NAMIC: Bill Potentially ‘The Biggest Mistake Louisiana Can Make’ to Address Insurance Crisis

INDIANAPOLIS (May 27, 2025) – National Association of Mutual Insurance Companies President and CEO Neil Alldredge sent a letter today to Louisiana Gov. Jeff Landry to voice the insurance industry’s concerns with the current version of HB 148. As the governor considers the bill, Alldredge cited how it would significantly disrupt the state’s insurance market and negatively impact Louisianans who are struggling to find and afford insurance coverage.

“This has the potential to be the biggest mistake Louisiana can make in its efforts to address the current insurance crisis and increase competition,” said Alldredge. “If signed into law, HB 148 would further endanger the Louisiana market and cause companies to re-evaluate their exposure in the state.”

Alldredge pointed out insurers’ concerns with HB 148’s provisions, including:

• Making proprietary and trade secret insurance rate filing information more easily obtainable is likely to decrease competition by discouraging insurers from devoting capital to the state. It also will increase the likelihood of litigation over that information across the country.
• Permitting a “claw back” of premiums paid in what is already a challenging claims environment, with an unlimited look back period, will further disincentivize insurance capital investment in Louisiana. It will also undermine mutual insurers’ ability to grow revenue and surplus in “good years” to prepare for the “bad years.”

“The insurance industry appreciates the other legislation aimed at addressing the ongoing challenges in the Louisiana insurance market,” Alldredge said. “However, the negative implications of HB 148 significantly outweigh any collective benefit of other positive reform legislation.”

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NAMIC membership reflects many of the country’s largest national insurers as well as regional and local mutual insurance companies on main streets across America. NAMIC members write $383 billion in annual premiums and account for 61 percent of homeowners, 48 percent of the automobile, and 25 percent of the business insurance markets.