Louisiana Citizens Property Insurance Company
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Louisiana Citizens Property Insurance Company is the state’s residual market providing property insurance to homeowners and businesses that have been unable to procure insurance in the private market. Louisiana Citizens came out of the 2005 hurricane season nearly $1 billion in debt from Hurricane Katrina and Rita losses. As reflected in the attached graphic, Louisiana Citizens appears to have transformed itself into a leaner, financially disciplined, and well governed organization. While it has yet to publish estimated losses from Hurricane Ida, there appears little chance of a similar financial hole opening in Louisiana Citizens’ balance sheet this year. A graphic overview of this article is available here.
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Similar to Louisiana Citizens Property Insurance Company
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- States would have flexibility to design more generous programs than the minimum federal standards but would need to finance any additional costs.
Summary of NAIC COVID-19 Business Interruption Coverage Data Call
The National Association of Insurance Commissioners (NAIC) issued a COVID-19 business interruption data call on behalf of all state departments of insurance except New York and New Mexico.
Insights from the Paycheck Protection Program
Analysis of the Small Business Administration's initial release of data on loans approved under the Paycheck Protection Program as design considerations for a future Pandemic Risk Insurance Program
Payroll Risk Insurance Act - Concept
The NAIC & Center for Insurance Policy and Research have placed a special call for policy position briefs exploring the “potential development of a federal program to provide pandemic related business interruption coverage.”
The Centers for Better Insurance has submitted the attached short policy brief proposing the Payroll Risk Insurance Act.
WEF2020 Regional Risks – Are Small Businesses Covered?
Each year in preparation for its annual meeting in Davos, Switzerland, the World Economic Forum (WEF) polls more than 10,000 business leaders from around the world on their perceptions of the top global risks for doing business.
The WEF’s Regional Risks for Doing Business report ranks responses to its Executive Opinion Survey conducted between January and July of this year.
Covid 19 small business insurance program proposal
1) The document describes a proposed COVID-19 Small Business Insurance Program that would provide benefits to small businesses impacted by lockdown orders. 2) It would be voluntary for insurers and policyholders and leverage the insurance industry's claims processing to administer benefits for things like payroll continuation and operating expenses. 3) The program would be funded after the crisis by surcharges on all policyholders to spread costs broadly across industries.
Leveraging Federal Financial Assistance Programs During COVID-19
Bill Finerfrock, HBMA Director of Government Affairs, will break down the CARES Act and its associated programs to provide you with key takeaways to help ease financial burdens and maintain current staff levels.
In this webinar, Bill will discuss:
-New Paycheck Protection Program
-Other SBA (Small Business Association) programs
-Medicare Advanced Payment Options
-Provider Lost Revenue Program
UK FCA's Response to COVID-19
Review of the UK Financial Conduct Authority's response to insurance issues resulting from the CVOID-19 lock down.
Community Development Financial Institutions Fund's Bond Guarantee Program Fu...
The Community Development Financial Institutions Fund's Bond Guarantee Program was authorized to guarantee up to $500 million in bonds for 2013 to promote investment in underserved communities. The program allows certified CDFIs to issue bonds guaranteed 100% by the fund to lend proceeds to other CDFIs. To qualify for the program, entities must be certified as CDFIs by meeting requirements including having community development as their primary mission. The fund also offers other programs including financial assistance awards, technical assistance awards, and tax credits to encourage investment in low-income communities.
Protecting and Transferring Wealth With Captive Insurance
Potentially reduce business tax, personal tax, and inheritance tax using a captive insurance company. Family owned businesses can also increase asset protection and increase money passed to future generations.
I-Bytes Banking Industry
This document brings together a set
of latest data points and publicly
available information relevant for
Banking Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
Webcast - TRIA GAO Cyber Threats Report
Centers for Better Insurance (CBI) provides unbiased analysis and insights about regulatory issues facing the insurance industry. The document discusses upcoming analysis from the Government Accountability Office on cyber threats and insurance. It raises questions about what events a cyber insurance program should cover, which cyber benefits insurers should be required to offer, and when the government should assume losses. CBI will examine these issues in the context of the Terrorism Risk Insurance Program and how it could be amended to address cyber threats.
