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8/3/2019 0130_EconSnapshot
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LOCAL ECONOMIC SNAPSHOT | TEXAS INSURANCE
A premium marketBy GARY JACOBSON
Staff Writer
KYLE ALCOTTStaff Artist
Texans spend more a lot more to buy insurance each year than they do to run thestate. We spent $102.9 billion on insurance of all kinds in 2010 (the latest figuresavailable), according to the Texas Department of Insurance, which prepares an annualreport for the governor and Legislature. By comparison, the state budget currently runsat the rate of about $86 billion a year.
Texas policy premiums, claim payments
The auto insurance market in Texas is
more competitive than homeowners.
Health insurance is in a state of flux.
Homeowners is pretty much
dominated by a handful
of companies who
have the lions share
of the business. Its
not as competitive
as we would like it
to be.
The economic sustainability in this
state continues to amaze my
colleagues around the country. The
growth in premiums
is largely the result
of growth in the
economy.
With all the face time the cute gecko
gets in his TV ads, even dancing the
two-step, youd think Geico would
have a larger share of the Texas auto
insurance market. The
company is in
the top 10, but
not close to
the leaders.
The bottom line
Deeia Beck, public counsel,
Office of Public Insurance Counsel
David VanDelinder, executive
director, Independent InsuranceAgents of Texas
Gary Jacobson, staff writer,
The Dallas Morning News
Insurance companies make money, in part, on the
difference between the premiums they collect and the
claims they pay out. Claims can vary widely from year to
year. One big hurricane or hailstorm can make a difference.
Texas market share leadersState Farm is No. 1 in homeowners and auto insurance while Blue Cross Blue Shield of Texas leads in health, and Metropolitan
in life insurance. The top three home insurers (State Farm, Allstate, Farmers) control nearly 55 percent of the market.
Texas insurance market 2010Texans spend about the same to insure their stuff (property
and casualty) as they do their health (accident and health
plus HMO).
0
20
40
60
80
100
120
10090807060504030201009998979695
(In billions)
SOURCES: Texas Department of Insurance annual reports and analysis by The Dallas Morning News
2010: $102.9 billion
2010: $70.8 billion
Premiums Claim payments
State Farm Group
Allstate Group
Zurich Group (Farmers)
United Services Group
Liberty Mutual Group
Travelers Group
Nationwide Group
Texas Farm Bureau Group
Chubb & Son Group
Hartford Group
$1.7 billion
$732.9 million
$726.5 million
$449.5 million
$305 million
$282.6 million
$209.7 million
$152.5 million
$115 million
$104.3 million
HOMEOWNERS
State Farm Group
Zurich Group (Farmers)
Allstate Group
Progressive Group
United Services Group
Berkshire-Hathaway (Geico)
Nationwide Group
Liberty Mutual Group
Home State Group
Titus Group
$2.7 billion
$1.7 billion
$1.5 billion
$1.1 billion
$931.2 million
$871.3 million
$461.2 million
$370.3 million
$363.7 million
$329.3 million
PERSONAL AUTO
Insurance group 2010 premiums Market share Insurance group 2010 premiums Market share
HCSC Group (BCBSTx)
UnitedHealth Group
Aetna Group
Humana Group
Amerigroup
Centene Group
Newquest Group
Universal American Group
Cigna Health Group
Scott and White Group
$7.7 billion
$6.5 billion
$2.6 billion
$2.5 billion
$1.4 billion
$1.3 billion
$1.0 billion
$907.6 million
$891.4 million
$550.6 million
$719.4 million
$537.2 million
$424.8 million
$380.8 million
$374.7 million
$307.2 million
$292.2 million
$273.3 million
$254.3 million
$243.7 million
HEALTH (Includes HMO)
Metropolitan Group
New York Life Group
Northwestern Mutual Group
Prudential Group
Lincoln National Group
State Farm Group
American International
Aegon Holding Group
John Hancock Group
Mass Mutual Group
7.8%
5.8%
4.6%
4.1%
4.1%
3.3%
3.2%
3%
2.8%
2.6%
LIFE
Insurance group 2010 premiums Market share Insurance group 2010 premiums Market share
29.2%
12.6%
12.5%
7.7%
5.3%
4.9%
3.6%
2.6%
2%
1.8%
20.9%
17.9%
7.8%
7%
3.9%
3.7%
2.8%
2.5%
2.5%
1.5%
20.3%
12.4%
11.4%
8.4%
7%
6.5%
3.5%
2.8%
2.7%
2.5%
Property
and casualty
$37.8 billion
Accident
and health
$23.4 billion
Annuity
$18.5 billion
HMO
$13 billion
Life
$9.2 billion
Title
$1.1 billion
Other: $4 million