Wednesday, 17 October 2018 14:41

Donelon approves rate DECREASE for Louisiana commercial properties under Citizens

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Commissioner of Insurance Jim Donelon announced today his decision to approve a recent request for a -8.3% net decrease in rates for commercial property policies issued by Louisiana Citizens Property Insurance Corporation.

 

(Press release)

“The Department of Insurance has conducted the required actuarial analysis, and I am approving the requested decrease in these commercial policies,” said Donelon. “This decrease will continue to provide welcome financial relief to the 1,628 existing as well as new commercial policyholders when these rates become effective February 1, 2019.”

DOWNWARD TREND

The reduced rates for 2019 represents the second consecutive year that Citizens commercial rates were approved at a decrease from the previous year. The 2018 rates represented a -5.2% decrease below the 2017 rate calculation. These reductions come as a result of many factors including favorable loss experience and a soft reinsurance market.

“As Commissioner of Insurance, I am very pleased with this rate trend. It reflects the hard work and professionalism of Louisiana Citizens’ management team as well as the prudent stewardship of its Board of Directors. It is a strong indication that Citizens is in good hands and can continue to provide protection to insureds in our state as the insurer of last resort for those unable to get property insurance elsewhere."

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