State Insurer, Louisiana Citizens Property Insurance Corporation, is finding itself taking on more and more consumers with the fall out of the last two years. Four hurricanes, eight companies failing, and more than a dozen other insurers pulling out of the market.
LCPI has signed up more than double the amount of homeowners when Hurricane Laura first came ashore in 2020. The embattled state insurer now handles more than 40,000 policy holders, a 109% increase, according to the Times-Picayune/New Orleans Advocate.
Most of the recent policies have come from the area in and around New Orleans and coastal parishes all dealing with the aftermath of Hurricane Ida.
Richard Newberry, head of LCPI, says they usually pick up 40,000 policies over a 12-month period. LCPI has added the 40,000 new policies in just a month and a half.
Both Jefferson and Orleans have added more than 14,000 policies to LCPI’s workload.
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LCPI policies, though considered the insurer of last resort, come a premium, a 10% higher cost then private insurance agencies.