Northeast Ohio Medical University
This document provides an investor presentation for Northeast Ohio Medical University's proposed $23.64 million bond offering. It includes information on the bond issue, NEOMED's finances and operations, impact of COVID-19, and enrollment trends. Key details are strong demand for NEOMED programs has led to growing enrollment, FY2020 ended with a $6.5 million budget surplus despite COVID impacts, and applications to medical programs are up significantly for fall 2021.
Boomer Survey
Only 28% of affluent baby boomers were diversifying their portfolios in response to the financial crisis, according to surveys. The top risks facing baby boomer clients included market volatility and outliving savings. Annuities are long-term retirement products offered by insurance companies that provide income or lump sums in exchange for premium payments; they have fees and benefits may have conditions.
Ziegler boomer statistics
Only 28% of affluent baby boomers were diversifying their portfolios in response to the financial crisis, according to surveys. The top risks facing baby boomer clients included market volatility and outliving savings. Annuities are long-term retirement products offered by insurance companies that provide income or lump sums in exchange for premium payments; they have fees and benefits may have conditions.
Cares act 1 pager 4.3.20 v3
The document summarizes key aspects of the Paycheck Protection Program (PPP) established by the CARES Act to provide relief to small businesses during the COVID-19 pandemic. The PPP offers 100% SBA-guaranteed loans of up to $10 million for eligible small businesses to cover payroll costs and other qualified expenses, with the potential for the entire loan to be forgiven if used for payroll and other approved costs. Skyway Capital Markets provides an overview of PPP loan eligibility requirements, how much can be borrowed and forgiven, loan terms, and how they can help streamline the application process through their online portal and partnerships with local lenders.
Cares act faq for small business owners
The CARES Act provides $2 trillion in emergency relief for individuals and small businesses affected by COVID-19. It includes the Paycheck Protection Program which provides loans that can be forgiven if payroll is maintained, Economic Injury Disaster Loans and grants of up to $10,000 for small businesses, and allows deferral of payroll taxes until 2021-2022. The document provides details on these and other programs to help small businesses and answers frequently asked questions.
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Summary of State Limitations on COVID-19 Liability
Summary of State Limitations on COVID-19 Liability
Pandemic Heroes Compensation Act - Overview and Key Risks
Pandemic Heroes Compensation Act - Overview and Key Risks
Summary of NAIC COVID-19 Business Interruption Coverage Data Call
Summary of NAIC COVID-19 Business Interruption Coverage Data Call
WEF2020 Regional Risks – Are Small Businesses Covered?
WEF2020 Regional Risks – Are Small Businesses Covered?
Covid 19 small business insurance program proposal
Covid 19 small business insurance program proposal
Leveraging Federal Financial Assistance Programs During COVID-19
Leveraging Federal Financial Assistance Programs During COVID-19
Community Development Financial Institutions Fund's Bond Guarantee Program Fu...
Community Development Financial Institutions Fund's Bond Guarantee Program Fu...
Protecting and Transferring Wealth With Captive Insurance
Protecting and Transferring Wealth With Captive Insurance
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INSURE Act - Summary and Analysis by Centers for Better Insurance
This document provides a summary of the Incorporating National Support for Unprecedented Risks and Emergencies Act (INSURE Act) (H.R. 6944) introduced by Rep. Adam Schiff on January 10, 2024. The program would create a would create a catastrophic property loss reinsurance program.
FIO's 2022 Climate Data Call - CBI's Comments
Executive Order 14030 (Climate Related Financial Risk) directs the Secretary of the Treasury to “direct the Federal Insurance Office to ... assess, in consultation with States, the potential for major disruptions of private insurance coverage in regions of the country particularly vulnerable to climate change impacts.”
FIO intends to collect data from the insurance industry in order to study the effect of climate-related catastrophes on insurance availability and affordability.
In the attached comments, CBI agrees with FIO’s intention to target its first data call on climate-related physical risks to homeowners or similar insurance. CBI makes a number of suggestions to improve this proposed data collection.
Alternatively, CBI proposes that an even more targeted data collection directed toward the insurance industry’s “relief value” mechanisms would allow FIO to gain far deeper insights into changes in availability and affordability over a longer period of time while collecting less data and data that is readily available from fewer respondents.
