NEW ORLEANS — Now that the crime special session is complete, the Louisiana Legislature will turn its attention to the state’s insurance crisis, among other priorities. When lawmakers convene in Baton Rouge on March 11, they hope to provide relief for citizens struggling with skyrocketing homeowners and flood insurance rates in addition to rising taxes and inflation overall.
That was the message from Michael Hecht, CEO of Greater New Orleans Inc., and Will Green, president of the Louisiana Association of Business and Industry, at the Jefferson Chamber Legislative Breakfast, which took place March 7 at the Hilton New Orleans Airport hotel.
The annual event is a chance for chamber members to rub shoulders with elected officials on the eve of the spring legislative session.
Hecht and Green used their time onstage to discuss crime, energy, the ports, education and infrastructure — but solutions for the insurance crisis were top of mind. They expressed optimism about what can be achieved under the leadership of new state Insurance Commissioner Tim Temple and Kirk Talbot, the senate’s insurance chairman. And both believe changes to the state’s legal landscape could lower rates despite the state’s increasing exposure to extreme weather events.
“We went with Tim and Kirk to meet with Lloyd’s of London,” said Hecht. “They told us, ‘We’re not climate deniers, but we’re not afraid of hurricanes. We insure all throughout the Caribbean. What we are afraid of is political instability and legal abuse. If you take care of that in Louisiana, you’re gonna be much better off.’”
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