AUSTIN – In the three months after Hurricane Harvey made landfall, the Texas Windstorm Insurance Association has received tens upon tens of thousands of claims and is expecting to payout more than $1 billion in damages.
TWIA maintains it is working hard to respond to policyholders and support them in the recovery process, and that the organization continues to be adequately funded and has never failed to meet financial obligations in its 46 year history.
In June, the TWIA Board of Directors reported the authorization of total funding in the amount of $4.9 billion for the 2017 - 2018 storm season.
From Aug. 25, the day Harvey made landfall, through Nov. 20, TWIA has received 73,060 hurricane-related claims and anticipates paying approximately $1.13 billion in losses, which is well within its total available funding, according to the organization.
“At this time, based on the estimated ultimate losses and loss adjustment expenses attributable to Hurricane Harvey, and subject to no claims arising from future 2017 catastrophic events, TWIA remains confident that we have sufficient funding to cover the losses from Hurricane Harvey and to fulfill our financial obligations in future storm seasons,” a TWIA statement reads.
In September, Gov. Greg Abbott estimated damage from Harvey at $150 billion to $180 billion.