Louisiana Citizens Property Insurance Corp

The state's property insurer of last resort has proposed raising homeowner's rates an average of 7.7 percent statewide this year.

The Advocate reports the Louisiana Citizens Property Insurance Corp.'s board said Thursday that the rate increase is being driven in part by higher reinsurance costs for coastal areas south of the Gulf Intracoastal Waterway.

A state-run insurance company of last resort has agreed to settle two remaining class-action lawsuits tied to claims handled after hurricanes Katrina and Rita for $61 million.

The board for the Louisiana Citizens Property Insurance Corp. voted unanimously Thursday to settle the long-running lawsuits. Policyholders sued the company over the slow handling of claims after the hurricanes struck in 2005.

The board also authorized company CEO Richard Robertson to put a cap of $4,500 per claim.

Louisiana's property insurer of last resort says Hurricane Isaac has resulted in over 13,000 claims and they expect more to come.

Vice President and Chief Claims Officer of Louisiana Citizens Property Insurance Corp. Quin Netzel said Thursday most claims average a little over $5,000. He said they're expecting between 15,000 and 17,000 claims as a result of Isaac and so far 36 percent of received claims have been inspected, while 4 percent of claims have been closed.

BATON ROUGE — The board governing Louisiana's property insurer of last resort has agreed to drop rates by 10 percent across a dozen south Louisiana parishes, with the rate cut retroactive to June 7, when the reduction was signed into law.

The $16 million annual rate cut is for customers of the Louisiana Citizens Property Insurance Corp.

Citizens customers won't likely see a change on their bills until November, after the process for changing rates is complete. They'll get rebates for any money they paid above what they should have.