Louisiana Citizens Lowering Commercial Property Rates
The state-run property insurer of last resort in Louisiana plans to lower commercial rates.
The Advocate reports the bulk of those cuts would benefit the 352 commercial policyholders Louisiana Citizens Property Insurance Corp. covers in coastal areas. Those policyholders would see rates drop an average of 23.8 percent.
The rest of Citizens’ commercial customers – almost all of whom are in the New Orleans area – will see rates lowered an average of 0.3 percent.
Steve Cottrell, Citizens chief financial officer, says the rate cuts were made possible by a 20 percent reduction in the cost of reinsurance, the insurance that insurance companies buy to protect themselves against excessive claims.
The new rates would go into effect in February.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Warren Buffett’s PacifiCorp Now Faces $30 Billion Fire Claim Demand
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
Popular This Month