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re: Tort reform in Louisiana - you can only choose 3
Posted on 2/19/24 at 2:22 pm to Damone
Posted on 2/19/24 at 2:22 pm to Damone
quote:
Oh yeah private party lawsuits are definitely what’s ailing Louisiana
are you new to Louisiana or do you live under a rock?
It is undeniably an enormous hinderance on the state's economy.
many large corporations have openly stated they don't do business in Louisiana due to the legal climate. Those that choose to do business in LA, will automatically reserve a large portion of funds for inevitable law suits.
and that's just the effects on business
Louisiana drivers pay thousands more a year for insurance compared to drivers in other states.
1
Posted on 2/19/24 at 2:31 pm to Ping Pong
I can say without any doubt that the plaintiff culture in Louisiana is causing insurance companies to avoid writing business here.
It’s mostly associated with automobile both private and commercial automobile.
With that, the property and homeowners insurance suffers.
Insurance companies make money bundling coverages like auto and home or commercial package policies with property, general liability and auto.
They don’t want to do that here because the auto liability and general liability culture is highly plaintiff oriented. Jurisdictional risk is horrible with unreasonable settlements and high jury awards.
It’s just easier for insurance companies to avoid the state alltogether than to try to price a policy to be both affordable and make the insurance company money.
It’s mostly associated with automobile both private and commercial automobile.
With that, the property and homeowners insurance suffers.
Insurance companies make money bundling coverages like auto and home or commercial package policies with property, general liability and auto.
They don’t want to do that here because the auto liability and general liability culture is highly plaintiff oriented. Jurisdictional risk is horrible with unreasonable settlements and high jury awards.
It’s just easier for insurance companies to avoid the state alltogether than to try to price a policy to be both affordable and make the insurance company money.
This post was edited on 2/19/24 at 3:41 pm
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