Texas Trade Group: Survey Shows Insurance Industry Doing It Right

January 18, 2013

While tornadoes and hailstorms were pounding their way through the Dallas/Fort Worth area last year, consumers had confidence that their insurance companies would be there to help with repairs to their cars, homes and businesses, according to a survey commissioned by the Insurance Council of Texas.

The survey of Texas homeowner and auto insurance policyholders showed the majority felt their insurance company had been doing a good job and the premiums they pay were fair.

The Texas survey, conducted by Baselice and Associates, asked more than 800 registered voters across the state in late November to assess the image of the home and auto insurance industry. Key findings from the survey indicated that policyholders have read their policies, are prepared for weather catastrophes and believe insurers are handling claims fairly and responsively.

“We certainly didn’t expect policyholders to be excited about paying insurance premiums, but we learned that most have done their homework when considering their coverage and preparing for the future,” said Mark Hanna, a spokesman for the Insurance Council of Texas. “Most importantly, the survey showed consumers have confidence in their insurance companies.”

The survey showed most policyholders who had recently filed claims felt they were treated fairly.

chart: Insurance Council of Texas

chart: Insurance Council of Texas

Given the fact that the Texas insurance industry pays billions of dollars in claims each year, the survey asked how companies are meeting the individual needs of Texas homeowners.

chart: Insurance Council of Texas

chart: Insurance Council of Texas

The 15 minute survey covered all age groups, incomes, genders and every part of the state.

The Insurance Council of Texas (ICT), a non-profit state insurance trade association that represents approximately 500 insurers, retained Baselice and Associates to conduct the survey.

ICT will continue to release results of the survey during the coming weeks.

 

Source: ICT

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