Louisiana insurance commissioner Jim Donelon recently held a press conference to address the cancellation of about 29,000 policies by the insurance company Lighthouse Excalibur.
Years of severe storms have led to expensive insurance claims in the state, overwhelming insurance companies to the point of forcing several of them – such as Lighthouse Excalibur – to bail.
At the Press conference, Donelon said that Lighthouse Excalibur had $316 million to pay for claims prior to Hurricane Ida; it had projected that Ida would cost $200 million. However, Donelon noted that 16,000 claims were filed following the hurricane, and that the storm ultimately cost Lighthouse Excalibur an even bigger $440 million.
