TDI Releases Results from Winter Storm Catastrophe Data Call


During his remarks at ICT's Symposium, Chief Deputy Commissioner Doug Slape referenced TDI released the results from the winter storm data call. The data call reports on results through March 31, 2021. The data is for property, auto, and all other lines of insurance, and includes the experience of insurers that wrote more than $5 million in written premiums in Texas in 2019. The data includes insured losses resulting from damages caused by freezing (including related water damage), ice, snow, wind, or power outage. The claims and losses for automobile insurance only include losses under comprehensive coverage. It does not include liability or collision claims that resulted from accidents caused by icy road conditions. 
 
The report includes comprehensive information on claims, losses, and payments. See pages 9-11 for more detailed information. Pages 12-13 include detailed information by county and Appendix D includes a breakdown by zip code. Some highlights from the report:

Losses

  • As of March 31, 2021, there were 456,531 insurance claims, and insurers are expected to ultimately pay about $8.2 billion in insured losses. The $8.2 billion is broken down as: 
    • $2.27 billion paid,
    • $3.19 billion in claim reserves, and
    • $2.74 billion in IBNR losses

Claims

  • Approximately 31% of the claims were open, 37% were closed with a payment to the policyholder, and 32% were closed without a payment to the policyholder
  • Average incurred loss - $11,500 for residential property policies; $74,900 for commercial property policies; $3,800 for automobile policies; and $4,700 for all other
  • The majority of claims were residential:
  • 81.5% of the claims were on residential property policies (372,126 total);
  • 8.6% were on commercial property policies;
  • 3.9% were on personal auto physical damage policies; and

5.8% were for all other types of insurance

 

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