By Lewis Nibbelin, Contributing Writer, Triple-I
Insurance business executives and thought leaders gathered yesterday for Triple-I’s Joint Industry Forum (JIF) in Chicago to debate the tendencies, economics, geopolitics, and coverage influencing the market at the moment, in addition to methods to navigate these complexities whereas specializing in making their merchandise inexpensive and out there for customers.
Triple-I CEO Sean Kevelighan in his opening remarks, famous that efficient danger administration is dependent upon collaboration throughout stakeholder teams, as interconnected perils “present a community problem, not just an industry problem.”
JIF keynote speaker Louisiana Insurance Commissioner Tim Temple mentioned facilitating neighborhood resilience planning is a high precedence for the National Association of Insurance Commissioners (NAIC). The NAIC’s 2025 initiative – “Securing Tomorrow: Advancing State-Based Regulation” – goals to enhance catastrophe mitigation and restoration by consolidating “the collective expertise of experienced state regulators from across the country, who can share real-time insights and proven strategies,” Temple mentioned.
Among the initiative’s objectives is aggregating extra information from insurers to raised perceive challenges to affordability and availability on state ranges, which the NAIC can then translate into actionable coverage proposals. Such information calls, Temple mentioned, assist regulators, legislators, and policyholders give attention to bettering the fee drivers of insurance coverage charges.
Louisiana has constantly been among the many least inexpensive states for homeowners and auto insurance coverage, in keeping with the Insurance Research Council (IRC), partly due to its repute for being plaintiff-friendly in civil litigation. Significant tort laws has been accredited within the state, however resistance to reform stays a problem.
Getting to the roots of excessive premiums
After a latest information name in his residence state, Temple advised the JIF viewers, “For the first time in Louisiana, we’re not talking about only premiums. We’re talking about why premiums are where they are.”
A crucial lack of transparency surrounding price drivers persists, nevertheless. Temple criticized the National Flood Insurance Program’s Risk Rating 2.0 reforms for not publicly disclosing extra info “for individuals and communities to identify and address factors driving up their premiums,” akin to “whether increased rates take into account levee systems, pump stations, and other things designed to help mitigate against floods.”
Conversely, authorities applications like Strengthen Alabama Homes – and the quite a few applications it impressed, together with in Louisiana – have demonstrated success in speaking the advantages of resilience investments for customers and policymakers.
“We’re seeing major positive results after just a few short years,” Temple mentioned, noting that, since early 2024, over 5,000 owners not chosen for Louisiana’s grant program nonetheless determined to put money into the identical hazard mitigation, as they could nonetheless qualify for the corresponding state-mandated insurance coverage reductions.
“As natural disasters become more frequent and severe, state regulators will continue to drive forward common-sense policies that protect consumers and ensure that insurance remains available and reliable for at-risk communities,” Temple concluded. Developing the database required for such insurance policies is a essential first step.
Keep an eye fixed on the Triple-I Blog for additional JIF protection.
Learn More
Significant Tort Reform Advances in Louisiana
Louisiana Senator Seeks Resumption of Resilience Investment Program
Louisiana Reforms: Progress, But More Is Needed to Stem Legal System Abuse
Louisiana Is Least Affordable State for Personal Auto Coverage Across the South and U.S.
Who’s Financing Legal System Abuse? Louisianans Need to Know
Study Touts Payoffs From Alabama Wind Resilience Program
Outdated Building Codes Exacerbate Climate Risk
Resilience Investments Paid Off in Florida During Hurricane Milton