Climate Risk, Parametric Insurance, and Dodd-Frank
Parametric contracts may ultimately mature into an effective tool to assist U.S. businesses, nonprofits, local governments, and even families to manage risks relating to climate change. Before this product set can be trusted to deliver on that promise, parametric contracts must first be securely grounded in an appropriate regulatory framework.
Parametric contracts are undoubtedly swaps within the jurisdiction of the CFTC. The regulatory safe harbor CFTC granted to traditional insurance products only extends to state-regulated insurance policies indemnifying the policyholder to the extent of an actual, proven loss. This exception to the CFTC’s jurisdiction cannot reasonably stretch to encompass parametric contracts that promise a formulaic payout based on the parameters of an external event.
There is mounting evidence that Congress, state insurance regulators, consumers, and other stakeholders have embraced state regulation of parametric insurance contracts despite the clear jurisdictional mandate of the CFTC. For example, a bill currently pends before the U.S. House that would compel insurance companies to offer parametric pandemic insurance contracts regulated not by the CFTC but by state insurance regulators. Similarly, a recent federal Civil Innovation Grant awarded $1 million to pilot climate-related parametric insurance contracts provided to underserved communities in New York City.
Nothing prohibits an insurance company from offering parametric products so long as it complies with CFTC rules such as registration, data reporting, anti-money laundering protections, training and oversight of staff, and use registered brokers. In fact, compliant insurance companies and NFA registered insurance agents and brokers are well positioned to compete alongside other financial services sectors in a vibrant parametric contract market overseen by the CFTC.
The CFTC must either aggressively police its jurisdictional perimeter or expressly cede its authority over parametric contracts to insurance regulators. Until the CFTC speaks up, the potential for parametric contracts to contribute to the management of climate-related risk will profoundly underdeliver while consumers are marketed inefficient and legally dubious parametric insurance contracts.
2021 tria small insurer study comments
The Terrorism Risk Insurance Act requires the Federal Insurance Office (FIO) to conduct a study of the program’s impact on small insurers. We have suggested FIO focus its upcoming report on two heighten program risks facing small insurers:
• Compliance with the separate line-item disclosure of terrorism premium; and
• A disproportionate burden of post-event policyholder surcharges.
CBI Comments to FinCEN on Beneficial Ownership of Cpatives
In response to this ANPR, CBI draws FinCEN’s attention to how U.S. domiciled captive insurance companies may interact with the provisions and intent of the Corporate Transparency Act (CTA).
CBI Comments on TRIA - Captives
This comment letter focuses on the proposed rule changes under the Terrorism Risk Insurance Program with respect to the outsized role captive insurers play in the Program and whether the Program should permit public identification of individual captive insurers.
CBI Comments on TRIA - Certification Process
Centers for Better Insurance urges Treasury to decline to open the door to a formal petitioning procedure. The U.S. Constitution’s First Amendment already allows any interested person to bring to the Secretary of Treasury’s attention an event the person believes should or should not be subject to certification. Nothing in the Program’s existing rules abridges that right.
CBI Comments on TRIA - Cyber Events
The Centers for Better Insurance submitted comments on whether cyber incidents occurring outside the US but impacting the US could be eligible for certification under the Terrorism Risk Insurance Program. The document analyzes the statutory requirements that an act must result in damage within the US in order to be certified. It concludes that if all that occurs in the US are non-damage impacts such as economic losses, the act could not be certified, as both the damage and insured loss must take place domestically. Weighing in further could inadvertently impact pending COVID-19 business interruption claims testing similar damage trigger issues.
CBI Comments on Proposed TRIA Regulatory Definitions
This comment letter focuses on the proposed rule changes for the Terrorism Risk Insurance Act regulations with respect to the definitions of:
• Act of terrorism; and
• Insured loss
in accordance with Treasury’s Notice appearing at 85 FR 71588 (November 10, 2020).
COVID-19 Business Interruption Rulings (as of 11/30/20)
The Centers for Better Insurance (CBI) has released its November, 2020 update of COVID-19 business income coverage rulings.
CBI’s Statement on PRIA to Congressional Subcommittee
The House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance will hold a hearing on Thursday November 19, 2020 entitled Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers. The hearing is expected to focus on the Pandemic Risk Insurance Act (HR 7011) introduced in May by Representative Maloney of New York.
