The Texas Windstorm Insurance Association’s Actuarial & Underwriting Committee recommended to the board of directors that there should be no change in residential or commercial insurance rates.
The Actuarial & Underwriting Committee’s recommendation came after a 2022 Rate Adequacy Analysis found that TWIA rates are inadequate by 15 percent for residential and 11 percent for commercial coverage.
TWIA said in a statement that its Board will consider the committee’s recommendation, the analysis, and shareholder feedback when it meets on Aug. 2 to vote on the annual required rate filing with the Texas Department of Insurance (TDI). All rate increases are subject to review and approval by the Insurance Commissioner.
In 2021 TWIA filed a rate increase of 5% upon recommendation of TWIA’s Actuarial & Underwriting Committee.
TWIA is required by law to make a rate filing with the TDI by Aug. 15.
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