Partly reflecting an increase in policyholders and exposure, a committee of the Texas Windstorm Insurance Association is recommending a $2 billion increase in catastrophe funding for the 2023 storm season.
Tag: TWIA
TWIA Takes on $500 Million Line of Credit to Speed Claims
The TWIA board voted to secure a $500 million line of credit to ensure the availability of funds to quickly pay claims if a catastrophic storm impacts the Texas coast this year.
Despite Rate Inadequacy, Texas Windstorm Insurer Committee Urges No Premium Increases
Despite a finding earlier this month that current rates are inadequate for both residential and commercial coverages, an underwriting committee for Texas’ windstorm insurer of last resort voted Monday not to recommend a rate increase for its policyholders. The Texas Windstorm Insurance Association’s Actuarial and Underwriting Committee’s recommendation will now be forwarded to TWIA’s board… Continue reading Despite Rate Inadequacy, Texas Windstorm Insurer Committee Urges No Premium Increases
TWIA Board Sets Storm Season Funding for 2021
The TWIA Board of Directors held its quarterly meeting via web conference today, directing TWIA staff to secure reinsurance in addition to the funding provided by statute to provide coverage totaling $4.03 billion for the 2021 hurricane season and electing officers. 2021 Hurricane Season Funding and Reinsurance The Board received a presentation from staff and… Continue reading TWIA Board Sets Storm Season Funding for 2021
TWIA Raises 2020 Reinsurance Target to $2.1 Billion
The Texas Windstorm Insurance Association (TWIA) has increased its target amount of reinsurance protection for the 2020 catastrophe year to $2.1 billion, with the Board directing TWIA staff to place a mix of traditional reinsurance and catastrophe bond protection. In December of last year, TWIA said that it expects to purchase an aggregate amount of… Continue reading TWIA Raises 2020 Reinsurance Target to $2.1 Billion
At Peak Storm Season, Texas Funding Remains Stressed
As people across the coastal United States prepare for peak hurricane season, the state of the insurance backstop protecting almost half of coastal Texas homeowners from wind damage is still in question. At an August meeting of the Texas Windstorm Insurance Association Board, a vote to begin the fiscal year without a 41.7% and 50%… Continue reading At Peak Storm Season, Texas Funding Remains Stressed
TWIA Secures $2.1B of Private Market Reinsurance & Cat Bonds for 2019
The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA’s 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from the private reinsurance market… Continue reading TWIA Secures $2.1B of Private Market Reinsurance & Cat Bonds for 2019