The Centers for Better Insurance is submitting the attached Statement for the Record which warns this well-intended legislation (as well as the excess program in the joint industry Business Continuity Protection Program) would:
• Leave small businesses, nonprofits, and local governments in no better position during future pandemics than they are today as they struggle to survive COVID-19 lockdown orders while battling their insurance companies in court; and
• Grant large corporations license to design their own multi-billion-dollar taxpayer funded pandemic bailouts free from Congressional oversight, U.S. Treasury supervision, and public scrutiny.
PRIA is based on the Terrorism Risk Insurance Act (TRIA) thereby adopting and amplifying its two greatest shortcomings:
• PRIA would remove only the “virus exclusion” from small business insurance policies. More than 80% of court cases dismissing small business claims for COVID-19 business interruption so far have been based on a lack of “direct physical loss or damage” – not the virus exclusion alone. PRIA is no more than a ticket for small businesses, nonprofits, and local governments to head back to court to litigate whether a virus can cause property damage as their businesses crumple under the weight of future pandemic lockdown orders.
• PRIA would allow large corporations to set up their own personal insurance companies (known as “captives”) offering their owners generous pandemic coverages with 95% of the cost transferred to the American taxpayer. According to U.S. Treasury, up to 95 cents of every dollar paid out under TRIA following a future terrorist attack would pass through captives on the way to the coffers of large corporations. No doubt large corporations would likewise siphon off the lion’s share PRIA’s payouts through these secretive special purpose vehicles.
The American taxpayer in on the hook for “only” 80% of the $100 billion TRIA program. Perhaps continued tolerance of that program’s well-known defects is somehow justifiable. However, there can be no justification to replicate these defects and extrapolate them into a taxpayer liability for 95% of a $750 billion program.
COVID-19 Business Interruption Rulings as of Oct 30 2020
What COVID-19 Business Interruption Litigation Can Tell Us About How the Pandemic Risk Insurance Act (PRIA) Would Work (Or Not Work) for Small Businesses
PRIA would make sure small businesses could buy business income coverage without a virus exclusion – but that does not mean they would be covered for the next pandemic.
The Insurance Compliance Function - International Standards
The document discusses standards from the International Association of Insurance Supervisors (IAIS) regarding insurance company compliance functions. It outlines that compliance functions are responsible for identifying legal/regulatory obligations, assessing compliance risks, and monitoring/reporting on compliance. It also discusses requirements for independence of compliance, training/awareness, investigations of breaches, and regular compliance reporting to management and boards.
California Wildfire Fund
California established the $21 billion Wildfire Fund last year to finance third party liability claims arising from wildfires caused by electrical transmission wires and equipment operated by the state’s three largest investor-owned utilities.
The attached presentation explores:
• How the Wildfire Fund is funded;
• How the Wildfire Fund encourages utilities to make wildfire safety a top priority; and
• How the Wildfire Fund is used to settle claims.
The California Wildfire Fund spreads and smooths the potential cost of more than $20 billion in future wildfire claims across the state’s three largest investor owned utilities, the customers of those utilities and, to a certain extent, homeowners insurers. In doing so, the scheme firmly guides California’s major utilities toward an aggressive commitment to wildfire safety through:
• A mandatory $5 billion shareholder funded investment in risk mitigation;
• Submission of annual risk mitigation plans;
• Standards for safety culture, governance, and executive compensation;
• Additional financial obligations to the Wildfire fund for imprudent actions causing losses; and
• Mandatory liability insurance.
UK FCA COVID-19 Test Case - Ruling
Several insights into U.S. business interruption coverage litigation can be gleaned from the outcome of the UK Financial Conduct Authority’s test case.
On September 15, the UK High Court issued a ruling involving business interruption claims against 21 representative policies issued by 8 insurers. The ruling is a mixed bag for UK policyholders and insurers. For their U.S. counterparts, the decision provides only a few relevant insights.
While the 165-page opinion digs into the unique wording of each of the 21 policies, the fundamental theme running through the insurers’ defense was that the policies only covered localized outbreaks not global pandemics. The insurers generally lost that argument with respect to the policies containing Disease Coverage and generally prevailed with respect to policies containing only Prevention of Access / Public Authority Coverage.
