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January 31, 2023 in Editors' Featured
Louisiana Insurance Commissioner Confident About Incentive Program
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Louisiana lawmakers are in an extraordinary special session to tackle the state’s ongoing property insurance crisis. A series of devastating hurricanes in 2020 and 2021 led to the insolvency of eight insurance companies and forced other insurers to stop writing business. Citizens, the insurer of last resort, has taken on tens of thousands of new policies and recently increased rates by 63%. In response, Insurance Commissioner Jim Donelon has proposed an incentive program that will award grants of between $2 million and $10 million to companies who write new premium in the state. Donelon discusses what impacts he thinks the stop-gap program will bring to the property market in this interview with Insurance Journal.
