ISSUE
IN THIS ISSUE
CaseResult-FromRuined RetailtoRunway-WorthyWin Grit,Growth,andGivingBackCheckOuttheLateston OVERRULED FavoriteLemonBars
WinorLearn:TheGiftof GettingItWrong
Public Product, Private Data: How Insurers Keep Louisiana in the Dark
Whatiscausingourinsuranceratestobehigh?Aswith mostthingsinlife,itiscomplicated.
Asanexercise,however,Google"tortreform,"clickon "News,"andyouwillseearticlescurrentlydescribing SouthCarolina,Georgia,Florida,Texas,Oklahoma,and Louisianaas"judicialhellholes."Somanyjudicial hellholes.
Thisisamultimillion-dollarlobbyingandpublic relationscampaignwagedbyinsuranceindustry groupsacrossthecountryduringthelegislative sessionsofeachofthesestates.Littlefacts,little informationdisclosedbylobbyists,andvilificationof peoplewhoareinjuredandtheirlawyers Andlittle appetitetosolveaproblem.
Loweringinsuranceratesforeveryoneshouldbethe goal Butwecan'tbegindiscussinghowtodothat withoutaccurateinformation
Theonlyplacetofindhowprofitabletheinsurance companiesareinLouisianaistheNationalAssociation ofInsuranceCommissioners(NAIC),whichshowsthat in2022,Louisianawasthe16thmostprofitable homeownersinsurancestatefortheinsuranceindustry, witha59.8%lossratio.In2023,itwasthe8thmost profitablewitha57.1%lossratio.Likewise,Louisiana's 2022privateautoinsuranceratiowas7499%,beating theaverageof8015%countrywide,andin2023,itwas 66.27%,beatingthenationalaverageof75.41%.
Yet,theinsurersclaimtheyarelosingmoneyin Louisiana Workingofflimiteddatathattheinsurance commissionerorindustrywilldiscloseisbaffling:
Theinsurancecommissionerhasnotrequiredany insurancecarriertodisclosetheirLouisiana expensestothepublic,sowedonotknowwhatthey arespendingmoneyon
Theinsurancecommissionerhasnotrequiredthe Louisianainsurerstoincludetheir"float"investment returns(themoneytheymakeinvestingour premiumsuntilaclaimispaid)intheirprofitability analysis,norhasthecommissionermadethat availabletothepublic.
Theinsurancecommissionerhasnotregulatedor disclosedanyservicecompanyprofitsthatthe insurancecarriersaremakingwiththird-party companiestheyown,whichservicetheinsurance companies.
Untiltheinsurancecommissioner'sofficerequiresand disclosestheaboveinformation,wecannevertruly discernhowprofitableLouisiana'sautoinsuranceand homeowners'insurancecarriersare.Allofusdeserveto knowtheaboveandhaveacommissionerwhowillview insuranceprofitinthissense–thesearenottruly privatecompanies,butpubliclyregulatedentities,from whichLouisiana'scitizensarerequiredlegallytobuya product.
Untilwedo,wecannothaveanhonestdiscussionabout ins i i L uisiana Partner
David Vicknair
OntheMic:StoriesofGrit,Growth&GivingBack
Our latest podcast episodes celebrate resilience, real-world wisdom,andeverydayheroesmakinganimpact.
We kick things off with Thomas Matthews, who went from cutting hair to building businesses in real estate and restaurants KatherineIsrael,alongtimeeducatorandthe2024 winner of our “High Seas and ABCs” teacher cruise giveaway, shares her inspiring shift from nursing to teaching - and the power of patience and humor. Brian Katz, personal injury attorney and President of the Louisiana Association for Justice, breaks down rising insurance costs, tort reform myths, and policyimpacts Finishingstrong,Dr.AngeliqueArcuri,founderof Luxury Studio and the Luxury Girls Golf Club, shares how she's creating empowering spaces for women in beauty and business.
Whether you ' re an entrepreneur, educator, or just love a good story,tuneinandgetinspired.
