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LABI, Coalition Partners Send Second Batch of Letters to Out-of-State Auto Insurance Companies


March 9, 2021

Baton Rouge, LA (March 9, 2020) – On the heels of the welcome news that Farmers’ Insurance Exchange will once again write auto insurance policies in Louisiana, the Louisiana Association of Business and Industry (LABI) and its Legal Reform Coalition partners sent a second round of letters to more than 1,100 auto insurers around the nation, asking them to reconsider doing business here. This follow-up correspondence was sent to the same companies who initially received a letter from LABI and the coalition last August, after the passage of the Civil Justice Reform Act of 2020.
 
“Just this week, Farmers’ Insurance Exchange announced a return to our state after a seven-year hiatus, and many more insurers are taking a fresh look at Louisiana in the wake of substantial legal reforms,” the letter states. “Our Legal Reform Coalition has spent the last two and half years working to bring these meaningful changes to improve our business and legal climates. With many of those reforms being implemented, we encourage you to reevaluate, reconsider and rethink doing business here.”
 
The letter also reiterates the landmark legislative changes of 2020, set to be fully enacted when the Louisiana Supreme Court lifts the temporary statewide jury trial moratorium put in place because of COVID-19 public health guidelines. The message also touches on the ongoing efforts in the judiciary to embrace reform, transparency and accountability.
 
“We’re excited by the news of Farmers Insurance returning to Louisiana,” said LABI President & CEO Stephen Waguespack. “As we’ve said from the beginning, bringing more competition to our marketplace will lead to lower auto insurance rates for our drivers. We’re confident this week’s announcement will be the first of many to come. LABI and our coalition partners look forward to working with Commissioner Donelon and his team to help recruit even more insurers to Louisiana.”
 
In addition to LABI, the letter was signed by the state chapter of the National Federation of Independent Business (NFIB), Associated Builders and Contractors (ABC) of Louisiana, the Pelican Institute for Public Policy, the Independent Insurance Agents & Brokers of Louisiana (IIABL), the American Sugar Cane League, the Louisiana Mid-Continent Oil and Gas Association (LMOGA), the Louisiana Home Builders Association (LHBA), the Louisiana Oil & Gas Association (LOGA) and the Louisiana Motor Transport Association (LMTA).
 
To read a copy of the full letter, click HERE.

 

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For press inquiries, contact:

Mitch Rabalais
Communications Manager
(985) 317-8509
mitchr@labi.org

About the Louisiana Association of Business and Industry

The Louisiana Association of Business and Industry was organized in 1975 to represent Louisiana businesses, serving as both the state chamber of commerce and state manufacturers association. LABI’s primary goal is to foster a climate for economic growth by championing the principles of the free enterprise system and representing the general interest of the business community through active involvement in the political, legislative, judicial and regulatory processes. Find out more information at www.labi.org.