As Louisiana Insurance Rates Rise, A Key Statewide Race Heats Up

Louisiana Commissioner of Insurance coverage Jim Donelon hasn’t introduced if he’s operating for re-election in 2023, but when he does, he’ll be dealing with a well-recognized opponent.

Tim Temple, who spent $2 million of his personal cash in 2019 and received almost 47 p.c of the vote, introduced Monday that he could be operating for the job once more in 2023. He was Donelon’s solely opponent in 2019.

Citing rising insurance coverage charges throughout the state, together with a 63 p.c house owner’s insurance coverage price enhance Donelon himself signed, Temple cites the necessity for brand spanking new management within the workplace.

“Over the past 17 years,” Temple stated in his announcement, “Louisiana auto charges have soared to the costliest within the nation, whereas lately we’ve seen an explosion of house owner price will increase and an enlargement of attorneys promising fast declare settlements and loosely regulated public adjusters.”

“Simply final week, the present commissioner authorized a 63% house owner’s insurance coverage price enhance,” Temple added. “Persevering with to recycle previous plans ignores the precise issues and shortcomings altogether, and these points are too critical to disregard. Greater than ever Louisiana wants an insurance coverage commissioner with expertise within the insurance coverage trade, that shall be trustworthy, clear, accountable, and put the folks of this state forward of insurance coverage firms.”

As Greg Hillburn notes with the USA Immediately Community, Donelon did signal the speed enhance, however he did not have a lot of a alternative within the matter.

By regulation, Residents’ costs have to be 10% above the very best market price in every parish or the actuarial price, whichever is greater. Residents gives insurance coverage to owners who cannot safe safety within the personal market.

Throughout the 2023 marketing campaign, Temple stated that Donelon was “asleep on the wheel” on state insurance coverage points.

Donelon first assumed the position of Insurance coverage Commissioner in February of 2006. Previous to that, he served as deputy commissioner of the Louisiana Division of Insurance coverage by then-Insurance coverage Commissioner J. Robert Wooley.