Not sure how accurate this anecdotal article is. The TWIA rates are actually higher than what some private insurers are charging for the same coverage. With the exception of properties within a mile from the coast, I’d say TWIA rates are probably about right. Their funding problem is due to a concentration of risk in the Houston area. Both Geovera and Maison are offering lower rates to most of TWIA’s coverage area.
The author is not suggesting that the rates are not competitive to other markets, he/she is indicating that the rates are not technically or actuarially indicated. Whether or not TWIA’s rates are higher than other markets, is not the purpose of this article.
The private market wouldn’t be taking business if the rates weren’t adequate. The article states the rates should continue to increase, when in many areas they do not need to increase. I read the article, I understand. And I disagree.
Not sure how accurate this anecdotal article is. The TWIA rates are actually higher than what some private insurers are charging for the same coverage. With the exception of properties within a mile from the coast, I’d say TWIA rates are probably about right. Their funding problem is due to a concentration of risk in the Houston area. Both Geovera and Maison are offering lower rates to most of TWIA’s coverage area.
The author is not suggesting that the rates are not competitive to other markets, he/she is indicating that the rates are not technically or actuarially indicated. Whether or not TWIA’s rates are higher than other markets, is not the purpose of this article.
The private market wouldn’t be taking business if the rates weren’t adequate. The article states the rates should continue to increase, when in many areas they do not need to increase. I read the article, I understand. And I disagree.