NEW ORLEANS, Dec. 2 (UPI) -- St. Paul Travelers Cos. Inc., the largest commercial property insurer in the New Orleans area, plans to cancel commercial policies over the next year.
The New Orleans Times-Picayune reported that the company says policies will not be renewed as they expire. Travelers said commercial losses are typically heavier than residential ones during a disaster, and that the company has a high concentration of policies on Louisiana's hurricane-prone Gulf Coast.
"To keep future losses to a more acceptable level for continued financial stability, we are reducing our exposure in some of these areas by non-renewing a number of small to mid-sized commercial properties," said Jennifer Wislocki, a spokeswoman for the company.
State Insurance Commissioner Jim Donelon said Travelers executives cited delays in rebuilding the levees in New Orleans.
