The Texas Windstorm Insurance Association Actuarial & Underwriting Committee voted on Monday, July 15 to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 10% for 2025 residential policies and by 10% for 2025 commercial policies when it meets on August 6.
The committee passed the recommendation on a 5 to 1 vote after the reviewing the 2024 rate adequacy analysis prepared by TWIA’s actuarial staff. The analysis indicates that TWIA rates are inadequate by 38% for residential coverage and 45% for commercial coverage.
The committee also heard public comment from stakeholders, including elected officials and other coastal community members.
At its August 6 meeting, the TWIA Board will consider the committee’s recommendation, the rate adequacy analysis, and stakeholder feedback when voting to decide the content of the Association’s annual required rate filing with the Texas Department of Insurance (TDI). TWIA must make a rate filing with the Texas Department of Insurance by August 15 each year.
Source: TWIA
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