TWIA Board Reviews 2022 Budget InformationPublished on: October 25, 2021
The TWIA Board of Directors held an interim meeting on October 25 to review preliminary information related to the Association’s 2022 budget. Selected highlights of the budget presentation include:
- TWIA policies in-force are projected to increase 5.2% over 2022, to an estimated 204,211 by year end. Similarly, 2022 direct written premiums are projected to increase 7.7% to $419 million.
- The draft 2022 budget prepared by staff for initial Board consideration reduces total operating expenses by about 6% from the 2021 budget.
- Not including reductions to be determined for losses and loss adjustment expenses related to Hurricane Nicholas, TWIA expects to have $108 million available for debt reduction or deposit in the Catastrophe Reserve Trust Fund.
Board members requested additional information from staff on recent policy count increases and agent commissions. The Board also received a presentation on TWIA’s defined benefit pension plan and requested additional information from staff.
The Board customarily approves the Association’s budget at its fourth-quarter meeting, which is scheduled for December 7 this year.
If you are a member of the media and have questions about the Board meeting, please email MediaRelations@TWIA.org.
The meeting materials and archived recording of the Board meeting are available on our Archived Meetings page.