The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) Board of Directors has selected a firm to provide actuarial services to TWIA. The firm, Willis Towers Watson, will perform an independent study of TWIA’s rate adequacy and use of hurricane modeling in estimating potential losses in its rate-setting process. The selection was made at a public meeting of the Committee held on June 30, 2020, via teleconference and including public comment.
The study was requested by TWIA’s Board of Directors at its December 2019 meeting. TWIA issued a Request for Proposals for the study in February and identified 15 qualified firms and invited them to submit proposals. Seven firms submitted proposals by the deadline. TWIA staff scored the proposals against an agreed set of criteria. The Committee met on March 10 to review the proposals and staff’s scoring of the proposals, selecting four for further consideration.
After considering presentations by the four finalists, the Committee selected Willis Towers Watson to complete the study. TWIA staff will finalize the engagement with Willis Towers Watson as soon as practicable.
An archived recording of the Board meeting is available on YouTube and on TWIA’s website at www.twia.org/about-us/board-of-directors/archived-meetings.
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