Insurance Takeaways From Texas' New Hailstorm Bill
By Jennifer Gibbs (May 17, 2017, 5:25 PM EDT) -- On Feb. 1, 2017, the Texas Department of Insurance published the results of its presentation to the Texas Legislature titled: "Interim Charges: The Cost of Weather-Related Property Claims and Related Litigation." Notably, the results showed a 900 percent increase in the percentage of wind and hail claims involving attorneys or public adjusters since 2012 and a 1,400 percent increase in policyholder lawsuits — with over 50 percent attributable to the South Texas area. Moreover, hail-related loss ratios (losses per dollar of premium) average 21 percent state-wide. But hail-related loss ratios in South Texas climbed to 268 percent in 2012 and loss...
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