Posted: Jan 15, 2010 6:11 AM
Updated: Jan 15, 2010 6:11 AM
BATON ROUGE, La. (AP) Louisiana Citizens Property Insurance Corp. continues to shed policies.
Chief Executive Officer John Wortman tells The Advocate on Thursday he hopes the company will be down to 120,000 policyholders by the end of 2010.
Citizens, which insures homes and commercial properties that private companies will not, had 167,000 policies in 2007. But by the end of 2008, that number had fallen to around 149,000 policies and to around 131,000 in 2009.
Citizens' "depopulation" efforts have been aided by state grants to entice private insurers to take over the policies from the state's insurer of last resort. Some private insurers that didn't take part in the incentive program have also assumed Citizens' policies.
Information from: The Advocate, http://www.2theadvocate.com