April, 2009

Reversing a Rising Tide: Goals for Reforming the Texas Windstorm Insurance Association

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Designed to be insurers of last resort, state residual markets are now the largest insurers in many coastal areas. One such organization, the Texas Windstorm Insurance Association (TWIA), is one of seven state-run residual market mechanisms for hurricane wind coverage. The two hurricanes that struck Texas in 2008 cost TWIA almost $3 billion and revealed the association’s unsound financial basis and desperate need for reform.