Lessons from the Texas Homeowners Insurance Crisis Bob Puelz ...

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Cumulative % of Texas Counties 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% -100% 0% 75% Figure 5 Change in value of water loss per policy by county about 2/3 of Texas Counties experienced at least 100% increase 150% 225% 300% Source: Texas Department of Insurance 375% 32 450% 525% 600% 675% 750% % Change in Value, 1996 to 2001 825% 900% 975% >1025
Table 6 Sample Statistics n = 1,458 Variable Perils: Mean Standard Deviation Fire $0.8466 $1.0893 Wind $2.7293 $6.6095 Water $0.9440 $0.7471 Theft $0.1529 $0.1265 Other $0.3688 $0.8106 Liability $0.2572 $0.5525 VMM Other Explanatory Variables: $0.0160 $0.0279 Crime 2,832.91 1,608.98 Income $20,490 $4,923 Proportion Rural Housing 0.5685 0.2951 Housing Units 30,377 106,531 Proportion Vacant 0.1899 0.0846 Proportion Rent 0.2719 0.0693 Household Size 2.68 0.2717 Proportion of Population Non-White 0.1862 0.0943 Year 1998.5 1.7084 33
Page 1 and 2: Lessons from the Texas Homeowners I
Page 3 and 4: I. Introduction Lessons from the Te
Page 5 and 6: Illinois with company-level data to
Page 7 and 8: [Table 1 about here] might have bee
Page 9 and 10: with the NAIC, and were sourced for
Page 11 and 12: To further explore the Texas settin
Page 13 and 14: amounts are summarized in Table 4.
Page 15 and 16: [Figure 4 about here] One glimpse i
Page 17 and 18: the average household size of an oc
Page 19 and 20: units that have been classified as
Page 21 and 22: as equations in levels. The Hansen
Page 23 and 24: while variations in perils help exp
Page 26 and 27: Table 1 Texas Homeowners Premiums W
Page 28 and 29: "Combined" Ratio $1.80 $1.60 $1.40
Page 30 and 31: Table 5 Texas Statewide Homeowners
Page 32 and 33: 35% 30% 25% 20% 15% 10% 5% 0% 60% 5
Page 36 and 37: Table 7 GMM Estimates of Empirical
Page 38: Harrington, Scott E. and Greg Nieha

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