For the fourth time in three years, Louisiana’s largest insurer of homes is asking for a rate increase that, if approved, could raise homeowners', condominium and renters’ insurance premiums to an average of 26.7 percent higher than they were in 2008.
Associated Press business writer Alan Sayre reports that State Farm is asking the state Department of Insurance for an 8.5 percent average increase on 301,000 policyholders statewide. The rate hike would mean an additional $32.7 million a year in premium payments.
The request from State Farm comes only three months after state Insurance Commissioner Jim Donelon denied the company’s request for an average 14.3 percent increase:
Insurance companies are not granted rate increases based upon prior losses, such as damage from four major hurricanes that have hit Louisiana in recent years. Instead, the rates are supposed to be set on projections of future losses using complicated mathematical models.
State Farm did not provide a breakdown of how policyholders would be affected in various parts of the state, citing a law keeping that information confidential while the insurance department is considering the rate increase. Typically, a homeowner’s rate increase package includes increases for some portions of the state and decreases in others.
The company received a 9.9 percent increase last year after requesting 19.1 percent. In 2009, State Farm received an 8.3 percent increase after requesting 13.7 percent.
Read more here.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
Oilfield service company’s year-over-year revenues climbed 3.7 percent.
Move is part of company-wide consolidation of residential call centers.
Contentious deposition renders LOGA chief too ill to testify. Here's why.
Proposal for the upcoming legislative session would set Louisiana’s minimum wage at $10 per hour, beginning in 2015, up from the federal rate of $7.25 per hour.
Patrick Kane II recalls his mother awakening him 50 years ago to say his dad’s plane was missing.
His health affected by a contentious deposition last week, the LOGA chief says he can't testify (court will reconvene March 10).
Chair of the energy committee, Mary Landrieu (discussing the urgency of Keystone with Canadian Foreign Minister John Baird) should get the respect she deserves in Louisiana.
A fundraiser co-chaired by former U.S. attorneys from both sides of the political aisle could signal the end of Mike Harson’s long grip on the D.A.’s office.
Former W. Home Furnishings owner Rene Ward faces seven years in prison.
Stuller’s Danny Clark focuses on satisfied customers and effective employees as he settles in as the company’s president/COO.
Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
Liability waivers — what you need to know before you sign
A one-man operation, Brett Gauthier is bringing the oil and gas industry into the age of digital animation.
Planning a meeting with results
Local Ad Fed’s Copywriter of the Year and recently named creative director at Russo tapped for Boston Marathon project.
Forecasts for more frigid weather drive prices to highest level in four years.
CiCi's Pizza on Johnston Street will be torn down to make way for popular bakery-café Panera Bread's first Lafayette store.
A computer services company announced Tuesday that it plans to open a new technology center in Bossier City, creating 800 new jobs and bolstering efforts to position northwest Louisiana as a center for cybersecurity work.
The four-week moving average, which is a less volatile measure of claims, decreased to 2,332 from the previous week's average of 2,566.
Auto dealership welcomes the community to celebrate