TWIA Board OKs Additional $106.8M Insurer Assessment for Harvey Losses

The Texas Windstorm Insurance Association (TWIA) board has unanimously approved an additional Class 1 member assessment of $106.8 million for Hurricane Harvey losses, the Insurance Council of Texas (ICT) reported.

The newly approved assessment follows the $175 million assessment OK’d by the TWIA board in May.

TWIA staff estimates total losses from Hurricane Harvey at $1.61 billion.

The association’s board also approved a 10 percent rate increase for residential and commercial policyholders. The rate increase must be approved by the Texas Department of Insurance before it can go into effect.

Source: ICT