These are not the points driving U.S. policyholders and insurers into court. U.S. business interruption disputes so far have turned on two key policy features. First, U.S. business interruption coverages (including coverage extensions such as civil authority coverage) almost always require property damage to trigger a payout. For standard business income coverage, the property damage must be at the insured location. For civil authority coverage, the property damage must be away from but within a certain distance of the insured location. Second, all but two COVID-19 court rulings in the U.S. have involved policies with virus exclusions.
The UK court did not address either the question of property damage or the applicability of a virus exclusion. In fact, the policies at issue in the UK case contained “non-damage” coverages specifically encompassing business interruption losses resulting from the outbreak of disease.
UK Public Authority Coverage is somewhat similar in nature to civil authority coverage available in the U.S. The attached presentation looks for reasoning within the UK court’s decision that could be applied to interpret similar wording in the U.S., including whether:
• Governmental guidance or recommendations amounts to an “action of civil authority”;
• Stay at home orders “prohibit access” to an insured location;
• The “area immediately surrounding” the insured location includes the entire state; and
• The insured location is “not more than one mile” from the property damage where similar property damage exists outside of that radius.
These are important but nitty-gritty questions that will only need to be answered for civil authority claims that make it past the “property damage” hurdle and any virus exclusion attached to the policy.
Summary of the SAFE TO WORK Act
The SAFE TO WORK Act (S. 4317) was first introduced as standalone legislation on July 20. The text of this proposed COVID-19 liability shield is included within the “skinny” coronavirus relief bill that recently failed a key vote in the Senate.
As detailed in the attached, the SAFE TO WORK Act would afford U.S. businesses, nonprofits and local governments protections against liability for COVID-19 infections markedly stronger than those available under the immunity statutes enacted by the States.
Under the proposed federal law, a plaintiff infected with COVID-19 would be required to prove through “clear and convincing” evidence:
• The defendant failed to make reasonable efforts to comply with applicable government standards or guidance to mitigate the transmission of COVID-19;
• The defendant acted with gross negligence or willful misconduct; and
• That gross negligence or willful misconduct caused the plaintiff to contract COVID-19.
California Workers Compensation Presumption for COVID-19 (SB1159)
Legislation before the Governor of California would restructure the state’s approach to making workers compensation benefits available to employees who have been diagnosed with COVID-19.
In early May of this year, the Governor of California issued a sweeping Emergency Order creating a rebuttable presumption that COVID-19 positive employees working outside of the home between March 19 and July 5 contracted the virus at work. At the time, California’s Workers Compensation Insurance Rating Bureau estimated the order would cost employers and their insurers $1.2 billion in medical care, disability payments and death benefits.
On August 31, the California legislature passed an extension and restructuring of the presumption of compensability which now awaits the Governor’s signature. The legislation would:
• Codify the presumption established by the emergency order for the period March 19 to July 5.
• Extend the presumption of compensability for first responders and certain health care workers through 2022.
• Limit the presumption of compensability for other employees working outside of the home to apply only if there has been an outbreak of COVID-19 at the workplace.
Under the presumption rules for workplace outbreaks, an employer must report to its insurance company (or claims administrator if self-insured) once the employer becomes aware an employee has tested positive for COVID-19. The insurer will keep track of these reports to determine whether 4 or more employees at a specific workplace (or 4% of the workforce at the site, if greater) have tested positive over a rolling 14-day period. If that threshold has been met, the presumption of compensability arises with respect to employees testing positive for COVID-19 during the period of the outbreak and who worked at the location of the outbreak within the prior 14 days.
The employer can rebut the presumption that an employee became infected with COVID-19 due to a workplace outbreak with evidence of protective measures put in place to reduce the potential transmission of COVID-19 at the worksite or evidence of the employee’s nonoccupational risks of COVID-19 infection.
South Africa - COVID-19 Business Interruption Insurance Claims
The document summarizes the South African regulatory response to business interruption insurance claims related to COVID-19. It discusses 6 categories of extended business interruption coverage found in South African policies. It also outlines the regulators' positions that insurers should not be required to provide retroactive COVID-19 coverage but should evaluate claims appropriately under existing policy terms. The regulators agreed with a court ruling that supported a restaurant's claim and reiterated that radius clause claims requiring proof of loss due to disease measures would be valid. Insurers also agreed to provide interim relief payments to some policyholders while legal clarity is pursued.
