A rate decrease request for commercial property policies filed by Louisiana’s property insurer of last resort has been approved by the state’s insurance commissioner.
Commissioner of Insurance Jim Donelon has approved Louisiana Citizens Property Insurance Corporation’s recent request to lower commercial property policy rates by 8.3 percent, effective Feb. 1, 2019.
“This decrease will continue to provide welcome financial relief to the 1,628 existing as well as new commercial policyholders,” Donelon said in a statement released by the Louisiana Department of Insurance.
The rate reduction for 2019 represents the second consecutive year that Citizens commercial rates will have declined from the previous year. In 2018, Louisiana Citizens’ commercial rates decreased by 5.2 percent below 2017 rates.
The insurance department said the decreases are the result of many factors including favorable loss experience and a soft reinsurance market.
Source: Louisiana Department of Insurance
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