Claims are still piling up for the insurance industry. Texas is like the rest of the nation.
The spring has been rough on Texas with hail and windstorms. Texas 2023 summer has seen a record heatwave with 45 days of temperatures over 100 degrees in central Texas. Wildfires are on the rise and the claims just keep piling up.
It is almost September and hurricanes are forming in the Atlantic and heading our way.
According to the “Big I” the National Association of independent insurance agents, the nation is still witnessing extensive claims and losses in the insurance industry.
What Does This Mean For Texans?
An article from “The Big I” magazine states “The overall property & casualty industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman, which also said that the p&c industry will not post a ratio below 100 and return to profitability until 2025.”
You can read the full article “Here”
It is safe to say if an insurance company spends more than it is taking in, then the price has to go up.
We have already watched the Texas home insurance market double in price in the last 12 months. This will only get worse going into 2024 and 2025.
Texas Home Insurance Options
It is a tough market for Texans. Home Insurance and Auto Insurance prices have doubled. Here is a blog post from just a month ago discussing why it is so bad.
There is some good news. there are options. We are still finding solutions for our clients.
Some clients already have the best policy for their needs. A good agent will call you to help you review your coverage and carrier choices.
The staff at Carter’s Insurance are actively reviewing coverage with all our clients to make sure they have the best options for their unique needs.
Thank you for visiting our blog.
Written by Eddie Carter, Managing Partner
Carter’s Insurance Agency
Published August 24, 2023
