louisiana Association of Business and Industry. “Ultimately, the legislation to be passed will ideally help stabilize the insurance market for all property owners in the interim while creating a pathway for the additional reforms needed in the years to come to put our markets on more permanent sustainable footing.”

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