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Windstorm Insurance News

Texas Insurance Fund May Be Inadequate for Hurricane Coverage

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At a glance:

The Texas Windstorm Insurance Association is inadequately funded, according to insurance industry spokespeople.
 
With predictions of another active hurricane season, worries are that the fund, already depleted after Hurricane Rita, would have to dip into the Texas General Revenue Fund to cover claims.
 
The Association calls for changes in legislation.
 

Insurance Trade Group Sees Storm Brewing in Texas

Insurance Journal - 3/6/2006 6:21 PM

"The Texas Windstorm Insurance Association is considerably under funded in the event a major hurricane makes landfall in Galveston or Corpus Christi," Jerry Johns, president of Southwestern Insurance Information Service said. "Last year TWIA had a $130 million deficit as a result of losses caused by Hurricane Rita and that would be a drop in bucket had the storm hit Galveston."
 
"TWIA's exposure in 1992 was about $5 billion in the 14 coastal counties and a portion of Harris County," Oliver said. "At the end of 2005 our exposure was approximate
 
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