DALLAS — Remember last year when the roads were clear because so many of us were driving less in the early days of the pandemic? At the time, insurance companies started giving some of us the gift of lower premiums.
Well…give and you shall receive, apparently. The latest Texas-specific numbers show that insurance companies did collect less money in premiums in 2020 ($22,266,228,900) compared to 2019 ($23,030,957,752).
Though Texas had 273 more traffic fatalities in 2020 than the year before, TXDOT reports there were 800 fewer serious injury crashes in the state in 2020 than in 2019, resulting in 1,199 fewer serious injuries.
Auto insurers had far less in direct losses in 2020 ($12,537,878,262) than they did in 2019 ($14,212,418,772), so their auto policy profits in Texas were $909,811,658 higher in 2020 than in 2019. Now that’s a nice gift!
In 2020, insurers in Texas took in more money from homeowners’ premiums ($10,540,066,498) than they did in 2019 ($9,995,064,411). They also had less in direct losses in this category in 2020 ($5,705,723,725) than in 2019 ($5,869,035,804), so their homeowner insurance profits went up by $708,314,166 in 2020 compared to 2019.