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Louisiana Citizens Insurance Policy Count Down 50% from All-Time High

Louisiana Citizens Insurance Policy Count Down 50% from All-Time High

Louisiana Citizens Insurance Policy Count Down 50% from All-Time High
News from Insurance Journal:

Louisiana Insurance Commissioner Jim Donelon announced that the total policy count for Citizens Property Insurance Corp. (Citizens), the state’s insurer of last resort, has dropped by 50 percent from its all-time high in 2008.

With this eighth round of the Citizens Depopulation Program, the total policy count of the state’s insurer of last resort will drop below 88,000 personal and commercial policies, according to the Louisiana Department of Insurance.

Donelon said this reduction is predicted to drop Citizens homeowners’ market share to an estimated 1.8 percent, ranking it ninth in market share size in Louisiana. This is down from 2.3 percent at the close of 2013 and down from its 9.8 percent peak in 2008.

Citizens is required by law to have the highest rates in each parish. Donelon said policyholders that move to a private insurance may experience a rate decrease.

Over the eight rounds of the Citizens Depopulation Program, Citizens has reduced its overall policy count by 50 percent from an all-time high of 174,000 policies in 2008.

Each year during the depopulation process, companies are allowed to review Citizens’ policies and select those that they would like to pull from Citizens to write on their own paper. According to Citizens, this year five companies will receive 10,739 residential policies, dropping the…………… continues on Insurance Journal

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