The Texas market for auto and homeowners insurance grew double digits in 2022, according to an annual report put out by the Texas Department of Insurance.
Texas insurers reported direct premium written for private passenger auto of $26.3 billion in 2022 compared to $23.5 billion in 2021, an 11.9% increase year-over-year.
Homeowners multi peril direct premium increased to $13 billion last year versus $11.5 billion in 2021, a 13% jump.
The 2022 Market Conditions Annual Report released by TDI shows that the number of insurance companies writing auto and homeowners stayed consistent year-over-year. One hundred and seventy-nine insurers wrote auto in 2022, up from 176 in 2021, while 163 wrote homeowners, the same number as the prior year.
Private passenger auto, which includes liability, personal injury protection, uninsured motorist, and physical damage coverage for personal vehicles, proved to be an unprofitable net underwriting line of business for most companies with one major exception: Progressive.
The market leader with a 16.28% share of business, Progressive reported a $609 million net underwriting profit in private passenger auto. State Farm, second in market share with 15.3% of business, saw a net underwriting loss of $1.3 billion. Berkshire Hathaway (Geico), Allstate, USAA, Farmers and Texas Farm Bureau all reported nine-figure net underwriting losses.
Including Progressive, only seven of the top 25 underwriters of private passenger auto reported net underwriting profits for the year. The line of business experienced a 70.5% loss ratio.
In homeowners multi peril, State Farm led all groups with an 18.2% market share, earning a net underwriting profit of $486 million. Allstate, second in market share with 14.3% of policies written, reported a net underwriting profit of $277 million.
Of the top 25 groups writing homeowners multi peril, 15 recorded a net underwriting profit. The line of business produced a 49.3% loss ratio across all groups.
The line of business was unprofitable for Travelers, which saw a $352 million net underwriting loss.
Travelers also experienced a significant net underwriting loss in general liability, where it was in the red by $494 million. Travelers led all groups in general liability written premium with $308 million.
Texas Mutual dominated the workers’ compensation business with $1.06 billion of written premium. The company saw a $77 million net underwriting loss and recorded 31.9% loss ratio.
Topics Trends Texas Auto Pricing Trends Liability Homeowners
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