The University of Louisiana-Monroe College of Business has been awarded a research contract from the Louisiana Department of Insurance to study and provide support for proposed legislative insurance reforms.
The News-Star reports the research is designed to provide support for proposals to improve the Louisiana insurance market, making insurance more widely available and rates more affordable.
The college has done work on the subject for several years under state contracts.
“Louisiana’s complicated insurance premium tax structure results in some of the highest costs in the country to insurance companies that sell insurance policies in the state,” said Christine Berry, director of insurance studies at the university.
“If the state can find a way to reduce the cost of conducting business for these companies, then insurance consumers should begin to see increased availability and lower rates,” she said.
Berry has worked on various projects for the state Insurance Department focused on improving competition in the Louisiana insurance marketplace.
Other ULM economists and business faculty also have been involved in the research.