TWIA’s Actuarial & Underwriting Committee met on July 11 and voted to recommend that the TWIA Board of Directors approve a rate filing to increase rates by 5% for 2024 residential policies and by 8% for 2024 commercial policies when it meets on August 8.
The recommendation, on a 3 to 1 vote, came after the Committee reviewed the 2023 Rate Adequacy Analysis prepared by the Association’s actuarial staff. The analysis indicates that TWIA rates are inadequate by 20 percent for residential coverage and 22 percent for commercial coverage.
The TWIA Board will consider the Committee’s recommendation, the rate adequacy analysis, and stakeholder feedback when voting to decide the content of the Association’s annual required rate filing with the Texas Department of Insurance (TDI).
“While we recognize the importance of adequate coverage for storm-related risks, an unjustifiably burdensome rate hike could cast a shadow over our region's growth and entrepreneurial spirit. Together, we must seek a solution that fosters resilience while nurturing a conducive environment for businesses to flourish and continue driving the engine of progress,” said Al Arreola Jr., Pres/CEO of the United Corpus Christi Chamber of Commerce.
The TWIA Board of Directors will consider the rate increase at their upcoming meeting: August 8, 2023 at 9:00 a.m. at the Tremont House in Galveston, TX. A virtual option will be available at TWIA.org.
The United Chamber encourages all TWIA policyholders to submit public comments against a rate increase to PublicComment@TWIA.org by noon, Friday, August 4, 2023.