Louisiana Citizens Property Insurance Corporation

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The Louisiana Property and Casualty Insurance Commission is a panel created by statute and made up of members from various backgrounds representing government, consumers, and members of the insurance industry. The panel exists to suggest changes and improve the State’s insurance market. To that end, the Commission reviews and examines issues affecting the availability and affordability of property and casualty insurance and creates a report covering its findings. I was reviewing the most recent report, which covers 2019 and 2020, and I thought it was interesting just how much has changed since the last report was released.
Continue Reading Back-to-Back Years of Major Hurricanes Quickly Changed Louisiana’s Property Insurance Marketplace

Property Casualty 360 posted a story by the Associated Press, describing the continuing saga of Louisiana Citizens Property Insurance Corporations’ Hurricane Rita and Katrina claims.
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Continue Reading With $100 Million on the Line, Louisiana’s State Run Insurer of Last Resort is Turning to the U.S. Supreme Court

Louisiana Citizens Property Insurance Company has settled a state class action case, Press v. Louisiana Citizens Fair Plan Property Insurance Corp., for failing to fully pay overhead and profit to insureds. The proposed settlement, for $23 million, covers claims from Hurricanes Katrina and Rita.…

Continue Reading Louisiana Citizens Property Insurance Loses Overhead & Profit Case

Paul Krugman wrote an editorial, Insurance Horror Stories, in the New York Times which shows remarkable similarity between the health insurance industry and the property insurance industry in Florida, Mississippi, Louisiana and Texas. He noted:

"Because everyone faces some risk of incurring huge medical costs, only the superrich can afford to be without health insurance. Yet private insurers try to refuse coverage to those most likely to need it, and deny payment whenever they can get away with it."

This scenario must seem pretty familiar to most of my clients.…

Continue Reading How Different is the Health Insurance Crisis From Property Insurance?