Insurance Premiums Paid by Texans Dipped Slightly in 2009

The property/casualty insurance industry in Texas experienced a “ho hum” year in 2009 with soft market pricing and a difficult economy taking a toll on written premium, according to a report released by the Independent Insurance Agents of Texas. Total premiums paid by Texans in all P/C lines was down slightly, by 1.7 percent.

As of late August, 2010 was shaping up to be a relatively uneventful year in terms of weather related losses, with hail losses about average and low tropical storm activity, compared with previous years, according to the IIAT special report, “2009 Market Share for Insurers in Texas.”

Loss ratios in Texas were close to or lower than the national average in all P/C lines; the aggregate loss ratio for all Texas companies for all lines of business was 59.4 percent.

Texas independent insurance agencies maintained a 25.7 percent share of the homeowners and personal auto insurance market.

To view the complete report, click here.