#Louisiana’s #insurance #market is collapsing, just in time for #hurricane season

source: https://grist.org/housing/louisiana-homeowner-insurance-hurricane-season/

A few months earlier, a major insurance company called Lighthouse had gone bankrupt, leaving almost 30,000 homeowners in the state without storm coverage. The company went under thanks to last year’s Hurricane Ida, which led to $400 million in damage claims, far more money than the company had on hand. It had been up to Donelon to find a new company to take over these abandoned policies, but no other #company wanted them. In fact, other companies were fleeing the state en masse.

#usa #capitalism #finance #security #problem #money #news #economy #environment #damage #crash #weather