Collapsed: An insurance market in crisis
Collapsed: An insurance market in crisisÂ
Louisianâs property insurance market is floundering. After a string of recent natural disasters, many insurers, swamped by claims, have either gone belly up or left the state.Â
This collection of stories chronicles the fallout, and recent attempts to reshape the market. Â
Louisiana is in the middle of a property insurance crisis: As of this week, nine insurance companies that wrote homeowners policies in the state have gone belly-up since a series of hurricanes hit the state in 2020.
Over the last decade and a half, more than 129,000 policyholders have been offloaded from ¶¶Òõh Citizens Property Insurance Corp., the state-run insurer of last resort. Through a program known as depopulation, some of the riskiest policies were placed with untested private insurers as the agency tried to reduce its exposure to future hurricane losses.
The difficult 2020 and 2021 hurricane seasons are fading from memory, but it will take a long time for ¶¶Òõh to recover. Itâs not just the blue roof tarps that still dot the landscape from Lake Charles to Lafourche. The most serious aftereffect is the disruption in the precarious property insurance market, which threatens to do lasting damage to home values in our communities.
Rate increases of 63% will kick in when homeowners renew their Citizens policies.
¶¶Òõhns know what it looks like when a homeowner is at the mercy of their insurance company: the blue-topped roofs, the drywall mounded on…
Facing a huge and growing number of unpaid claims left by failed insurance companies, a state-chartered bailout program that ensures policyhol…
About 36,000 homeowners with United Property & Casualty will not have their coverage renewed in 2023.
Insurance Commissioner Jim Donelonâs request to fast-track funding for an incentive program was rebuffed by state lawmakers this week, leaving the effort in limbo until the next legislative session starts in April.
If it werenât for a healthy savings account, Rosanna âRoshiâ Mason might still be living in a cramped disaster relief trailer in her front yard with her husband and two kids.
The Legislature will likely hold a special session next month to address ¶¶Òõh's property insurance crisis, Senate President Page Cortez said Saturday.
State Insurance Commissioner Jim Donelon pleaded for a special session to tackle ¶¶Òõh's property insurance crisis but faced a flurry of skeptical questions Friday from state lawmakers.
Gov. John Bel Edwards on Sunday called a special session of the Legislature to grapple with ¶¶Òõh's property insurance crisis.
In the grim years after Hurricane Katrina, Insurance Commissioner Jim Donelon was desperate to find companies willing to sell homeowners insurance in southern ¶¶Òõh.