Louisiana Insurance Commissioner Tim Temple pointed to State Farm’s decision to non-renew policies in the California market as a warning for lawmakers to modernize Louisiana’s regulatory framework and address legal system abuse – or risk insurers leaving the catastrophe-prone state.
“As natural disasters become more frequent and more severe, the insurance industry is taking a harder look at each state to determine whether doing business there is worth the risk,” Temple said in a March 26 statement. Tempe cited State Farm’s decision to non-renew 72,000 California property owners because of the state’s catastrophe exposure, inflation,