Hurricane Insurer Settles 2 Class Actions for $35 Million

A settlement of $35 million has been reached between the members of 2 class action lawsuits and Louisiana Citizens Property Insurance Corporation.

The state-run insurer had specialized in covering high-risk properties, however the aftermath of hurricane Katrina escalated the costs and times involved in settling claims.

The suits alleged that the insurer had failed to provide a written offer to settle policyholders' claims within 30 days of notification of losses related to hurricanes Rita and Katrina.