HomeMy WebLinkAbout032811 RES - 07/19/2022Resolution Opposing Texas Windstorm Insurance Association Rate Increase
WHEREAS, the City of Corpus Christi strives to encourage economic development and improve
the quality of life for residents and businesses in the City;
WHEREAS, Hurricane Harvey made landfall as a Category 4 hurricane on the Texas coast on
Friday, August 25, 2017, and battered and drenched Texas for days before finally moving out of
the state. Hurricane Harvey was the first major hurricane to make landfall along the Middle Texas
Coast since Hurricane Celia in 1970;
WHEREAS, Hurricane Hanna made landfall on the south Texas Coast on Saturday July 25,
2020;
WHEREAS, the City of Corpus Christi and the Texas coast is still facing economic difficulty
driven by the ongoing COVID-19 pandemic, supply chain disruptions, and energy price
fluctuations. Our small businesses have been greatly impacted by inflation and ongoing
economic uncertainty.
WHEREAS, the 86th Texas Legislature did act by passing HB1900, which creates a Legislative
Funding Oversight Committee to study TVVIA's rate adequacy; the Legislative Oversight
Committee was appointed but unable to complete its oversight work due to the COVID-19
pandemic restrictions.
WHEREAS, the 87th Legislature passed legislation to extend the work of the Legislative
Oversight Committee to this biennium and passed other vital reforms to improve TWA rate
setting process and reinsurance forecasting.
WHEREAS, there are sufficient premiums, assessments, and reinsurance to cover potential
TWIA liabilities for 2023.
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 who provide critical services for the state and nation.
NOW THEREFORE BE IT RESOLVED, THAT THE CITY OF CORPUS CHRISTI continues its
opposition to unnecessary increases in windstorm insurance rates. A TWIA rate increase on top
of the challenges caused by the COVID-19 pandemic and ongoing economic uncertainty would
be devastating to our regional economy and the entire Texas Coast. VOTE NO RATE HIKE FOR
2023.
032811
PASSED AND APPROVED on the.. ,i`day of 2022:
Paulette Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
ATTEST:
Rebecca Huerta
City Secretary
Ay,
CITY OF CORPUS CHRISTI
Paulette Guajardo
Mayor
032 81