TWIA seeking rate increase

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  • Hurricane Ike damage on the Bolivar Peninsula
    Hurricane Ike damage on the Bolivar Peninsula
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The Texas Windstorm Insurance Association Board of Directors voted Aug. 3 to direct staff to file a rate increase of 5% for residential and commercial policies in its required annual filing with the Texas Department of Insurance (TDI). The filing must be made by Aug. 15 and may be subject to review by TDI in some circumstances. The new rates are expected to go into effect for policies issued or renewed starting Jan. 1, 2022.

The vote followed the board receiving a recommendation for a 5% increase from TWIA’s Actuarial & Underwriting Committee. TWIA’s 2021 Rate Adequacy Analysis, prepared by the association’s actuarial staff, indicates that TWIA’s current rates are inadequate by 39% for residential coverage and 46% for commercial coverage.