2 Louisiana insurance companies fail after Hurricane Ida

BATON ROUGE, La. (AP) — Insurance companies operating in Louisiana will be charged at least $100 million to pay claims of two failed property insurers who went belly up in Hurricane Ida’s aftermath. But the cost of dealing with the insolvent insurers ultimately will fall on the state after insurance companies recoup the dollars through a series of premium tax credits. The Advocate reports the board of the Louisiana Insurance Guaranty Association voted to charge insurers 1% of their net written premiums to help fill its coffers to cover claims for customers whose insurers become insolvent. Its work is triggered after the insurance department took control of Access Home Insurance and State National Fire Insurance.