With reinsurers seeing profits, can Louisiana expect home insurance rates to drop?
After years of losses, fortunes have changed in boardrooms in Bermuda and London. Reinsurers, who backstop the global insurance industry, are seeing healthy profits. An extraordinary spate of wildfires, hurricanes and other disasters wreaked havoc on the reinsurance industry for several years, spurring wide-reaching effects that included surging insurance bills for Louisiana homeowners. Reinsurers charged higher prices to homeowners insurance companies, which got passed along to customers. The steep increases in Louisiana thrust the state into an insurance crisis that’s hollowing out hurricane-prone communities and softening the real estate market.
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