The Texas Windstorm insurance Association (TWIA) has announced that its board of directors at its May 8, 2018 meeting approved a $175 million member assessment linked to losses arising from Hurricane Harvey. The assessed amount was reportedly lower than initial TWIA staff estimates.
Additional Harvey related assessments may be issued…
Read More TWIA Issues Substantial Harvey Assessment
On April 10, the Texas General Land Office (“GLO”) released a draft of the State of Texas Plan for Disaster Recovery: Hurricane Harvey – Round 1 (the “State Action Plan”). The State Action Plan outlines the GLO’s proposed use of $5.024 billion in Community Development Block Grant Disaster Recovery (“CDBG-DR”)…
Read More Texas General Land Office Releases Hurricane Harvey State Action Plan
At its recent December 11th meeting in Corpus Christi, Texas, the Governing Committee of the Texas FAIR Plan Association (TFPA) is reported to have approved an assessment for its insurance company members of over $64 million in relation to a currently estimated $90 million gross loss for the TFPA from…
Read More Insurers Brace for a Texas-sized Assessment for FAIR Plan Members
The Texas Department of Insurance (TDI) has cautioned insurers against improper underwriting activities in the wake of Hurricane Harvey. Specifically, TDI issued Commissioner’s Bulletin # B-0032017 on September 21, 2017, which reminds insurers of certain underwriting laws and regulations applicable to personal automobile and residential property insurance that are particularly…
Read More Texas Department of Insurance Warns Against Improper Underwriting After Hurricane Harvey
On September 15, 2017, the Texas Department of Insurance issued a public bulletin concerning possible insurance company reductions in business following Hurricane Harvey. In Commissioner’s Bulletin #B-0031-17, the Department reminded insurers of the specific Texas statutory thresholds for a reduction in business necessitating a formal withdrawal plan filing with…
Read More Texas Department of Insurance Cautions Insurers Against Unauthorized Market Withdrawals following Hurricane Harvey
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.
In This Issue:
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Read More Insurance and Reinsurance Newsletter – September 2017
Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here. With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now…
Read More ILS Market: A Deep Dive into the Harvey and Irma Waters
Hurricane Harvey has caused significant exposure for those owning habitational accounts in London’s direct and facultative (“D&F”) market. Habitational coverage insures commercial residential properties, and each habitational account could cover hundreds of properties. Before Hurricane Harvey, many underwriters believed Texas habitational premiums were underpriced, which in turn led to reinsurers…
Read More London Direct and Facultative Market Affected by Harvey
As victims of Hurricane Harvey try to assess their (often catastrophic) damages, many business owners are finding that their traditional coverages do not adequately cover the scope of their losses. The National Flood Insurance Program (“NFIP”), the primary governmental flood insurance option, has traditionally provided adequate coverage for homeowners, but…
Read More Harvey Shining Limelight on Business Interruption Insurance Industry
As we reported here in May, the Texas Legislature recently passed legislation (House Bill 1774, a copy of which can be found here) which amends Chapter 542 of the Texas Insurance Code—Texas’s general prompt pay statute for insurance claims. Most of the new law’s provisions are aimed at addressing…
Read More Uncertainty Surrounds New Texas Insurance Law: Divergent Views Emerge on the Impact of the Texas “Hail Storm Bill” on Hurricane Harvey Claims
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