The Louisiana Department of Insurance (LDI) has issued an advisory on the withdrawal of United Property & Casualty Insurance Company (UPC) from the state’s market.
UPC has about 36,000 policyholders in Louisiana, and the insurer will start non-renewing its insurance policies in 2023, LDI mentioned. Some 33,000 UPC policyholders whose present coverage time period is scheduled to finish in 2023 will obtain written notifications of non-renewal from the insurer not less than 30 days earlier than the protection expires.
Meanwhile, UPC is extending protection for the remaining 3,000 policyholders whose present coverage is scheduled to finish between November 26 and December 31, 2022. The LDI mentioned that UPC will ship these policyholders an bill for the prolonged protection interval, in addition to a discover of non-renewal not less than 30 days earlier than their prolonged protection ends.
UPC had introduced in August that it was exiting the private traces enterprise throughout the states of Louisiana, Florida, and Texas, within the wake of its Demotech ranking being withdrawn. The Florida-based insurer had additionally introduced that it was seeking to non-renew private traces enterprise in New York. These non-renewals have been introduced on high of the insurer’s earlier withdrawals from Georgia, Massachusetts, North Carolina, and South Carolina earlier this yr.
It was estimated by the Insurance Information Institute that throughout Louisiana, Florida, Texas and New York, UPC has over 500,000 policyholders.