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Louisiana’s insurer of last resort raising rates 2.3%
Louisiana Citizens Property Insurance Corp., which insures properties that can’t find coverage in the private market, is raising rates by 2.3% this year.
Insurance Commissioner Jim Donelon’s office said Wednesday that the rate filing for personal property policies has been approved. It will affect around 34,400 policies, new and existing, starting June 1. Many of the residential and commercial properties are in locations where private insurers don’t do business, including around 1,000 policies in the Shreveport area and 1,000 around Monroe.
“Citizens is currently in a strong financial place despite the multiple hurricanes that hit Louisiana during the last storm season, resulting in a minimal overall increase needed to continue to provide property insurance to Louisiana’s most vulnerable policyholders across the state,” Donelon said in a news release.
Louisiana Citizens Opens Search for Catastrophe Service Vendors Sponsored Content By Newswire | January 19, 2021
Request for Proposals Announcement
Louisiana Citizens Property Insurance Corp. (“LCPIC”), has released a new request for proposals for vendors to service insurance claims after a catastrophe, such as in response to a hurricane.
Proposals from applicants can be submitted on any of five distinct Service Categories; (A) Primary Catastrophe Claims Administration Services, (B) Secondary Catastrophe Claims Administration Services, (C) Catastrophe Independent Adjusting Services, (D) Catastrophe Desk Adjusting Services, and (E) Catastrophe First Notice of Loss Call Center Services. The Primary Catastrophe Claims Administrator will be responsible for overseeing the claims processes during a CAT, as well as, provide their own field and desk adjusters to handle the corresponding claims. The Secondary Back up Catastrophe Adm
A man walks past a ruined home in the aftermath of Hurricane Laura and Hurricane Delta, in Grand Lake, La. on Friday, Dec. 4, 2020. (AP Photo/Gerald Herbert)NEW ORLEANS – Louisiana Insurance Commissioner Jim Donelon said that Louisiana Citizens Property Insurance Corp., the state-sponsored “insurer of last resort,” continues to shed policies even in the face of the most active.