HomeMy WebLinkAbout033418 RES - 07/23/2024Resolution Opposing Texas Windstorm Insurance Association (TWIA) Rate
Increase
WHEREAS, the Texas Windstorm Insurance Association (TWIA) Actuarial &
Underwriting Committee recommends a 10% increase in 2025 residential rates and a
10% increase in 2025 commercial rates;
WHEREAS, the proposed TWIA rate increase, on top of the challenges caused by
record inflation, will severely impact the cost of living and economic vitality along the
Texas coast;
WHEREAS, preserving affordable windstorm coverage is essential to keeping
home ownership within reach for coastal residents;
WHEREAS, affordable windstorm coverage is important to retain and attract
industries along the Texas coast that provide critical services for the state and nation;
and
WHEREAS, there are sufficient premiums, assessments, and reinsurance to cover
potential TWIA liabilities for 2025.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The City opposes any increase in Texas Windstorm Insurance Association
(TWIA) annual rates, as such a rate increase would significantly stifle economic
development and increase the cost of living along the Texas coast.
SECTION 2. The City requests that the TWIA Board of Directors vote not to increase any
TWIA annual rates.
SECTION 3. The City requests that the Commissioner of Insurance disapprove any
proposed TWIA annual rate increases.
<I'AS D and APPROVED on the day of 3*/\\` , 2024.
Paulette Guajardo, May
Rebecca Huerta, City Secretary
03 3 41
CANNED