Blanco backs off 'catastrophe fund' - KPLC 7 News, Lake Charles, Louisiana

Blanco backs off 'catastrophe fund'

Governor Kathleen Blanco is backed off the idea of creating a "catastrophe fund" that a few months ago was an important piece of her plan to help find more affordable insurance for property owners.

Instead of a catastrophe or "cat" fund, Blanco said she is focusing her legislative initiatives on plans to attract more insurance companies to do business in the state and hoping competition will drive down rates.

Her package includes, among other proposals, paying insurance companies that agree to sell a minimum amount of property insurance in the state.

During the special session of the Legislature in December, Blanco tried but failed to direct money into a catastrophe fund.

In a catastrophe fund, money is put aside to pay some of the damages caused by hurricanes.

Blanco says Allstate Insurance and State Farm Insurance are pushing for a catastrophe fund. Those two companies sell more than half of the homeowners' policies in Louisiana.

  • More Local NewsNewsMore>>

  • breaking

    Passenger dies after SUV collides with log trucks in Beauregard Parish

    Passenger dies after SUV collides with log trucks in Beauregard Parish

    Friday, December 15 2017 8:23 AM EST2017-12-15 13:23:43 GMT
    (Source: Raycom)(Source: Raycom)

    A Leesville resident is dead following a three-vehicle crash Thursday night in Ragley, according to Louisiana State Police.

    More >>

    A Leesville resident is dead following a three-vehicle crash Thursday night in Ragley, according to Louisiana State Police.

    More >>
  • With Mallard Cove moving, what's next for Chennault?

    With Mallard Cove moving, what's next for Chennault?

    Thursday, December 14 2017 11:38 PM EST2017-12-15 04:38:19 GMT
    (Source: KPLC)(Source: KPLC)
    Big changes are planned at Chennault International Airport.  "Four or five years ago the head of the airport's division of the FAA came to me and said what are you going to do about the golf course," said Chennault International Airport's Executive Director, Randy Robb.  Mallard Cove Golf Course has been hindering growth and expansion for Chennault for years, but just last week Lake Charles City Council approved a cooperative agreement between the city, the airpo...More >>
    Big changes are planned at Chennault International Airport.  "Four or five years ago the head of the airport's division of the FAA came to me and said what are you going to do about the golf course," said Chennault International Airport's Executive Director, Randy Robb.  Mallard Cove Golf Course has been hindering growth and expansion for Chennault for years, but just last week Lake Charles City Council approved a cooperative agreement between the city, the airpo...More >>
  • Residents off Nelson Road complain about mail delays

    Residents off Nelson Road complain about mail delays

    Thursday, December 14 2017 9:18 PM EST2017-12-15 02:18:58 GMT

    It's not unusual to hear complaints about the U.S. Postal Service in our area. The latest comes from a neighborhood off Nelson Road where residents say they no longer get daily delivery. "Whether snow, sleet or rain or whatever it   should be delivered," said Terry Bellard, who lives at Smith Village mobile home community. Residents say their mail is no longer delivered regularly.

    More >>

    It's not unusual to hear complaints about the U.S. Postal Service in our area. The latest comes from a neighborhood off Nelson Road where residents say they no longer get daily delivery. "Whether snow, sleet or rain or whatever it   should be delivered," said Terry Bellard, who lives at Smith Village mobile home community. Residents say their mail is no longer delivered regularly.

    More >>
Powered by Frankly