The Insurance Council of Texas (ICT) has developed a library of resources for members, the public and the media to utilize to keep up on the latest trends, insights, and economic conditions of the P&C industry. On the ICT website, you can find the P&C Resources page where there is a variety of subjects covered including auto and property insurance,  commercial insurance and, the Economics and Insurance. 

On this page, you will find an array of content and links to resources to deep dive into the prolific impacts the industry has on the Texas economy. Including the latest trends and economic successes and challenges the P&C industry faces. You will easily discover the industry wields immense influence in Texas, contributes to economic growth, community well-being, and resilience amid challenges like catastrophes, inflation, and the legal and regulatory environment. 

The property and casualty (P&C) insurance industry is a linchpin of the Texas economy, generating over $80.5 billion in direct written premiums and $3.1 billion in taxes in 2022 while employing over 260,000 Texans. Our industry not only provides insurance coverage but also aids in disaster recovery, supports construction and small businesses, and invests in the state's economy. Additionally, the industry contributes significantly to charitable organizations and community programs. 

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Texas has the worst drivers in the country, according to a report conducted by Forbes Advisor.

The report was based on an analysis of six metrics that reflect dangerous driving behavior. The metrics included drunk driving, distracted driving, drowsy driving, wrong-way driving, failure to obey traffic signs and signals, and drivers who looked at a phone.

Texas topped the list among all states in the overall ranking, scoring a 100 out of a possible high score of 100.

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TDI is holding a public hearing on the proposed amendments to the FME rules. The hearing will take place on Oct. 4, 2023, at 2 pm. in Room 2.029 of the Barbara Jordan Building in Austin.

 As you may recall, ICT and AFACT requested a hearing on these proposed rules due to the significant objections to certain provisions.
 

ICT will be coordinating with AFACT to provide testimony at the hearing that aligns with our written comments.

ICT’S COMMENTS CAN BE FOUND IN ICT INFO HUB

DWC is proposing amendments to Texas Administrative Code (TAC) Section 122.100, and new 28 TAC Section 124.8, concerning claims for death benefits.

Read more on the TDI website.

The Division of Workers’ Compensation (DWC) holds quarterly stakeholder meetings for insurance carriers and medical providers in the Texas workers’ compensation system. These meetings provide an update on routine information and data topics and highlight current issues specific to each industry. 

These meetings are informal and designed to enable open communication between DWC and system participants. The next meeting will be held on September 20. 

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Sharp flood insurance increases are provoking a slow-moving “hurricane” in Louisiana, state lawyers argued Thursday in a high-stakes federal court hearing in New Orleans that could determine the future of sweeping changes to the nation’s system for setting rates.

The day-long hearing was part of a lawsuit filed by Louisiana and nine other states against the federal government over premium increases under the National Flood Insurance Program, which is overseen by FEMA. U.S. Judge Darrel James Papillion of the Eastern District of Louisiana called the complex case “of great public concern” and pledged a ruling as “promptly as possible.”

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It's not only car prices that are giving drivers sticker shock these days — it's also happening when they open their car insurance bills.

The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.

On a monthly basis, car insurance prices rose 2.4% between July and August, contributing to a larger than expected jump in core inflation for the month. Inflation was also fueled in August by rising rents and gasoline prices.

Here are four reasons driving the spike in car insurance prices — and what car owners can do to save money.

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A labor market study has revealed that 63% of P&C, life, and health insurance carriers and reinsurers plan to increase their staff and 27% expect to maintain their current staff size throughout the next year. Ten percent are expecting a decrease.

Conducted by The Jacobson Group and Aon, the Semi-Annual Insurance Labor Market Study is based on a survey of small, medium, and large-sized carriers. Eighty-five percent of the respondents were from the P&C insurance industry.

Technology, claims, and underwriting roles remain the industry’s most in-demand positions, according to the study.

Sixty-two percent of companies have added staff since July 2022 while 10% reduced staff.

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The world’s largest reinsurers plan to push through further rate hikes at year-end reinsurance renewals, building on the significant increases they imposed on cedents at renewals earlier this year.

While the Jan. 1, 2024, renewal price increases likely won’t be as severe as Jan. 1, 2023, renewals, continued large catastrophe losses and inflation will drive prices higher, they said during presentations at the Rendez-Vous de Septembre reinsurance meeting this week in Monte Carlo, Monaco.

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A new analysis shows which U.S. states, regions and cities felt the strongest influence of climate change during the summer – the hottest on record.

The analysis from Climate Central, a group of scientists and communicators who research and report about climate change and how it affects people’s lives, also shows 326 million people in the nation experienced at least one summer day with temperatures made at least twice as likely due to climate change.

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