Louisiana is in the middle of a property insurance crisis: , nine insurance companies that wrote homeowners policiesÌýin the state have gone belly-up since a series of hurricanes hit the state in 2020.
A dozen other companies have withdrawn from the state, either by canceling existing policies or announcing they won’t renew them.
All of the companies are relatively small: None had a market share as large as 3%, according to the Louisiana Department of Insurance. But all told, the companies held roughly one-sixth of the market.
Those who have been – whether because of insolvency or cancellation – have in most cases had to purchase insurance policies from Louisiana Citizens Property Insurance Corp., the state-run insurer of last resort.
Louisiana Citizens now has more than 100,000 policyholders, making it one of the biggest carriers in the state. Insurance Commissioner Jim Donelon has said he will move aggressively to change that. He is hoping to lure insurance companies back to the state through cash incentives, among other plans.
Here are the insurers doing business in Louisiana that have been declared insolvent since 2020:
- .
- Americas Insurance Co.
- Lighthouse Property Insurance Co.
- Access Home Insurance Co.
- Gulfstream Property and Casualty Insurance Co.
- State National Fire Insurance Co.
- Southern Fidelity Insurance Co.
- Fednat Insurance Co.
- .
These companies have announced they will no longer write business in the state:
- Republic Fire and Casualty Insurance Co.
- United Fire & Indemnity Co.
- Aegis Security Insurance Co.
- American Summit Insurance Co.
- Maison Insurance Co.
- American Reliable Insurance Co.
- Unitrin Direct Property & Casualty Co.
- Union National Fire Insurance Co.
- AIG Property Casualty Co.
- Lexington Insurance Co.
- Geovera Specialty Insurance Co.
- Bankers Specialty Insurance Co.