Louisiana Citizens Property Insurance Corp. plans to pay $23 million to settle a civil suit where thousands of people say they were not properly compensated for hurricane losses after Hurricanes Katrina and Rita.

The trade and mainstream press will soon be filled with articles commenting on the five-year anniversary of Hurricane Katrina—the largest insurance event in history and certainly one of the deadliest. Rather than look at the accumulated statistics, I thought it would be interesting to ask the question, “Have the Atlantic and Gulf Coast state insurance markets prepared for the next big hurricane?”

The annual hurricane season begins today (June 1), with forecasts for more storm activity than in the years since Hurricane Katrina battered the Gulf Coast.

The former chief executive officer of Louisiana Citizens Property Insurance Corp. pleaded guilty to using money from several state-run insurance companies’ expense account for personal uses, which could net him up to 30 months in state prison.

The Hanover Insurance Group and Louisiana regulators have reached an agreement for the insurer to withdraw two of its companies doing business in the state, but continue coverage through a new partnership.

As the federal government begins to weigh in on the effect of defective Chinese drywall on homes across the nation, a unique provision in Louisiana law is protecting homeowners in that state.

Louisiana homeowners will avoid an emergency assessment through a deal where Louisiana Citizens Property Insurance Corp. will pay $6 million toward a class action judgment.

Courtesy: FEMA

Earlier this year, a …  Read →

Courtesy: FEMA

A Louisiana judge has ordered Louisiana Citizens Property Insurance Corp. to pay $92.8 million to 18,573 policyholders in the state whose claims from damage caused by Hurricane Katrina …  Read →