Watch BGR’s Sept. 18 Breakfast Briefing with Insurance Commissioner Tim Temple

Today, BGR held a Breakfast Briefing with Louisiana Commissioner of Insurance Tim Temple. He shared his outlook for the state’s property insurance markets. With insurance costs continuing to climb in Louisiana, this timely conversation addressed what’s driving the crisis and what might be done about it. 

This event was free to the public thanks to the generous sponsorship of First Horizon Bank. Scroll down to watch the video, read highlights, and see photos of the event.

Video

Highlights

Louisiana Commissioner of Insurance Tim Temple joined BGR President and CEO Rebecca Mowbray for a conversation on the current outlook of the state’s insurance market and steps to bring rates down.

Watch some of the highlights below:

• Temple calls the current situation “the worst insurance crisis our state has ever faced” — one that affects property, auto, workers’ compensation, and health insurance alike. (9:04 – 13:35)

• Temple highlights progress from recent reforms, noting that since the beginning of 2024, a dozen companies have come back to Louisiana or entered for the first time. “Competition is working — people are starting to see premium relief.” (13:36 – 18:03)

• He points to Louisiana’s unusually high auto insurance costs, saying Louisiana drivers file twice the number of bodily injury claims and litigate three times the national average. “If they want to see auto premiums like our neighboring states, we need to get claims down to what those neighboring states experience.” (18:04 – 24:20)

• Temple describes new requirements for insurers to disclose prior premiums and show how each premium dollar is spent: “Transparency, I think, is important… we’re trying to do some things to help protect the consumers, give them more awareness.” (24:21 – 27:15)

• On the Fortified Roof Program, Temple calls it the long-term solution for stabilizing the property insurance market. As of this summer Louisiana already had nearly 4,000 fortified roofs through the grant program, plus more than 5,500 paid for privately and assisted with a state tax credit or tax deduction. (27:16 – 43:21)

• Temple stresses that local officials can play a role by enforcing building codes and supporting roof registries, pointing to St. Charles and Jefferson parishes as models. Fortified roofs are “the quickest way to get a reduction” in insurance costs. (43:22 – 45:45)

• Temple warns that FEMA’s Risk Rating 2.0 for flood insurance has been a “slow-moving train wreck” and says Louisiana must keep pushing for reforms. He urges more support for private flood insurance rather than the National Flood Insurance Program (NFIP) pricing approach, noting that the former can be about 30% less expensive than NFIP and offer richer benefits. (45:46 – 55:16)

• He dives into the difference between admitted insurers, which must file rates and offer consumer protections, and surplus lines carriers, which some refer to the “Wild West” but which he views as a vital safety net for complex risks. Temple cautions that surplus lines policies lack Guaranty Fund protections. (55:17 – 1:02:07)

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