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.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.