Insured Losses in Texas Exceed $47 Billion in 2024

Insured losses exceeded $47.2 billion in Texas last year–a 4.2% increase over 2023, according to a new property/casualty market report from the state’s insurance council.

Annual direct losses in Texas have now increased in two consecutive years.

Broken out by line, the state’s private passenger auto line experienced the biggest direct losses at roughly $21.4 billion. Behind that, Texas’ homeowner multi-peril losses increased to roughly $10.5 billion and commercial auto losses grew to about $4.3 billion. Notably, the state’s general liability losses dropped by 16% to about $2.8 billion.

The state’s total direct losses totaled $30.4 billion in 2019, $27.7 billion in 2020, $38 billion in 2021, $36.7 billion in 2022 and $45.4 billion in 2023.

According to the report, 1,167 insurer groups and 3,107 insurance companies write coverage in the Lone Star State. The state’s P/C market grew to nearly $83.1 billion in direct written premiums last year. Personal auto led the way with more than $35.2 billion in DWP, an 11.2% increase from 2023.

Meanwhile, total written premium for homeowners multi-peril coverage reached $18.7 billion in 2024, a 20.8% increase from the $15.5 billion in written premium in 2023. Private passenger auto insurers paid $600 million more in direct losses in 2024 than they did in 2023; homeowners multiple-peril insurers paid $700 million more between those same periods.

The ICT reported that Texas experienced 7,103 wildfires in 2023–second only to California in the U.S.–and that Texas again led the nation with 878 hail events in 2024. The state also led the country with 169 tornadoes.

“As catastrophe losses climb, investing in resilience is no longer optional–it’s essential,” the report said. “Strengthening homes and infrastructure through better building standards, homeowner education, and public-private initiatives can significantly reduce risk.”

Topics Texas Profit Loss