The Texas Windstorm Insurance Association (TWIA) Board of Directors will meet in Galveston on Tuesday, August 8 at 9:00 a.m. CT, where the Board is expected to consider the Association’s statutorily required annual rate filing for 2024 policies.
The Board will consider a committee recommendation of a rate increase for 2024 of 5% for residential policies and 8% for commercial policies.
TWIA’s 2023 Rate Adequacy Analysis, prepared by the Association’s actuarial staff, indicates that TWIA’s current rates are inadequate by 20 percent for residential coverage and 22 percent for commercial coverage. The Board’s Actuarial & Underwriting Committee met on July 11 and voted to recommend an increase of 5% for 2024 residential policies and 8% for 2024 commercial policies.
The TWIA Board will consider the analysis, the Committee’s recommendation, and stakeholder feedback when voting to decide the content of the Association’s annual required rate filing. A rate filing that includes any increase in rates is subject to review and approval by the Commissioner of Insurance.
TWIA is accepting public participation and comment through written public comment, remote verbal public comment via Zoom, or in-person public comment in Galveston.
Individuals wishing to make in-person verbal public comment must attend the Board meeting at the Tremont House in Galveston. TWIA staff will facilitate the public comment process.
The full address of the meeting location is:
The Tremont House Hotel Davidson Building – Second Floor
(across the street from the main Tremont House Hotel building)
2319 Ships Mechanic Row
Galveston, TX 77550
Source: TWIA