HOPE'S KITCHEN HOPE'S KITCHEN
FavoriteLemonBars
2 ¼ c unbleached all-purpose flour, divided ½ c. powdered sugar, sifted
1 c. cold butter (2 sticks), cut into 1 tablespoon-size pieces
½ tsp. baking powder
4 large eggs
2 c. sugar
1/3 c. freshly squeezed lemon juice
2 tsp lemon peel
Position a rack in the middle of the oven. Preheat the oven to 350 degrees. Lightly grease a 9 x 13-inch baking pan and set aside.
To make the crust, in a medium bowl, combine 2 cups of flour and the powdered sugar Toss the butter pieces into the flour mixture. Cut butter into flour mixture with a pastry blender until crumbly. Firmly press mixture into the lightly greased baking pan. Bake for 20 to 25 minutes or until lightly browned. Set on a wire rack to cool.
In a small bowl, combine the remaining ¼ c flour and baking powder. Set aside. In a large bowl, whisk the eggs. Add the sugar, lemon juice, and lemon peel to the eggs and mix until combined. Whisk the flour and baking powder mixture into the egg mixture. Once mixed, pour the batter over the crust. Bake at 350 degrees for 25 minutes or until set. Remove from oven and let cool completely on a wire rack Refrigerate for a few hours or overnight before serving. When ready to serve, cut into squares and sprinkle evenly with powdered sugar. Bars must be stored in the refrigerator. Keeps for about 2-3 days.
AfterHurricaneIda,ourclient’s beautyretailstoreinNewOrleans sufferedtwodevastatingthefts, leavingtheirinventoryinruins.The insurancecompany?Theyoffered lessthan10%ofthedamages Througharbitration,wesecureda7figuresettlement-over$1milliontodelivertheultimateglowup.
1.SendyourPersonalInjury& SuccessioncallerstoScottVicknair:
Whenyourintaketeamgetsacallfrom someoneinjuredinanaccidentordealing withestateissues,havethemgathersome basicdetailsaboutthecaller(andalso providethemwithourdirectintakeline 504-977-2044).Yourintaketeamcansend theinformationto referrals@scottvicknair.com.
2.ReferredClientSignswithScott Vicknair:
Ourintaketeamwillcontactthereferred client(iftheydon’tcallusfirst),andwe’ll starttheonboardingprocess.Whenthe referredclientsigns,ourteamwillcontact yourfirmandletyouknow.Asalways,we willmakeyoutheHEROintheeyesofthe clientthroughoutthecase
3.WeHandletheirLegalIssueand MakeYoutheHERO:
ScottVicknairwillensuretheclientknows thatthereferringlawfirm(YOU)are playingasignificantroleinhelpingthem byconnectingthemtotherightattorney andrestoringtheirpeaceofmind.Wewill keepyouinvolvedthroughoutthecase, andtelltheclientiftheyeverhavelegal issuestocontactyourfirmfirst.
Howmuchhasgonewrongforyou thisweek?
Ihadabunchofthingsfalloffthe rails Youprobablydidtoo Lookingbackinaquickrecapoff thetopofmymind:
Ilostmypatiencein2situations andprobablywastooshortin myresponsetosomeone,falling shortinwhatIexpectofmyself incommunication; Iwasdisappointedinmultiple peopleatthefirmforhowthey handledsomeparticularworkrelateditems; Ifeltwecouldhavedonea quickerjobclosingandin determiningwhetherwewould
keepacase
Thereisprobablymoreonthislist. Noneofusareperfect;yourteam isn'tperfecteither.
Expectingthemtobeisacritical mistakebecauseyouaremissing opportunitiestodiscussmistakes thatweremadeforthegrowthand benefitofyourentireteam.
Identifyingandlearningfrom mistakesisahallmarkofanystrong teamandorganization.Aweak cultureandteamdisallow discussionsofconflict,problems, anderrors,seeminglypretendinglike theyaren'thappening.
Embracethem Discussthem And whileyouareatit,giveyourself somegrace.Dothesameforyour team.
Chasingperfectionisthegoal;being isn't.
Themagichappensintrying.
David Vicknair