The board of Louisiana Citizens Property Insurance Corporation will vote in March on a proposed increase for commercial policy holders that will average 4.57 percent.
Insurance Commissioner Jim Donelon told The Times-Picayune that his office has signed off on the increase and it will go before the board for a final review in March.
Donelon also said he expects to submit to the board at next month’s meeting an average rate increase of 5 percent to 10 percent on Citizens’ homeowners policies.
Citizens Chief Executive Officer John Wortman says the company insures about 9,000 commercial policies worth about $10 million. Wortman said the 4.57 percent proposed rate increase will mean most commercial policyholders will pay that rate but some will pay more and others less.
Information from: The Times-Picayune,
Topics Trends Commercial Lines Louisiana Business Insurance Pricing Trends
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