The Texas Windstorm Insurance Association (TWIA) board has unanimously approved an additional Class 1 member assessment of $106.8 million for Hurricane Harvey losses, the Insurance Council of Texas (ICT) reported.
The newly approved assessment follows the $175 million assessment OK’d by the TWIA board in May.
TWIA staff estimates total losses from Hurricane Harvey at $1.61 billion.
The association’s board also approved a 10 percent rate increase for residential and commercial policyholders. The rate increase must be approved by the Texas Department of Insurance before it can go into effect.
Source: ICT
Topics Texas Carriers Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
What Analysts Are Saying About the 2026 P/C Insurance Market 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
Trump’s EPA Rollbacks Will Reverberate for ‘Decades’ 
Portugal Deadly Floods Force Evacuations, Collapse Main Highway 
