NU Online News Service, March 18, 3:04 p.m.EST
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InsuranceCommissioner Jim Donelon has approved an average 6.5 percent rateincrease for the state's last resort insurer, the Louisiana Dept.of Insurance confirmed.
Louisiana Citizens Insurance Corp., which has about 115,000property insurance policies in the state, had originally asked for a 9 percent ratehike. It is obligated to make a rate filing once ayear.
|The residual insurer's board is meeting today to move ahead withor reject the reduced rate hike Mr. Donelon approved.
|Louisiana Citizens comes up with the filing by comparing marketrates and its own actuarial insurance rates in each parish, adding10 percent, and then selecting whichever rate is the highest.
|Last year, John Wortman retired as CEO of LouisianaCitizens and Richard Robertson, general manager of theMichigan Basic Property Insurance Association (Michigan FAIR Plan),took over.
|According to HighlineData, Louisiana Citizens was the third-largesthomeowners multiperil writer in the state as of 2009 with a 6.4percent market share. State Farm was first with 27.9 percent, andAllstate was second with 14 percent.
|Highline Data is a part of Summit Business Media, which alsoowns National Underwriter and PropertyCasualty360.com.
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