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 approximately $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