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

 

Protecting Creativity: Why Brands & Influencers Need Media Liability Coverage
Protecting Creativity: Why Brands & Influencers Need Media Liability Coverage
A Look at the Energy Market
A Look at the Energy Market
Uncovering Hidden Challenges: Navigating Problematic Healthcare Exposures
Uncovering Hidden Challenges: Navigating Problematic Healthcare Exposures
Property REDY® Index Q4 2024
Property REDY® Index Q4 2024
Excess + Umbrella REDY® Index Q4 2024
Excess + Umbrella REDY® Index Q4 2024
Private D+O REDY® Index Q4 2024
Private D+O REDY® Index Q4 2024
Employment Practices Liability ® Index Q4 2024
Employment Practices Liability ® Index Q4 2024
Errors + Omissions REDY® Index Q4 2024
Errors + Omissions REDY® Index Q4 2024
Cyber REDY® Index Q4 2024
Cyber REDY® Index Q4 2024
 Fintech is Booming: Can Insurance Coverage Keep Up?
Fintech is Booming: Can Insurance Coverage Keep Up?
NIL Rules Increase Malpractice Risk for Sports Doctors
NIL Rules Increase Malpractice Risk for Sports Doctors
PFAS Exposure Concerns Rising Across Industries
PFAS Exposure Concerns Rising Across Industries