Growing Storms Push Shrinking Louisiana Insurers Into Failure (E&E News)

Growing Storms Push Shrinking Louisiana Insurers Into Failure

  Wednesday, November 23rd, 2022 Source: E&E News

More than a year after Hurricane Ida swept across Louisiana, the Category 4 storm is triggering a property-insurance crisis in the state that has bankrupted 11 insurance companies and will force some homeowners to pay annual premiums of nearly $18,000.

In addition to the insolvencies, 10 insurers have left the state, others are declining to write new policies, and many insurers are refusing to cover at-risk properties including homes with roofs that are more than 10 years old, according to officials and documents.

Louisiana’s crisis could get even worse as insurers start paying tens of billions of dollars in claims for Hurricane Ian in Florida.

Although Ian did not hit Louisiana, many Louisiana insurers also write policies in Florida, where they face huge losses.

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