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Texas Windstorm Insurance to seek approval for $175M assessment

Texas Windstorm Insurance Association will seek approval from the Texas Department of Insurance for a $175 million assessment to the association's insurance company members for losses stemming from Hurricane Harvey, Insurance Journal reported.

The association's board approved the assessment May 8. It may still reconsider and decide whether to seek approval for an additional member assessment on a July 31 meeting after the association's staff estimated that total assessment may reach $321 million, the publication reported, citing Anna Day Stafford, a legislative and external affairs liaison for the association.

Texas Windstorm Insurance projected $1.61 billion in total losses from Hurricane Harvey, an increase from the $1.44 billion the staff had presented to the board in February.

The Texas Department of Insurance projected that total insured losses in the state will reach about $19.4 billion, which includes losses to homes, businesses and vehicles caused by flooding.