Workers Compensation and COVID-19
While most press reports, public policy debates and lawsuits have centered on business interruption insurance, state workers compensation systems and the insurance products underlying them have been adjusting to the COVID-19 crisis.
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INSURE Act - Summary and Analysis by Centers for Better Insurance
INSURE Act - Summary and Analysis by Centers for Better Insurance
Climate Risk, Parametric Insurance, and Dodd-Frank
Climate Risk, Parametric Insurance, and Dodd-Frank
CBI Comments to FinCEN on Beneficial Ownership of Cpatives
CBI Comments to FinCEN on Beneficial Ownership of Cpatives
CBI Comments on Proposed TRIA Regulatory Definitions
CBI Comments on Proposed TRIA Regulatory Definitions
COVID-19 Business Interruption Rulings (as of 11/30/20)
COVID-19 Business Interruption Rulings (as of 11/30/20)
CBI’s Statement on PRIA to Congressional Subcommittee
CBI’s Statement on PRIA to Congressional Subcommittee
COVID-19 Business Interruption Rulings as of Oct 30 2020
COVID-19 Business Interruption Rulings as of Oct 30 2020
The Insurance Compliance Function - International Standards
The Insurance Compliance Function - International Standards
California Workers Compensation Presumption for COVID-19 (SB1159)
California Workers Compensation Presumption for COVID-19 (SB1159)
South Africa - COVID-19 Business Interruption Insurance Claims
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As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
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- 1. © Centers for Better Insurance, LLC 2021 Version 1.0 Centers for Better Insurance (CBI) is an independent organization focused on supporting the insurance industry to optimize the value it delivers to all stakeholders (including policyholders, employees and society at large). CBI does so by making available unbiased analysis and insights about key regulatory issues facing the industry for use by insurance professionals, regulators and policymakers. THE MATERIAL AS WELL AS ANY OTHER INFORMATION PROVIDED BY CBI IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. CBI does not guarantee the accuracy or completeness of this material or any other information and may add, remove, discontinue, change, improve, or update this material or any other information without notice. Under no circumstances shall CBI be liable for any loss, damage, liability or expense claimed to result from use of this material or any other information. Centers for Better Insurance Policyholders Employees Shareholders Society Supporting value creation for all stakeholders through beneficial purpose, sound governance and effective controls www.betterins.org Resources to Finance 2021 Catastrophe Losses Louisiana Citizens Property Insurance Company CBI
- 2. © Centers for Better Insurance, LLC 2021 Version 1.0 2 www.betterins.org Centers for Better Insurance Policyholders Employees Shareholders Society Louisiana Citizens Property Insurance Company 2021 Claims Paying Capabilities Before Hurricane Ida struck, Louisiana Citizens Insurance Company had about $162 million of policyholder surplus (capital). Policyholder surplus represents the ability to pay future claims including support for continued insurance operations. Louisiana Citizens issued $978.2 million in bonds in 2006 to pay Hurricane Katrina claims. 15 years later $336 million remains outstanding. The State has dramatically reduced the surcharge burden on Louisiana policyholders through a series of offsetting income tax credits. Emergency Assessments (up to $267 million annually) $35 million Retention Includes $200 million in catastrophe bond capacity Catahoula Re Pte. Ltd. (Singapore) Pelican Re IV Ltd. (Bermuda) Pelican Re IV Ltd. (Bermuda) $260 million One-Time Regular Assessment $560 million Reinsurance Program Repayment of Principal with Interest Proceeds of Sale of Bonds Louisiana Licensed Property Insurers Private Market Policyholders Assessment-Backed Revenue Bond Policy Surcharges Annual Assessment of Surcharge Collections Immediate Assessment with Recovery by Surcharge Louisiana Citizens Policyholders Policy Premiums Market Equalization Charges ensure Louisiana Citizens policyholders pay the same surcharges as private market policyholders At the time of Hurricane Katrina, Louisiana Citizens insured 135,000 policyholders and was the third largest property insurer in the state. It carried about $300 million in reinsurance. Today, Louisiana Citizens insures about 36,000 policyholders backed by more than $500 million in reinsurance and representing less than 1.5% of Louisiana’s property insurance market.