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Louisiana lawmakers fund $45M insurer incentive program

Funding for the program comes as the state faces one of its toughest home insurance markets in decades.

“This program proved successful after Katrina, creating savings for policyholders every month for nearly two decades until hurricanes Ida and Laura hit,” Louisiana Insurance Commissioner Jim Donelon said in a release. “We’re going to repeat that proven success and propose new, sustainable solutions to ensure people can protect their property and afford to live and prosper in Louisiana for generations to come.” (Credit: Shutterstock.com) “This program proved successful after Katrina, creating savings for policyholders every month for nearly two decades until hurricanes Ida and Laura hit,” Louisiana Insurance Commissioner Jim Donelon said in a release. “We’re going to repeat that proven success and propose new, sustainable solutions to ensure people can protect their property and afford to live and prosper in Louisiana for generations to come.” (Credit: Shutterstock.com)

State lawmakers in Louisiana earmarked $45 million in funds to support the Insure Louisiana Incentive Program, which was established during the 2022 regular legislative session but not funded, according to the state’s department of insurance. A law barring certain companies from being eligible to participate was also passed during the extraordinary session on insurance.

Louisiana Governor John Bel Edwards said in a statement: “This appropriation into the Insure Louisiana Incentive Fund will only partially address the current crisis by bringing more insurers into our market, limiting premium increases by fostering competition, and reducing the number of Citizens policies and the attendant risks of statewide assessments to address the impact of future catastrophic weather events.”

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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