Citizens Rate Increase Will Be Less Than Expected
The chief executive officer of the state's insurer of last resort says a projected 10 percent increase in rates for clients of the Louisiana Citizens Property Insurance Corp. will "probably be less than that."

John Wortman said on Wednesday the average statewide increase will likely come in between 5 percent and 7 percent, if Department of Insurance officials approve the rate structure.

Wortman said that Citizens' reinsurers have either agreed to reimburse Citizens for claims more than originally thought or are lowering their premiums to Citizens, the annual rate increase to policyholders will not be as high.

Insurance Commissioner Jim Donelon's office hopes to have the rate proposals ready for the next Citizens board meeting on Nov. 12