Insurers are actively assisting policyholders affected by recent tornadoes and severe weather in Texas, where the property and casualty insurance market plays a significant role. However, that means some will face bigger bills than others.
According to A.M. Best’s 2024 Market Share Reports for the commercial auto physical damage segment in Texas, the top 20 insurance groups accounted for nearly 73.5% of the $1.62 billion in direct premiums written during the year.
Leading the Texas market is Progressive Insurance Group, with $324 million in premiums, representing a 20% share. Following are Berkshire Hathaway Insurance Group with 6.2% of the market and $101 million in premiums, Ally Insurance Group with 4.9%, and Zurich Insurance US PC Group with 4.7%. Other notable groups include State Farm Group, Old Republic Insurance Group, and Liberty Mutual Insurance Companies. The Texas Farm Bureau Insurance Group holds the 18th position with $22 million in premiums, capturing about 1.4% of the market.
The American Property Casualty Insurance Association (APCIA) has urged residents impacted by the weekend storms to contact their insurers as soon as it is safe to do so in order to begin the claims and recovery process. APCIA recommends securing damaged property to prevent further loss, documenting damage through photos or videos, and keeping receipts for any emergency repairs or temporary living expenses.
David A. Sampson, APCIA president and CEO, said insurers will prioritize helping affected customers rebuild and warned residents to be cautious of fraudulent contractors, attorneys, and other third parties that often appear following natural disasters. He encouraged those impacted to reach out to their insurance agents, brokers, or companies quickly.
Standard homeowners, renters, and business insurance policies typically cover damage caused by tornadoes and severe weather. Auto policies with comprehensive coverage usually include damage from such events as well. Policyholders unable to live in their homes due to damage or repairs may qualify for additional living expenses under their policies.
APCIA also advises against making permanent repairs or disposing of damaged property before an insurance adjuster can inspect the losses, except in cases where hazardous debris must be removed promptly.
