Name:
Press Conference: Business Community Opposes TWIA Rate Hike
Date:
October 14, 2019
Time:
10:00 AM - 10:00 AM CDT
Event Description:
The United Corpus Christi Chamber of Commerce, along with the Port Aransas Chamber, Ingleside Chamber, Rockport-Fulton Chamber, Portland Chamber and Aransas Pass Chamber will host a press conference on Monday, October 14 at 10:00 a.m. at the Solomon P. Ortiz Center to alert the media and the public about the Texas Windstorm Insurance Association’s (TWIA) plan to raise rates on policyholders again. Members of our Texas Legislative Delegation and other elected officials are invited to attend.
This move comes after the August 6 TWIA Board of Directors Meeting where the board was unable to summon enough votes to secure a rate hike. On October 17, the TWIA Actuarial Committee will meet by teleconference to decide whether or not to recommend a rate hike to the TWIA Board.
TWIA continues to push for an increase in spite of the fact many in the Coastal Bend are still recovering from Hurricane Harvey and after rates have already risen 71 percent in the past eleven years. Raising rates will put pressure on many households not able to afford insurance and those with mortgages possibly being pushed into default and will be unable to make increased payments. Baseless, unjustifiable rate increases are detrimental to Economic Development as employers seeking to locate here will find it too expensive for their employees to afford a permanent home here.
This process has not been administered in good faith, and we ask that all our Gulf Coast partners make their voices heard in the limited time we have to respond. The Actuarial Committee will meet by teleconference, the only opportunity for public comment is to be present at the meeting location in Austin. The meeting agenda can be found here: https://www.twia.org/wp-content/uploads/Agenda-October-17-2019-Actuarial-and-Underwriting-Committee-Meeting.pdf. The Coastal Bend will have a delegation present at the meeting ensure the concerns from our Coastal residents about rate increases are heard.
This move comes after the August 6 TWIA Board of Directors Meeting where the board was unable to summon enough votes to secure a rate hike. On October 17, the TWIA Actuarial Committee will meet by teleconference to decide whether or not to recommend a rate hike to the TWIA Board.
TWIA continues to push for an increase in spite of the fact many in the Coastal Bend are still recovering from Hurricane Harvey and after rates have already risen 71 percent in the past eleven years. Raising rates will put pressure on many households not able to afford insurance and those with mortgages possibly being pushed into default and will be unable to make increased payments. Baseless, unjustifiable rate increases are detrimental to Economic Development as employers seeking to locate here will find it too expensive for their employees to afford a permanent home here.
This process has not been administered in good faith, and we ask that all our Gulf Coast partners make their voices heard in the limited time we have to respond. The Actuarial Committee will meet by teleconference, the only opportunity for public comment is to be present at the meeting location in Austin. The meeting agenda can be found here: https://www.twia.org/wp-content/uploads/Agenda-October-17-2019-Actuarial-and-Underwriting-Committee-Meeting.pdf. The Coastal Bend will have a delegation present at the meeting ensure the concerns from our Coastal residents about rate increases are heard.
