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Regulatory Update

Rate hike for Citizens in Louisiana and workers’ comp rate changes in Washington and Indiana.
  • November 2022

Homeowners Insurance: Louisiana Insurance Commissioner Jim Donelon has signed off on a 63% homeowners rate increase for Louisiana Citizens Property Insurance Corp.

The bulk of the rate increase is a result of the increased cost of reinsurance for Citizens' increased number of policies this hurricane season, the department said. Louisiana has been buffeted by insurers swamped with losses, such as United Property & Casualty Insurance Co., which is exiting the state, while others, including Weston Property & Casualty Insurance Co., Southern Fidelity Insurance Co., Lighthouse Property Insurance Co. and several others, have become insolvent. It becomes effective Jan. 1.

The increase affects Citizens' personal lines, including homeowners, dwelling, renters/condo, mobile home and wind-only.

Workers' Comp: The Washington Department of Labor & Industries is proposing a 4.8% increase in the average price employers and workers pay for workers' compensation insurance next year. If adopted, the increase would mean employers and workers would jointly pay an additional $61 a year on average for each full-time employee within a business.

Meanwhile, Indiana just locked in a 10.3% rate cut. Insurance Commissioner Amy Beard agreed to the new average rate reduction recommended by the state Compensation Rating Bureau, she said in a statement.



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