The time has come again for the Texas Windstorm Insurance Association to once again look at rates, and Coastal Bend business and city leaders are ready to fight any increase considerations.
The TWIA Board of Directors voted not to increase rates for residential and commercial policies at their Aug. 6 quarterly meeting. The Board’s decision was conditioned on reevaluating TWIA rates at a later date.
It came decision after a protest during a public hearing in Galveston.
TWIA's Actuarial and Underwriting Committee will discuss whether or not to recommend a rate hike to the TWIA board at 1:30 p.m. Thursday in Austin. Agenda and meeting materials for Thursday's meeting can be found here .
According to TWIA, based on a 2019 actuarial analysis , rates would need to increase by 41.7 percent for residential policies and 50 percent for commercial policies in order to be actuarially adequate. TWIA says rates have increased 40.7 percent since 2011.
The United Corpus Christi Chamber of Commerce along with other area local chambers, business leaders and members of the Coastal Bend Legislative Delegation have organized a press conference for 10 a.m. Monday at the Solomon P. Ortiz Center's Kleberg Room to alert the public about the possibility of a rate hike.