The Texas Windstorm Insurance Association (TWIA) Actuarial and Underwriting Committee will meet July 11 to review the association’s 2023 rate adequacy analysis.
TIWA’s rate analysis for 2023 indicates that current rates are inadequate by 20% for residential coverage and 22% for commercial coverage.
Rates are less adequate than a year ago. In 2022 residential rate inadequacy was 15% while commercial was 11%. TWIA primarily attributes growing inadequacy rates to the rising cost of reinsurance.
TWIA’s Actuarial and Underwriting Committee will formulate a rate filing recommendation for presentation to the TWIA Board. On August 8, the TWIA Board will meet to consider the analysis, the Committee’s recommendation, and stakeholder feedback prior to its annual required rate filing decision.
State law requires that TWIA must make a rate filing with the Texas Department of Insurance by August 15 each year.
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