According to the Wall Street Journal, Big insurance companies are reporting massive profits due to huge rate increases on policyholders. Meanwhile, Louisiana families and small businesses pay among the highest prices in the nation for property and auto insurance.

Progressive Insurance more than doubled its profits this quarter, pushing the total value of the company's shares past $100 BILLION for the first time. Travelers Insurance saw stock prices soar 35% on the back of double-digit rate increases for consumers. All-State stock prices are up more than 50%.

Since 2021, the ten biggest insurance companies have gained regulatory approval to jack up auto-insurance premiums on consumers by more than 20%. The rate increase eclipsed 30% in 16 states.

The fact is that insurance giants are exaggerating their losses to justify unaffordable rate increases for policyholders while paying millions to insurance executives and spending billions on advertising.

Louisiana families and small businesses deserve better. Louisiana needs real insurance reforms that increase transparency around rate setting, profits, and losses.