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…
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”)…
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…
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…
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…
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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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…
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…
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…
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