The Texas Windstorm Insurance Association (TWIA) is commencing on its annual rate filing process.  Due to a stronger than average storm season expected this year (possibly 2 CAT 3 or stronger storms are predicted to hit the Texas Gulf Coast), TWIA is gearing up to raise rates on its policyholders, possibly up to 45 percent for residential, and 50 percent for businesses.  A rate increase of this size would be catastrophic to our coastal communities.  In the coming weeks, there will be many opportunities for you to voice your concern and tell TWIA: NO RATE INCREASE.   We have successfully stopped rate increases for the past 5 years, with your engagement, we can continue this trend.  
Two-thirds of the Board must vote to approve the filing of a rate increase. All TWIA filings are subject to review and approval by the Texas Insurance Commissioner.

TIMELINE – Below are key dates in TWIA’s annual rate filing consideration process:

October 15, 2024: Statutory deadline for approval or disapproval of a TWIA rate filing by the Commissioner of Insurance.

July 1, 2024: TWIA posts an annual Rate Adequacy Analysis to its website for public review. The Rate Adequacy Analysis is an estimate, prepared by TWIA’s actuarial staff, of whether rates are sufficient to cover the Association’s operating expenses and its expected losses from claims. TWIA

July 15, 2024: The Actuarial & Underwriting Committee meets to review the Rate Adequacy Analysis, hear public comment, and develop a recommendation to the TWIA Board of Directors regarding TWIA’s August 2024 annual rate filing.

August 6, 2024: TWIA’s Board of Directors meets to hear the recommendation from the Actuarial & Underwriting Committee and public comment and vote to direct staff regarding TWIA’s August 2024 annual rate filing.

August 15, 2024: Statutory deadline for TWIA staff to make the annual rate filing with the Texas Department of Insurance.