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The property insurer of last resort in Louisiana plans to lower rates for commercial policyholders. The 352 commercial policyholders Louisiana Citizens Property Insurance Corp. covers in coastal areas.would see rates drop an average of 23.8 percent.

The rest of Citizens’ commercial customers – almost all of whom are in the New Orleans area – will see rates lowered an average of 0.3 percent.

Steve Cottrell, Citizens’ chief financial officer, says the rate cuts were made possible by a 20 percent reduction in the cost of reinsurance.

The new rates go into effect in February.

Topics Commercial Lines Louisiana Business Insurance Property