TWIA Official Issues Statement Ahead Of Chamber of Commerce Press Conference
The United Corpus Christi Chamber of Commerce at 10:00 a.m. at the Solomon P. Ortiz Center downtown. Officials are expected to voice their concern over a meeting of the Texas Windstorm Insurance Association’s (TWIA) plan to raise rates on policyholders.
On October 17, the TWIA Actuarial Committee will meet to decide whether or not to recommend a rate hike to the TWIA Board. This meeting comes after the August 6 TWIA Board of Directors Meeting where the board was unable to collect enough votes to secure a rate hike.
In a statement last week John LaRue, President and CEO of the United Corpus Christi Chamber of Commerce said that TWIA’s plan to raise rates during this sensitive time when people are still rebuilding their homes and businesses in the aftermath of Hurricane Harvey is insensitive and unnecessary.
On Monday morning ahead of the Chamber’s Press Conference, Jennifer Armstrong, Vice President of Communications & Legislative Affairs for Texas Windstorm Insurance Association relapsed the following statement:
“TWIA understands the importance of the issue of rates for our coastal communities, policyholders, and other stakeholders, along with making sure we have the financial capacity to be there for our policyholders when they need us most. TWIA has actively sought public input on our rate adequacy analysis since it was posted on July 22. We have received hundreds of additional comments from interested stakeholders by e-mail since the meeting of the Actuarial & Underwriting Committee was announced on October 4. We will be sharing this feedback with members of the Committee today. The meeting on Thursday is an opportunity for the Committee to evaluate TWIA’s rate adequacy analysis and make a recommendation to the TWIA Board of Directors. The Committee is advisory only and will accept comment from any members of the public who wish to attend the meeting at our office in Austin on October 17.”
The local community has been outspoken against any talk of a potential rate hike for some time now and while the Actuarial and Underwriting Committee may possibly suggest an increase, it does not mean that the board will approve such a move.
The next TWIA Board of Directors meeting is scheduled to be held at the Omni Hotel in Corpus Christi on December 10.