TWIA Rate Hike Looms Prior to Dec. 10th Meeting Public Comments Due November 15th

Coastal Bend residents should prepare themselves for another rate increase fight at the TWIA Board Meeting Dec. 10th at the Omni Hotel in Corpus Christi."

AUSTIN Texas (Texas Insider Report) TWIAs plan to raise rates during this sensitive time when people are still rebuilding their homes and businesses in the aftermath of Hurricane Harvey is insensitive and unnecessary" said John LaRue President & CEO of the United Corpus Christi Chamber of Commerce after attending a recent October 17th in Austin where a motion recommending that a 10 rate hike be passed on to the Texas Windstorm Insurance Association for consideration failed 4-to-3.

The meeting was of a newly formed TWIA Actuarial Committee.

width=140During my comments at the (October 17th) committee meeting I told them the TWIA board has already met and filed a 0 rate increase for 2020 and they should keep their word" said State Rep. Todd Hunter (right R-Corpus Christi) who attended the meeting with a delegation of Coastal Bend officials to protest any rate increase recommendation.

Dont play games with us.

You have the exact information now as you had at that (previous) meeting" said Hunter.

The Committee met October 17th and directed TWIA Staff to provide written comments to the Committee on issues raised by the Committee during the meeting. The Committee is meeting Tuesday November 19th to consider staffs comments and formulate recommendations to the TWIA Board for possible consideration at the Boards December 10th Quarterly Meeting in Corpus Christi.

  • NOVEMBER 19 2019 TWIA Actuarial & Underwriting Committee meeting will be a teleconference.
    • Agenda
    • Meeting Materials available prior to the meeting
    • Broadcast available prior to the meeting

And prior to the December 10th meeting the committee said it will further study the results of a Rate Adequacy Analysis presented to the full board in August.

Our challenges are not over" said the Chambers LaRue.

Coastal Bend residents should prepare themselves for another fight about a possible rate increase at the next TWIA Board of Directors Meeting scheduled for December 10th at the Omni Hotel in Corpus Christi."

It appeared they felt they needed to review and study more information" Hunter told Corpus Christi Business News recently.

class=wp-image-117286

They raised some strong questions and strong issues about the information they had been provided by staff. They said lets study this information and find out what we can."

The rate adequacy analysis presented to the TWIA Board in August showed that Residential Insurance Rates were 41 inadequate and said that Commercial Rates were 50.1 inadequate.

TWIA is only allowed to raise rates by 10 at any given time and in the face of strong opposition from ratepayers along the Gulf Coast the board initially voted to recommend a 0 Rate Increase at its August meeting.

That should have been the end of it until next August said Rep. Hunter.

But according to a statement released by TWIA its staff will review issues raised by the committee and provide written comments to members before a recommendation can be made to the TWIA Board.

Those recommendations will be considered at the boards quarterly meeting December 10.

No agenda has been set yet for the December 10 meeting.

Hunter and LaRue said they are going to remain vigilant and wary of the TWIA Board.

They are going to trudge toward this no matter what" said Hunter.

Bottom line is it looks to me like they will make some sort of recommendation when they meet again then it goes to the TWIA board in December" Hunter added.

We will continue to track the progress of the actuarial committee and provide the public with information as it develops" said LaRue.

The December 10th meeting will be held at the Omni Hotel 900 N. Shoreline Blvd. in Corpus Christi.

class=wp-image-117285/
  • Members of the public may submit comments about items to be considered prior to the meeting by emailing PublicComment@twia.org

The United Corpus Christi Chamber of Commerce hosted a Press Conference Monday October 14th at the Solomon P. Ortiz Center to alert the public about the Texas Windstorm Insurance Associations (TWIA) plan to raise rates on policy holders again. That press conference as well as continued overall efforts against possible future rate hikes are being held in conjunction with other Coastal Bend Chambers including:

The chambers note that TWIA continues to push for a rate increase in spite of the fact many in the Coastal Bend are still recovering from Hurricane Harvey and after rates have already risen 71 in the past 11 years.

They said raising rates will put pressure on many households not able to afford insurance with mortgages possibly being pushed into default after being forced or being unable to make increased payments.

The Coastal Bend delegation is asking that residents make their voices heard.

N/A by N/A is licensed under N/A N/A

ad-image
image
04.07.2020

TEXAS INSIDER ON YOUTUBE

image
04.06.2020
image
03.30.2020