TWIA Board Reviews 2024 Budget Information 

The TWIA Board of Directors met on October 31 to review information related to the Association’s 2024 budget. Select highlights of the budget presentation include: 

  • The growth in TWIA policy count that began in 2021 is expected to continue. Policies in-force are projected to increase in 2024 to nearly 265,000 by year end. Direct written premiums are projected to grow to just over $815 million. 
  • Reflecting this growth, the draft 2024 budget prepared by staff for initial Board consideration increases net operating expenses to $40.2 million compared to $35.2 million in the 2023 budget. While TWIA’s operating budget is increasing, the Association’s budgeted expense ratio (operating expense divided by earned premiums) will fall from 6.5% to 5.4%. 
  • Personnel costs are projected to rise slightly to meet the demands of TWIA’s higher policy count. The Association will continue a recent initiative of converting certain positions from contractor to employee status for long-term cost savings. 
  • The Association intends to make a significant financial investment in 2024 in migrating underwriting, claims, and related systems to the cloud to enhance data security and reduce long-term costs. 
  • Reinsurance costs are expected to continue rising based on increased exposure and the ongoing hard state of the reinsurance market. 

The Board will consider final action regarding the budget at its December 12 meeting in Corpus Christi. 

Members of the media with questions about the Board meeting, please email

The agenda, meeting materials, and archived recording for the Board meeting are available on our Meeting Library page