Louisiana’s Insurer Exodus Continues: Another Large Company Leaving

Yet another major insurer is pulling out of Louisiana.

United Property & Casualty Insurance Co., based in Florida, will cease renewing its roughly 36,000 Louisiana home insurance policies in 2023.

It is the largest company, in terms of the value of premiums written, to pull up stakes amid the state’s widening insurance crisis.

Many customers of those companies have been forced to purchase policies from Louisiana Citizens Property Insurance Corp., the state run-insurer of last resort. Since 2020’s Hurricane Laura, Citizens’ policy count has more than tripled to well above 100,000, and that number is sure to grow dramatically with UPC’s departure.

Citizens’ prices will also go up next year, by an average of about 63%, though in some parishes the increases will exceed 100%. Average premiums will be around $5,000 in at least seven parishes, including Orleans and Jefferson.