Search
 
News

Louisiana insurance incentive program receives $62M in funding requests

The state’s department of insurance reports that nine companies applied for more than $60 million in funding from the program.

Funding requests exceeded the $45 million that the state earmarked for the program during an extraordinary session on insurance held earlier this year. (Credit: Shutterstock.com) Funding requests exceeded the $45 million that the state earmarked for the program during an extraordinary session on insurance held earlier this year. (Credit: Shutterstock.com)

The Insure Louisiana Incentive Program received applications from nine insurance companies, which collectively requested more than $62 million in grant money, according to the Louisiana Department of Insurance (LDI). The applicant’s funding requests surpassed the $45 million allocated for the program, and state lawmakers are working on a bill to increase the program’s funding.

The program, which is similar to a state initiative launched following hurricanes Katrina and Rita in 2005, offers matching grants to insurers to write new policies in Louisiana. The initiative aims to entice private insurers back into the state, while driving down the policy count for Louisiana Citizens Property Insurance Corp.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo

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

More from this author

 

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.