TWIA

From John Polak

TWIA was released from Administrative Oversight on April 8, 2016. I wanted to take a moment here to let you know about the change and answer the question some of you may be wondering, “Why didn’t TWIA send out a celebratory press release or shout it from the mountain tops?”

The answer is that we felt it just wouldn’t be right to celebrate being released from the equivalent of departmental probation. We need to be sharing what we are doing better rather than celebrating the cessation of bad behavior. One of our core values is accountability and we therefore acknowledged our past shortcomings and addressed them. Period.

Where we are today is lightyears from where we were in 2011 when the Texas Department of Insurance placed us under Administrative Oversight. Today TWIA is stronger, more transparent, more accountable, technologically capable, and better funded. In fact, for the 2016 Hurricane Season we have our largest-ever balance in the Catastrophic Reserve Trust Fund (the practical equivalent of policyholder surplus) at $600 million, and we have secured overall funding of $4.9 billion for the second straight year. This level of funding is sufficient to cover more than a 100-year storm season, or more than 99% of all possible storm seasons.

What this all means is that there are solid reasons for agents and policyholders to have confidence in TWIA again. We are now – more than ever – connected with our mission, and we respect the privilege and accept the responsibility we have in serving our policyholders and the Texas Coast.

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COMMENTS (12)

› TWIA Communications Team

Jack, Thank you for your comment. The TWIA Actuarial & Underwriting Committee has voted to recommend no rate increase in TWIA's August rate filing. The Board of Directors will make its final decision at their meeting August 2. You may watch the live broadcast of the meeting on our website via this url: https://www.twia.org/upcoming-meetings/.

Posted on 07/14/2016

› TWIA Communications Team

Thank you Felix! We are glad we are earning agents' confidence and appreciate the encouragement.

Posted on 07/14/2016

› TWIA Communications Team

Thanks for your question, Gary. TWIA coverage area extends into Harris County from the bay to highway 146.

Posted on 07/14/2016

› TWIA Communications Team

Pamela, thank you for your comment. The TWIA Actuarial & Underwriting Committee met yesterday and voted to recommend no rate increase in TWIA's August rate filing. The Board of Directors will make its final decision at their meeting August 2. You may watch the live broadcast of the meeting on our website via this url: https://www.twia.org/upcoming-meetings/.

Posted on 07/14/2016

› TWIA Communications Team

Liz, thank you for being willing to share your industry knowledge on this forum.

Posted on 07/14/2016

› Jack Brown

John Good Job ,well done ,now just convince The Board that the 5% rate increases since 2009 need to stop.Give it a break premiums are up to speed . Thanks Jack

Posted on 07/14/2016

› TWIA Communications Team

Juan Martinez, Thank you for your comment! You may find our website helpful as well. www.twia.org.

Posted on 07/14/2016

› Juan Martinez

Good News !! I will still working with my clients with TWIA

Posted on 07/14/2016

› Liz Miller

@Gary - you can already write in harris - east of Hwy 146. TWIA has never been anywhere else in Harris, and likely never will be since there are markets that will cover all inclusive in that area). If you don't have access to market west of 146 drop me a line and we can work out a referral system so you get some credit (i.e. I'll take care of your clients without stealing other lines!). (liz@texaseliteinsurance.com) Would be great to review the structure of the policy and make it more competitive for us to market. i.e. a separate hurricane vs regular wind/hail ded and other structures and ALE being additional coverage, not taken from the dwelling. PC leaves a LOT to be desired, while it's surely an improvement, there are many many reasons I still questions TWIA's capabilities as an agent -- soooo many existing rating platforms and management systems that could have (and could still be) been implemented in a much more timely and seamless fashion ... and yet :-/ Hopefully the speed of implementation of moving into the digital era will increase exponentially. @Pam - GREAT question!! Thanks for the update John.

Posted on 07/14/2016

› Pamela Letterman

Does that mean we could expect to see the end of constant 5% rate increases?

Posted on 07/14/2016

› Gary Smith

Does this mean at some time in the near future we can again write TWIA policies in Harris County?

Posted on 07/14/2016

› Felix Ramos

Great news & gives me as an agent the confidence I need to place my clients into TWIA policies. Good work!

Posted on 07/14/2016