On Tuesday, January 23, the Senate Business and Commerce Committee heard invited testimony at a hearing held on the University of Houston campus. Just prior to the hearing, TDI released their preliminary report created from the data call issued after Hurricane Harvey moved across Texas after making landfall in late August.
The report, available by clicking here, shows that Hurricane Harvey generated over 670,000 claims to private insurers, TWIA, and FAIR Plan for all personal and commercial lines of insurance. This includes roughly 354,000 residential property claims and 203,000 automobile claims. The preliminary report also shows that insurers had made $4.5 billion in claim payments as of the data call reporting date, and insurers estimate they will ultimately pay out a total of $15.7 billion.
As of the reporting date, for all types of insurance combined, about 27% of claims are paid (closed with a loss payment), 28% are closed without a loss payment, 44% are still open, and 7% have been reopened.
The hearing was generally uneventful outside of TDI's sharing of the data call report. There was no mention of any TWIA issues and few questions from the committee members. Chairman Hancock indicated a follow-up hearing is likely in September, after more complete data is available and another report is produced in the late summer.
Insurance Council of Texas (ICT)
Phone: (512) 444-9611
Fax: (512) 444-0734
2801 South IH35, Austin, TX 78741
Correspondence should be directed to: P.O. Box 15
Austin, TX 78767-0015