Despite a slight decrease in the number of groups and companies writing P&C insurance in Texas, the state continues to be a highly competitive insurance market. In 2022, total direct written premiums (DWPs) increased by 13.4% compared to 2021, reaching $81 billion. Although there was a 3.6% decrease in total direct losses in Texas in 2022 compared to the previous year, losses remained significantly elevated, standing 32% higher than in 2020 at $27.7 billion. Incurred losses in Texas also saw a decrease in 2022, dropping to $52 billion. Texas ranked third in incurred losses in 2022, following Florida ($67 billion) and California ($63 billion).

For more information, check out the latest ICT State of the Texas P&C Insurance Market Report. 

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Albert Betts and Rich Johnson recently embarked on a meaningful journey to Texas universities, including the University of Houston, University of Texas - Dallas, and the University of North Texas. Their mission? To enlighten students about the Insurance Council of Texas (ICT) Education Foundation. Their visit aimed to foster awareness about the Texas P&C insurance market and inspire students to pursue careers in the insurance industry. Additionally, they encouraged students to apply for the scholarships offered by the ICT Education Foundation.

If you would like to support the cause by donating to the ICT Education Foundation, ensuring a brighter future for aspiring talent in the industry. Your contribution can make a significant difference in shaping the next generation of insurance leaders. You can review the latest Education Foundation Impact report by clicking here.

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Several catalytic converters were stolen from a car repair shop in Travis County, according to the sheriff’s office.

The agency received the report last week from the Service King in the Round Rock area, and could not provide further information in order to protect the integrity of the investigation.

“There’s been something like a 300% to 400% increase in insurance claims taken out for catalytic converter theft,” said Rich Johnson, director of communications for the Insurance Council of Texas.

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DWC has set the state’s average weekly wage at $1,173.81 for dates of injury starting Oct. 1, 2023, through Sept. 30, 2024.

More information on maximum and minimum weekly benefit amounts is on the TDI website.

A collision repair shop in Travis County, Texas had catalytic converters stolen from several vehicles, KXAN reports.

The business targeted was a Service King in the Round Rock area. Further information on the details of the case cannot yet be disclosed.

According to Rich Johnson, director of communications for the Insurance Council of Texas, there has been a 300% to 400% increase in insurance claims taken out for catalytic converter theft.

Texas has worked to address this problem by enacting laws permitting harsher punishments for catalytic converter thieves.

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As of September, the United States has already set an unfortunate record with 23 billion-dollar-plus weather and climate disasters happening in 2023, according to the NOAA, with over a quarter of the year still to come.

While the natural disasters we’re most likely to hear about in the news include hurricanes – like Hurricane Idalia, which made landfall in Florida on Aug. 29 – or devastating wildfires – like the Hawaii Fire Storm, which caused $5.5 billion in damage on the island of Maui in early August – a great deal of climate-related damage is caused by wind, flooding and hail from severe storms.

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As an experienced snowshoer, the daunting sight of steep slopes is a familiar one to Verisk CEO and president Lee Shavel (pictured). When you set out on a snowshoeing trek, and you’ve climbed the slopes and you’re looking down, he said, you do wonder, ‘how am I ever going to get down there?’ The answer is simple but effective – it’s all about taking things one step at a time and not getting caught up in the destination.

It’s only when you look back that you realize how far you’ve come, he said, and it’s the same when he examines the progress made on Verisk’s stated mission to become “a better strategic partner for the global insurance industry”. Shavel was appointed CEO in May 2022, taking up the additional mantle of president in December and he highlighted how much he has enjoyed getting to know the business, its leaders and the initiatives it’s pursuing to support this mission.

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AM Best has revised down its outlook for the US homeowner insurance segment from stable to negative in part as a result of "elevated reinsurance costs“.

The ratings agency also cited above-average catastrophic activity, inflation and secondary perils.

AM Best said in a report dated September 18 — Market Segment Outlook: US Homeowners — that net underwriting results are deteriorating, while rising costs and supply-chain disruptions are putting pressure on earnings and making it difficult to maintain “rate adequacy“.

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Public interest in insurance products is increasing due to extreme weather events that have been making headlines globally, as well as news that certain insurers are pulling out of high-risk areas and others are raising rates.

“Insurance is having a bit of a moment,” said Chris Filly, vice president of marketing at FICX.

“For the average consumer that doesn't spend all day thinking about insurance, this is becoming top of mind, and there is some concern around the level of coverage that they had, and the reliability of the insurance providers.”

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Months after California’s home insurance market was rattled by major companies pausing or restricting their coverage, the state’s top regulator said Thursday that he would write new rules aimed at persuading insurers to continue doing business in the nation’s most populous state.

Seven of the 12 largest insurance companies by market share in California have either paused or restricted new policies in the state since last year.

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As hail hit towns across Central Texas Sunday night, several people living in a townhome complex off Koenig Lane got their windows smashed during the storm.

“It sounded like someone was banging on our windows and doors trying to get in,” said Joshua Brisbin. His car is fine, but “seeing my neighbors’ property being destroyed by this, it’s deeply troubling.”

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