The Texas Windstorm Insurance Association expects policies in-force to increase by 5.2% in 2022, according to preliminary budget information shared at a Board of Directors meeting Oct. 25.
Policies will increase from a projected 194,054 at December 31, 2021 to 204,211 at year end 2022, while 2022 direct written premiums are projected to increase 7.7% to $419 million. Average limit per policy will increase by 3%.
Residential makes up approximately 196,000 policies for the upcoming year’s budget.
The 2022 budget reduces total operating expenses by about 6% from the 2021 budget.
The TWIA Board usually approves the association’s budget at its fourth-quarter meeting, which this year is held on Dec. 7.
The proposed budget does not take into account the 5% rate increase filed in August and scheduled to go into effect on Jan. 1, 2022. The rate increase had long been favored by private property insurers operating in the state. Coastal residents, businesses and coastal-area officials opposed it.
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