As Gomer Pile insightfully said: Surprise, Surprise, Surprise. There were a number of them on election night in the Bayou State. Governor John Bel Edwards’ quest for a first primary victory fell flat as several factors in the final days of the campaign caused his poll numbers to plummet. Now voters can look forward to a nasty runoff, with the airwaves filled with a boatload of negative TV and radio spots.
With the Louisiana statewide election only a few days away, and with many voters already making their way to the polls, it would seem to be a good time for me to gaze into my crystal ball and make a prediction of just who will be successful after all the vote are tallied. As many of you regular reader well know, I generally am right on the money. (yeah, right!)
Commissioner of Insurance Jim Donelon announced today his decision to approve a recent request for a -8.3% net decrease in rates for commercial property policies issued by Louisiana Citizens Property Insurance Corporation.
On Tuesday, August 21, the Louisiana High Auto Rates Task Force held its first meeting at the Department of Insurance. The newly appointed task force was formed to look into high auto insurance rates in the State of Louisiana and make recommendations to the legislature for actions to lower rates. The 2018 Regular Session of the Louisiana Legislature passed a House Concurrent Resolution (HCR 47) and Senate Concurrent Resolution (SCR 55) urging and requesting the Louisiana Department of Insurance to assemble a task force to address the high cost of auto insurance during the 2018 Regular Session.
Can you put lipstick on a pig? Well, business leaders are certainly giving it their best shot in an effort to counteract the fact that Louisiana’s outrageously expensive insurance rates make the Bayou State an environment hostile to the attraction of new businesses. But, last week, compounding the problem, new figures showed automobile rates continue to rise, along with insurance rates for every homeowner. And unfortunately, both legislators and insurance regulators are assuming a blasé attitude — “that’s just the price you have to pay for living in Louisiana.”