More LA Policies Going To Private Companies

Officials say Louisiana's property insurer of last resort is turning over 13,466 policies to four private companies, leaving about 119,000 policies under its control.

The head of Louisiana Citizens Property Insurance Corp., Richard Robertson, said the latest turnover to private-sector insurers is a bit larger than had been anticipated. Robertson told The Times-Picayune that officials had expected 7,000 to 8,000 switchovers.

Insurance Commissioner Jim Donelon said the policyholders now have the option to go to a new company, usually at a lower premium than Citizens, or remain with the state insurer. Donelon said 99 percent of policyholders typically opt for a private insurer.