The Texas Windstorm Insurance Association’s (TWIA) Actuarial & Underwriting Committee will meet on Tuesday, Feb. 13 to discuss and potentially make a recommendation to the Board of Directors for determining TWIA’s statutorily required 1:100 probable maximum loss (PML) for the 2024 storm season.
The 1:100 PML is the probable maximum loss for the association for a catastrophe year with a probability of one in 100. This benchmark establishes the minimum amount of reinsurance needed to meet TWIA’s statutory funding obligation for the upcoming storm season.
TWIA’s catastrophe modeling vendor, Aon, will present information on 2024 catastrophe model results and be available to answer questions to aid the Committee in its recommendation.
It is expected that 2024 modeled potential catastrophe losses will be significantly higher than those presented to the Board in January 2023, TWIA said. Over the past year, TWIA has added more than 25,000 policies and the total insured value of the properties it covers has increased by 26.4%.
The Board of Directors will consider the Committee’s recommendation at a Feb. 20 meeting in Galveston.
Source: TWIA
Topics Windstorm
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