Lt. gov suggests looking at ending state windstorm insurance agency
AUSTIN — The second highest elected official in the state advised senators to look at phasing out the Texas Windstorm Insurance Association, the windstorm insurance provider for areas of the Coastal Bend.
Lt. Gov. David Dewhurst, making a surprise appearance before the Senate Business and Commerce Committee hearing, spoke about the challenges of the windstorm association, arguing that Texas is dangerously on the hook for tens of billions in liability and that senators might want to look at doing away with the decades-old institution.
"I'm sure most Texans have no idea the State of Texas not only has windstorm liability of up to $77 billion, but worse, has become a direct competitor to private-sector insurance companies, disrupting market-driven pricing and undermining TWIA's financial health," Dewhurst said in a statement after he spoke. "Should Texas, God forbid, endure two targeted Category 5 hurricanes in a single year, the impact on the state budget from claims on TWIA's $77 billion in coverage could be devastating. I've charged the Senate Business & Commerce Committee to consider options to address TWIA, which could include phasing it out. I encourage the senators to explore ways to carefully move Texas coastal policy holders to commercial insurance carriers over time, thus avoiding a rate shock and reducing the risk of a massive financial tsunami to Texas taxpayers."
Dewhurst could not be reached for further comment after the statement was issued.
Read more: http://www.caller.com/news/local-news/lt-gov-suggests-looking-at-ending-state-windstorm-insurance-agency_92297893
[font color=green]This plan will result in either:
1) A significant slowdown in new home construction in the counties the windstorm agency operates due to the inability to obtain loans on homes. Current homeowners may also be squeezed as insurance companies refuse to write risks in those counties due to inadequate rates. It may also deflate the real estate market in those areas.
2) An increase in insurance premiums statewide as rates will have to increase to offset the additional risk.[/font]
= new reply since forum marked as read
that an elected Texas official would be in the back pocket of a large industry.
Wind is a Finite Resource. Don’t Blow It. (2013)
Tea Party Republican Joe Barton’s warning that squandering natural resources might slow winds down has created panic about a possible wind shortage in the future.
Ridding the world of tornadoes and hurricanes might be a blessing and save America billions of dollars a year, but breezes on hot days will be sorely missed. Imagine grandfathers in the sweltering heat reminiscing: When I was young, you had to hold onto your hat some days. Tell that to the windless generation and they don’t believe you. Flying kites made a man out of you...
Because we can’t predict the impact of still air on our planet, the expert advice is to adopt the precautionary principle. Keep burning fossil fuels lest future generations never feel the cool wind in their hair. The only people that could possibly benefit from this are people with comb-overs...
Wind is a moral issue. Whatever position you take on this, it is important to be guided by independent sources and your own conscience. Don’t just look which way the wind is blowing.
http://injusticebydesign.wordpress.com/2013/10/06/gone-with-the-wind/
Oh, and apologize to BP!!!
