Jim Donelon: Affordable, accessible insurance is mission critical
Skyrocketing insurance is an existential crisis for
We faced a similar crisis after hurricanes Katrina and Rita. In response, we instituted an innovative incentive program to attract insurers and save people their hard-earned money. It worked, and that's what we're advocating to do again.
A recent article in The Advocate | The Times-Picayune fails to acknowledge this success and erroneously claims companies entering our market don't meet adequate standards for solvency. Worse yet, misleading headlines give the false impression that Citizens policyholders are being sold a bill of goods. This is not true.
We follow state law requiring insurers to meet nationally recognized financial rating standards. And we invite reputable insurers of any size to help Louisianans insure their homes.
Our policies are working, even in the face of extreme headwinds. Consider the savings — often hundreds of dollars every month — people insured by the 30 smaller companies we attracted to
Of course, we all would prefer that insurers doing business in
Louisianans deserve access to affordable insurance that protects our property and our way of life. That's what drives my every move. We will continue to build a stronger insurance market that welcomes, and carefully vets, insurers to offer sound, affordable policies.
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