Louisiana's Citizens Insurance has reduced its number of policies to about 119,000, compared with about 174,000 in 2005. The reductions are a move to limit the insurer's exposure to catastrophic events, officials said. "The reduction in market share of Citizens is a great indicator that the homeowners insurance market, as well as the commercial property insurance market, in Louisiana is rebounding from the severe hit we suffered as a result of hurricanes Katrina and Rita," said Insurance Commissioner Jim Donelon.
Experts say that aging baby boomers may present a road-safety hazard, as one in five drivers will be older than 65 by 2025. While studies show older drivers are safer compared with their younger counterparts, the elderly suffer from arthritis, fading vision and other health problems, which could affect their driving ability, experts said.
The levee commission of Marysville, Calif., asked the state's Central Valley Flood Protection Board to conduct a reinspection of the city's levee system after the Army Corps of Engineers found deficiencies in the structures. Officials say they may then ask the Corps for a second inspection, in hopes of requalifying for federal aid.
The P/C insurance committee of the National Conference of Insurance Legislators has decided to delay until March the final vote on a model law regarding auto parts and repair standards. The panel decided to table the measure after it voted down an amendment that sought original equipment manufacturer certification for aftermarket parts. State lawmakers "felt that defeat of the equivalency amendment, in addition to a vote that had freed insurers from paying for needed modifications to non-OEM parts, would create a loophole in which consumers would be unprotected from poor quality materials," said Republican state Sen. Ruth Teichman, the chairwoman of the committee.
The Department of the Interior is planning a Nov. 30 forum on hydraulic fracturing processes as the Environmental Protection Agency prepares to study the practice. The Interior Department's focus is solely on gas extraction from public lands.