Texas Windstorm Insurance Association lost $180 million in 2012
AUSTIN — The state-run Texas Windstorm Insurance Association posted a $183 million loss in fiscal year 2012, prompting a board member on Tuesday to call it a “shame” for hundreds of thousands of policy holders.
The embattled windstorm and hailstorm insurer of last resort continues to slide backward on its road to fiscal recovery due in part to ongoing litigation related to Hurricane Ike, which as of Dec. 31 has cost the association more than $2.7 billion.
It is the first year since 2008, when Hurricane Ike and Dolly struck the coast, that the association has posted a net loss on underwriting. The association posted about $1.4 billion in losses in 2008.
Association executives briefed the board as part of the recurring, quarterly board meeting that opened with a few comments from Texas Department of Insurance Commissioner Eleanor Kitzman.
More at http://www.caller.com/news/2013/feb/19/texas-windstorm-insurance-association-lost-180m/ .