On Monday, June 1 the Texas Windstorm Insurance Association released its annual report illustrating improvements made the past year.
According to a press release, the report showcases improvements made by TWIA since it was put under administrative oversight in 2011.
Some of the improvements listed in the report include:
- Secured the highest level of funding since 2009 with $4.88 billion in total funds available to pay claims, sufficient to cover a 100-year season;
- Contributed over $260 million to the Catastrophe Reserve Trust Fund as a result of 2014 operations, bringing the CRTF total to more than $480 million for the 2015 storm season, the highest balance since the CRTF was established;
- Implemented Policy Center, a new policy administration system, reducing the average time for an agent to receive a policy;
- Launched a new TWIA.org website that dramatically improved the user-experience and supports our continued efforts to operate transparently through open communications with TWIA stakeholders; and
- Enhanced the association’s enterprise Catastrophic Incident Response Plan to be more streamlined and aligned with the National Incident Management System while working with coastal communities’ emergency management officials to review the plan and coordinate response efforts.
TWIA is required to report annually to the governor, lieutenant governor, speaker of the House of Representatives, the Legislative Oversight Board, and the commissioner of insurance.
TWIA was established by the Texas Legislature in 1971 in response to regional market conditions following Hurricane Celia in August 1970, providing insurance services for eligible policyholders along the Texas coast when no other insurer will.
In the aftermath of Hurricane Ike, TWIA became the target of thousands of lawsuits, with plaintiffs attorneys, like Steve Mostyn for example, actively advertising for clients.