Commissioner of Insurance coverage State of Louisiana Jim Donelon
Louisiana Commissioner of Insurance coverage Jim Donelon says a Florida-based firm that writes owners insurance coverage is leaving Louisiana and several other different states due to an insurance coverage disaster in Florida and never circumstances in Louisiana.
Donelon says Florida-based insurer UPC introduced final 12 months it could be leaving Louisiana and several other different states.
“They’re departing on an accelerated foundation now as a result of the corporate has been taken over on an accelerated foundation by their regulator there within the state of Florida,” Donelon stated.
The corporate has about 36,000 policyholders in Louisiana and can cease renewing insurance policies starting subsequent 12 months.
Donelon stated UPC was in hassle earlier than Hurricane Ian devastated Florida in September. Donelon says Florida’s insurance coverage market is in serious trouble.
“And as we converse they’re going into one other particular session referred to as by the governor this 12 months to attempt to repair their badly damaged market in Florida,” Donelon stated.
Louisiana didn’t get hit by a hurricane this 12 months, however Donelon says the truth that Ian hit Florida additionally hurts Louisiana policyholders.
“ What occurred in Florida has prompted issues for a number of corporations doing enterprise in our state and different coastal states,” he stated.
Donelon added he’s aggressively making an attempt to get extra insurance coverage corporations to maneuver right here. He declined to supply an estimate of the variety of insurers who’ve left Louisiana however others estimate ten have left within the final 12 months.