The TWIA Board of Directors met on Tuesday and voted to direct staff to file a rate increase of 5% for residential and commercial insurance policies with the Texas Department of Insurance. The Board directed TWIA staff make the filing expeditiously with an expectation that an approved rate change would go into effect no earlier than April 1, 2021.
The vote followed the TWIA Board receiving reports related to the Association’s rates from its Actuarial & Underwriting Committee and consulting firm Willis Towers Watson (WTW). An independent study by WTW indicates that TWIA’s rates are inadequate by 26% for residential coverage and 44% for commercial coverage.
The TWIA Board received public comment at the meeting from more than a dozen elected officials and other stakeholders and members of the public.
The Board also approved the Association’s 2021 budget.
