BATON ROUGE — Governor Jeff Landry spoke to Property Insurance Company of America agencies about major milestones for Louisiana's insurance market on Monday. 

According to the governor's office, PICA plans to take over all existing commercial policies from Louisiana Citizens Property Insurance Corporation.

The move aims to strengthen Louisiana's insurance market by bringing more competition into the state while reducing reliance on Citizens. 

Landry argued that the change will help reduce insurance premiums in the state. 

"What PICA is offering is a 50-40% reduction in premium costs to those commercial policies inside of Citizens," Landry said.

Policyholders will have a choice whether or not to make the switch.