Citizens Board Offers $103M to Settle Lawsuit
Louisiana’s property insurer of last resort is offering nearly $103 million to settle disputes over its handling of claims after hurricanes Katrina and Rita more than six years ago.
The governing board of the Louisiana Citizens Property Insurance Corp. agreed to the latest offer Wednesday, bumping up its previous settlement proposal of $80 million.
Insurance Commissioner Jim Donelon says he doesn’t think plaintiffs’ lawyers will agree to the new Citizens’ offer because it includes a $25 million cap on attorneys’ fees.
State courts have ruled Citizens moved too slowly on handling claims for the 2005 storms. A judgment against the company has grown to nearly $104 million with interest.
The settlement proposed Wednesday would cover that class-action judgment and a second set of Citizens customers who have pending claims.
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Property Restoration Industry: A Culture in Need of Repair?
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road