Lake Charles American Press
Editorial: State finally getting good insurance news
xCruzo Brief
A Mississippi insurer’s plan to assume 4,764 of Louisiana’s commercial insurance policies is being framed as a meaningful boost for the state’s troubled insurance market. The policies are currently held by Louisiana Citizens Property Insurance Corp., a nonprofit created in 2003. Earlier this month, Citizens’ board voted to let the Property Insurance Company of America (PICA) take them through “depopulation,” aiming to reduce Citizens’ financial exposure. Gov. Jeff Landry said PICA will take on all Citizens commercial policies, a first, and expects lower reinsurance costs. Citizens also plans a 14% cut to commercial property rates effective in November.
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