The board of directors of the Texas Windstorm Insurance Association has authorized staff to seek regulatory approval for a $175 million assessment to TWIA’s insurance company members for losses associated with Hurricane Harvey.
The assessment OK’d by the association’s board on May 8 needs the approval of the Texas Department of Insurance before it can be implemented.
TWIA has estimated $1.61 billion in total losses from Hurricane Harvey, up from an estimated $1.44 billion in losses staff had presented to the board in February.
Бизнес партнерство и бизнес-идеи
Anna Day Stafford, Legislative & External Affairs Liaison for TWIA, said in an email to Insurance Journal that staff now estimates a total assessment of $321 million. At its July 31 meeting, TWIA’s board will reconsider the assessment. The board may decide at the time whether to may seek approval from TDI for an additional member assessment.
TDI has estimated total insured losses in the state will reach approximately $19.4 billion. That amount includes losses to homes, businesses and vehicles caused by flooding.
The Atlantic hurricane season begins June 1. An early forecast for the 2018 hurricane season by Dr. Philip Klotzbach of Colorado State University (CSU), a non-resident scholar for the Insurance Information Institute (I.I.I.), calls for a slightly above-average season with 14 named storms, seven hurricanes, and three major hurricanes.
Was this article valuable?
Thank you! Please tell us what we can do to improve this article.
Thank you! % of people found this article valuable. Please tell us what you liked about it.
Here are more articles you may enjoy.
With Just Weeks to Go for GDPR, Europe’s Regulators Say They’re Underfunded, Unprepared
New York Fines Lockton Over NRA Insurance; Continues Probe of Other Players
Uber Hires Ex-Regulator for Safety Advice; Website Says Software Flaw Caused Accident
Delaware DOI Working With FEMA to Fine-Tune Disaster Response