Texas Windstorm Insurance Association

Once again the Texas Windstorm Insurance Association (TWIA) hits the headlines for all the wrong reasons. The Texas state hurricane insurer of last resort has now exhausted its ability to pay claims resulting from hurricane Ike which struck the Texas coast in September 2008.

The Texas Windstorm Insurance Association reform bill was passed by the local legislature yesterday and now moves on to be signed by the governor of the state. The bill strengthens the TWIA with improved claims and administrative operations and also allows the TWIA to issue pre-event bonds to help with financing.

There’s a very interesting article on the Insurance Day website in which they quote from Willis Chairman and CEO Joe Plumeri’s recent speech at the Insurance Day Summit Bermuda event. In his speech, which you can read in full on the Willis website, Plumeri highlighted the dire financial state of the U.S. federal governments finances […]

The Texas Windstorm Insurance Association, the insurer of last resort who provide windstorm and hail insurance to Gulf Coast property owners who might otherwise be left uninsured, have topped up their coverage by purchasing $636m of reinsurance from the private market.

U.S. national think tank The Heartland Institute has published a report outlining the problems and potential solutions with the insurance environment in Texas. The Texas Windstorm Insurance Association (TWIA) has been under increasing pressure to reform lately. In 2010 it was found that the association could not cover the costs of a major hurricane and […]