Louisiana Insurance Commissioner Jim Donelon announced that Louisiana Citizens Property Insurance Corp. (Citizens) has completed a sixth round of depopulation with 6,877 residential (personal lines) policies being transferred to the private insurance market With the recent depopulation efforts, Citizens policy …
Louisiana Citizens Property Insurance Corp.’s board is expected to approve increasing its commercial coverage rates by an average of 45.1 percent statewide this week. Almost all of Citizens’ roughly 5,700 commercial property policies are in the New Orleans area and …
Significant rate increases for state-sponsored wind and hail property insurance policies that Citizens Property Insurance Corp. approved earlier this year were legal, according to an opinion by the state’s attorney general. Attorney General James “Buddy” Caldwell issued an opinion on …
The Louisiana Supreme Court has relieved the state’s property insurer of last resort of the burden of paying a $125,000 penalty for late payment of a claim settlement stemming from Hurricane Gustav in 2008. Instead, Louisiana Citizens Property Insurance Corp. …
Louisiana Citizens Property Insurance Corp. reported it has received 17,059 claims from Hurricane Isaac. Ninety-seven percent of those claims have been inspected by company adjusters and 85 percent have been settled. Loss payments through the second week of October totaled …
Louisiana’s property insurer of last resort says Hurricane Isaac has resulted in over 13,000 claims and they expect more to come. Vice President and Chief Claims Officer of Louisiana Citizens Property Insurance Corp. Quin Netzel said most claims average a …
Louisiana’s insurance company of last resort agreed on Sept. 13 to settle two remaining class-action lawsuits tied to claims handled after Hurricanes Katrina and Rita. The board for the Louisiana Citizens Property Insurance Corp. voted unanimously to settle the long-running …
Louisiana’s property insurer of last resort is trying to negotiate settlements on two remaining class action lawsuits tied to the company’s handling of claims after hurricanes Katrina and Rita. The board for the Louisiana Citizens Property Insurance Corp. has voted …
Louisiana’s property insurer of last resort has paid a $104 million judgment in a case involving more than 18,500 policyholders who sued over slow adjustment of claims after hurricanes Katrina and Rita struck in 2005. Plaintiffs’ attorney Fred Herman said …
Homeowners insured by traditional insurance companies will pay $54 on average next year on their insurance policies to cover bond payments being made by state-backed Louisiana Citizens Property Insurance Corp., which had to borrow nearly $1 billion to pay claims …
