Windstorm insurer to consider rate hike
The state’s windstorm insurer of the last resort on Tuesday will consider raising next year’s premium rates by 5 percent, a group official said.
After a year without a rate increase, the Texas Windstorm Insurance Association’s actuarial committee will recommend the increase to the group’s board of directors, said David Durden, vice president of legal and compliance.
Insurance rates are about 30 percent below what the association needs to adequacy its risk, the amount of premium needed to cover financial obligations, Durden said.
“The committee just agreed to move toward that,” he said.
The association has steadily raised rates over the past decade. The board did not increase rates in 2017 for homeowners and commercial building owners, however, marking the first time in six years it had not done so.
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