Texas Windstorm Insurance Association attracting global attention
The Texas Windstorm Insurance Association, a state-run insurance group that provide coverage for wind damage primarily to properties in coastal areas of the state, has been experiencing financial troubles recently. Financial challenges are nothing new to state-run insurance groups, as many of them offer coverage that is much more affordable than that offered by private insurance companies. Texas Insurance Commissioner Eleanor Kitzman, who is in charge of the state-run insurance group, has been traveling around the world in order to address the issues that face the beleaguered insurance program.
Insurance Commissioner Kitzman tours the world to discuss options
According to travel records provided by Kitzman, the Insurance Commissioner has been traveling extensively this year. Earlier this year, Kitzman traveled to London, where she spoke at an insurance industry forum. During her trip, the Insurance Commissioner met with representatives of Lloyd’s of London, one of the largest insurance groups in the world. The meeting is likely concerning the options the state has regarding the Texas Windstorm Insurance Association, but no specific details are currently available.
Reinsurance industry may provide strong backing and solutions to ongoing problems
Insurance Commissioner Kitzman also made a trip to Bermuda, where she met with a wide range of officials from some of the world’s largest reinsurance companies. Many of these companies provide reinsurance coverage to the Texas Windstorm Insurance Association itself. During these meetings, Commissioner Kitzman spoke with reinsurers concerning the plans she has for the Texas Windstorm Insurance Association and the state’s property and casualty market. Texas Department of Insurance spokesman Jerry Hagins suggests that the meetings with reinsurers were highly productive.
Kitzman attracts attention to troubled insurance program
In working more closely with reinsurers, Kitzman may be able to find a solution to the ongoing problems that threaten to cripple the Texas Windstorm Insurance Association. If the state-run insurance group continues to face these challenges without an adequate solution being found, thousands of homeowners in coastal areas of the state may lose some protections for their properties. In meeting with international parties, Commissioner Kitzman may be giving a stronger voice to the issue that will attract more attention from the federal government.