Printer Friendly

Citizens to end a type of property insurance.

Global Banking News-November 4, 2015--Citizens to end a type of property insurance

(C)2015 ENPublishing -

Global Banking News - 04 November 2015

Louisiana Citizens Property Insurance Corp has announced a plan to end the practice of selling policies that include a USD10,000 deductible for non-hurricane damage.

The percentage of personal lines policies with the USD10,000 deductible has grown by 35 percent in the past two years, even though the company's overall policy count had fallen by 12 percent.

Chief financial officer, Steve Cottrell, said, 'I believe we're not servicing the company well ... and in most cases, we're not servicing the customer well because they don't understand that they're not buying much insurance. They're buying hurricane insurance. That's about it.'

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2015 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Nov 4, 2015
Previous Article:NAB and Citi to collaborate in custody business.
Next Article:Nigerian central bank does not see misrepresentation in Stanbic IBTC accounts.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters