News - Tools & Intel | CRC Group

TI-Header

Louisiana Assignment of Benefits Ban a Win for Insureds & Carriers

Louisiana Assignment of Benefits Ban a Win for Insureds & Carriers

Louisiana’s property insurance market has been challenging after the state was hit by record hurricane activity during the 2020 and 2021 seasons. Louisiana suffered from a string of hurricane hits with Laura, Delta and Zeta hitting the state in 2020, followed by Ida in 2021. That heightened hurricane activity generated approximately 800,000 claims in those two years alone, resulting in $25 billion in paid losses that caused insurers to pull back from the Louisiana market (source 4). In fact, 11 insurers writing homeowners coverage in Louisiana were declared insolvent between July 2021 and February 2023. Twelve additional insurers withdrew from the state and 50 companies stopped writing new business in hurricane-prone parishes, creating a capacity crisis. On top of capacity issues, legal system abuse had become a persistent issue in recent years with strict bad faith laws contributing to inflated claims payments and awards (source 1).

read more

 

FTC Rule Banning Noncompetes: What You Need to Know
FTC Rule Banning Noncompetes: What You Need to Know
2024 Excess Trucking State of the Market
2024 Excess Trucking State of the Market
Challenging Construction Projects Demand Insurance Specialist Expertise
Challenging Construction Projects Demand Insurance Specialist Expertise
Earthquake Market Stabilizes After Year of Volatility
Earthquake Market Stabilizes After Year of Volatility
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Unique Labor Law Makes Insuring New York Construction Projects Challenging
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Navigating the Minefield of Insuring Healthcare Staffing Agencies
Property REDY® Index Q1 2024
Property REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Errors & Omissions REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Private D&O REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Cyber REDY® Index Q1 2024
Healthcare State of the Market at a Glance
Healthcare State of the Market at a Glance
Property State of the Market at a Glance
Property State of the Market at a Glance