Severe storms and tornadoes ripped through parts of the South from Tuesday into Wednesday morning, killing at least two people in Alabama and damaging homes and other buildings in at least three states, officials said.
Since the double-punch of Hurricanes Laura and Delta in 2020, 11 residential property insurance companies doing business in Louisiana have been declared financially insolvent and 12 can longer conduct business in the state.
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 the weeks before the deadline to file insurance lawsuits related to Hurricane Laura, a Houston-based law firm filed over 1,400 cases at the Lake Charles federal courthouse.
The Louisiana Department of Insurance (LDI) has approved Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1, 2023.
The difficult 2020 and 2021 hurricane seasons are fading from memory, but it will take a long time for Louisiana to recover. It’s not just the blue roof tarps that still dot the landscape from Lake Charles to Lafourche.
The Louisiana Department of Insurance could do more to improve claims handling, though the department is complying with the law to ensure companies are handling claims in a fair and timely manner, according to a Louisiana Legislative Auditor’s report.
To save Louisiana’s insurance market from a crisis, legislators and the Louisiana Department of Insurance have proposed an incentive fund to attract more insurers to the state. During a legislative session last week, lawmakers established the fund, but did not put any money into it.
Nearly three years after the partially built Hard Rock Hotel collapsed and killed three construction workers, a mediator is trying to settle dozens of claims filed in Orleans Parish Civil District Court against the developers and construction contractors, ranging from business losses to worker injuries to death claims.
Louisiana, Florida, and Michigan are the three least affordable states for personal auto insurance, according to a new report by the Insurance Research Council (IRC). The three most affordable states, IRC finds, are Hawaii, New Hampshire, and North Dakota.
St. Petersburg-based United Property & Casualty Insurance (United P&C) has filed plans to withdraw operations in Florida, Louisiana and Texas and intends to file a plan of withdrawal in New York, its parent company United Insurance Holdings Corp. (UPC) announced Thursday.
Market watchers and participants have noticed an uptick in new legal entrants and public adjusters entering Louisiana as firms look to grab a slice of the claims pie - and some are using ‘concerning’ tactics, industry insiders have warned.
Tens of thousands of homeowners and businesses have lost their property insurance coverage in the last year, following four major hurricanes, eight company failures and a dozen pullouts from the state’s increasingly dicey market. The shakeup has triggered a mass migration away from small private insurers.
After Louisiana citizens endured two consecutive prolific hurricane seasons in 2020 and 2021, state lawmakers made the adjustment of property insurance claims a top priority during this year’s Regular Legislative Session. On August 1, 2022, two new bills concerning claims adjusters went into effect: Senate Bill 198 and Senate Bill 214.
Weston Property & Casualty Insurance Co., a Miami-based insurer that was on the verge of financial collapse for weeks, has been taken over by Florida’s government.<br />The firm had 10,300 Louisiana policyholders who will now be directed to the state’s industry bailout program.
