“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
888-995-6019 Office No Ext. 813-995-6013 x 101 Direct.
Email: info@centurioninsuranceafs.com

TWIA to Consider 1:100 PML for 2024 Storm Season at Upcoming Meeting *Centurion Insurance AFS*

Feb 06, 2024 (0) comment , , , , , , , ,


The Texas Windstorm Insurance Association’s (TWIA) Actuarial & Underwriting Committee will meet on Tuesday, Feb. 13 to discuss and potentially make a recommendation to the Board of Directors for determining TWIA’s statutorily required 1:100 probable maximum loss (PML) for the 2024 storm season.

The 1:100 PML is the probable maximum loss for the association for a catastrophe year with a probability of one in 100. This benchmark establishes the minimum amount of reinsurance needed to meet TWIA’s statutory funding obligation for the upcoming storm season.

TWIA’s catastrophe modeling vendor, Aon, will present information on 2024 catastrophe model results and be available to answer questions to aid the Committee in its recommendation.

It is expected that 2024 modeled potential catastrophe losses will be significantly higher than those presented to the Board in January 2023, TWIA said. Over the past year, TWIA has added more than 25,000 policies and the total insured value of the properties it covers has increased by 26.4%.

The Board of Directors will consider the Committee’s recommendation at a Feb. 20 meeting in Galveston.

Source: TWIA


Was this article valuable?

Here are more articles you may enjoy.

Interested in Windstorm?

Get automatic alerts for this topic.


Source link

Comment (0)

Leave a Comments