Covering Louisiana

Nov 14, 2013 6:15 PM by AP

Finances improving for state-run property insurer

BATON ROUGE, La. (AP) - The financial picture for Louisiana's state-run property insurer of last resort is improving, helped by the state's quiet hurricane season.

The governing board for the Louisiana Citizens Property Insurance Corp. heard a brightened budget update Thursday from chief financial officer Steve Cottrell.

Cottrell says the company's doing better than projected but is still $15 million in the red, with more money owed than income expected to be available.

He told the board that the forecast shows the imbalance should shrink by the end of the year and the company's balance sheet could be positive by early 2014.

Despite the shortfall, Citizens has enough cash to continue operations and pay routine claims.

Citizens provides property insurance mostly to coastal Louisiana homeowners and businesses unable to get insurance through the private market.

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