Louisiana Governor Mike Foster hired an advisor to assist him and the Louisiana Insurance Rating Commission (LIRC) in their consideration of rate hike requests from insurers and consumer concerns. The Times-Picayune reports that Foster expects more efforts by insurance companies to raise rates.
Foster’s office will pay Chris Faser, formerly with the state insurance department, a salary of $49,900 for helping to determine which rate hikes are acceptable. Faser’s contract took effect July 23 and lasts through June 30, 2003.
The LIRC recently postponed a decision on a 16 to 21 percent auto insurance rate hike requested by State Farm, which has also placed a moratorium on new auto policies in Louisiana, contending it has lost $300 million in that state over the past two years.
Foster expects carriers across the board to raise rates to make up for investment losses and costlier reinsurance.
Topics Louisiana Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Taylor Farms Recalls Salsa and Guacamole Over Salmonella Risk 
Taylor Farms, Taco Bell Face Multiple Lawsuits Over Cyclospora Outbreak 
Rhine River Shipping Stalls as Water Level Hits Record Low 
Delta Probing Unauthorized Wi-Fi on Flight After Hacker Event 
