Texas Windstorm Insurer Sets Funding at $4.2 Billion for 2020 Cat Year
Windstorm Insurer | February 19, 2020
The wind and hail insurance carrier of last resort for counties along the Texas coast has determined that its 1-in-100 probable maximum loss (1:100 PML) for the 2020 catastrophe year is $4.2 billion. At a quarterly meeting in Austin on Dec. 18, the board of the Texas Windstorm Insurance Association directed staff to bring the association’s 2020 catastrophe funding up to the $4.2 billion mark through a combination of catastrophe bonds and traditional reinsurance. Together, the cat bonds and reinsurance would total $2.1 billion, the association reported.