Louisiana Insurance Commissioner Tim Temple visited Minden High School on October 22 at the invitation of senior Topher Wilson, who was elected Commissioner of Insurance during Louisiana Boys State this past summer.
During the program, Temple presented Wilson with a certificate naming him Honorary Commissioner of Insurance. Students representing leadership groups including the senior honors class and Webster Youth Leadership attended, along with local insurance agents and elected officials. Among those present were Minden Mayor Nick Cox, State Sen. Adam Bass, State Rep. Wayne McMahen, and Sheriff Jason Parker.
Before speaking, Temple thanked Wilson for reaching out and commended him for his initiative.
Louisiana is one of 12 states where the Commissioner of Insurance is elected rather than appointed. “Elected representation is the best form of government,” Temple said.
Temple described insurance as “financial certainty or financial peace of mind received from paying a premium,” adding that it plays a vital role in the economy. “At the Department of Insurance, our job is to regulate it and make sure that it works as well and as fairly as we can make it,” he said.
Temple noted that Louisiana faces some of the highest auto and homeowners insurance premiums in the nation. He said auto insurance costs are higher in part because of frequent litigation, while homeowners rates are affected by hurricane-related losses in South Louisiana.
The department’s duties include ensuring that insurance companies follow state laws, handle claims fairly and in a timely manner, and pay appropriate amounts for damages. Temple said another focus is attracting more companies to the state so consumers have additional choices.
Temple, who has served in his position for 21 months, said efforts are underway to encourage more companies to do business in Louisiana. “The department is there to help make insurance work in the state,” he said. “We have a complaint department where you can call. Anything insurance related, we’re there to help you.”
This year, the department expects to collect $1.6 billion in premium taxes, making it the state’s third-largest revenue source. Temple also discussed workforce needs within the insurance industry, noting that the demand is increasing. “In the next five years, they anticipate that we’re going to need another 400,000 people coming into the insurance sector so, if you’ve got any interest in that, it’s a good business to have.”
In the insurance sector, jobs can range from customer service to actuaries, risk managers and auditors.
After giving Louisiana Ds and Fs since 2014, the R Street Institute, a nonpartisan think tank, has raised Louisiana’s insurance marketplace grade to a C this year. Temple continues to work toward improving that grade even more. The department has begun using artificial intelligence to investigate fraud, which he hopes will eventually lead to lower premiums.
He encouraged students to consider careers in insurance. “It is a very noble business,” Temple said. “Insurance is there when people have had the worst day of their life.”
Temple’s message about public service and opportunity resonated with Wilson, who said he was grateful for the chance to connect his Boys State experience with his classmates. “I was very happy about my role at Boys State and learned so much from it,” Wilson said. “When I was leaving, I wanted to do something more with my role, so I reached out to his office just asking if we could talk — and that turned into him coming to Minden.”
Wilson hopes his classmates gained an appreciation for the importance of insurance. “I hope my classmates not only learned about what I achieved and what Commissioner Temple’s job is, but how important and necessary things like insurance really are,” he said.
For Wilson, the event offered lasting lessons. “The biggest takeaway I’ve learned from this experience is how important the little things are,” he said. “When you’re doing everyday things like driving or just living in your house, you never think about how important insurance is to have just to be safe and protected.”
