The Briefing Room
State Chapters => State Politics/Government => Topic started by: mystery-ak on January 17, 2023, 03:28:42 pm
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More insurance companies pull out of Louisiana: ‘We are in a crisis’
By Rebekah Castor, Fox News
January 17, 2023 4:33am
Thousands of folks in the south no longer have home insurance because companies are leaving the area after years of devastating storms.
The state of Louisiana is at the center of this insurance dilemma.
In the last two years, more than 20 companies have gone under or withdrawn from the state, forcing hundreds of thousands of families to pay higher premiums or go without coverage.
“We are certainly in a crisis,” said Louisiana’s Insurance Commissioner Jim Donelon.
Donelon says the crisis started in 2020 when Hurricane Laura hit Lake Charles. Soon after, the state was hit by storms Delta and Zeta, and then another major hurricane, Ida, in 2021.
“800,000 claims were filed after Laura and Ida, resulting in insurers paying $23 billion for insured loses,” Donelon said.
But it’s not just severe weather in Louisiana jacking up prices. Donelon explains that record-breaking natural disasters across the globe are having an impact.
more
https://nypost.com/2023/01/17/more-insurance-companies-pull-out-of-louisiana-we-are-in-a-crisis/
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Louisiana is two different States in one, both in weather and in culture.
Alexandria is the dividing line.
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240b wrote:
"Louisiana is two different States in one, both in weather and in culture.
Alexandria is the dividing line."
Could you explain a little further...?
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Privately insuring a state whose territory is sea level swamp is not actuarially sustainable. Lousianna gets flooded by storms along the coast and by the Mississippi River inland.
Funds that are being mis-allocated for Nonsense such as bike lanes, rail trails, off-shore windfarms, and other Global Climate Change boondoggles would be better spent for climate resiliancy and adaptation.
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Privately insuring a state whose territory is sea level swamp is not actuarially sustainable. Lousianna gets flooded by storms along the coast and by the Mississippi River inland.
Funds that are being mis-allocated for Nonsense such as bike lanes, rail trails, off-shore windfarms, and other Global Climate Change boondoggles would be better spent for climate resiliancy and adaptation.
Better flood controls and nutria population/damage control.