NU Online News Service, Aug. 19, 3:40 p.m. EDT
Louisiana's state-backed homeowners insurer may find itself unable to pay claims if a big storm strikes because of a $92,8 million class action judgment stemming from Hurricane Katrina, officials said.
Louisiana Citizens Property Insurance Corporation's Chief Executive Officer John Wortman and Insurance Commissioner Jim Donelon warned in a statement that a potential "catastrophic event" looms for Citizens.
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