2022 Market Conditions Annual Report - Texas Department Of Insurance

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Texas Department of Insurance 2022 Market Conditions Annual Report March 2023

2022 Market Conditions Annual Report by the Texas Department of Insurance Submitted March 2023 Cassie Brown Commissioner of Insurance First posting, March 2023 Publication ID: TDIMCAR 0323 This document is available online at tdi.texas.gov/reports.

Contents Residential fire and allied lines.45 Surety insurance.47 Introduction 2 Terms 3 Data tables 4 2022 Summary. 5 Groups and companies writing policies. 6 Boiler and machinery. 7 Workers’ compensation.49 Workers’ compensation (all markets).49 Workers’ compensation (voluntary market).51 Workers’ compensation (residual market).53 Workers’ compensation deductible plans.55 Complaint data 57 Commercial auto. 9 Complaints by line.58 Commercial auto (assigned risk).11 Private passenger auto insurance complaints.60 Commercial auto (all coverages). 9 Homeowners insurance complaints.59 Commercial auto (physical damage).13 Rate filing exhibits Commercial auto (voluntary liability).15 Commercial crime.17 Commercial fire and allied lines.19 Commercial glass.21 61 Homeowners rate filing exhibits.62 Private passenger auto physical damage rate filing exhibits.85 Private passenger auto voluntary liability rate filing exhibits. 119 Commercial multi-peril insurance.23 General liability.25 Homeowners multi-peril insurance.27 Inland marine.29 Medical professional liability.31 Miscellaneous professional liability.33 Private passenger auto.35 Private passenger auto (all coverages).35 Private passenger auto (assigned risk).37 Private passenger auto (physical damage).39 Private passenger auto (voluntary liability).41 Product liability.43 Texas Department of Insurance tdi.texas.gov 1

Introduction Texas Insurance Code 2251.008 requires the Texas Department of Insurance (TDI) to submit a report each year with information about insurance company market shares, profits and losses, loss ratios, complaints, and rates filed to the governor, lieutenant governor, speaker of the house, the legislature, and the public. Because of the cyclical nature of the underwriting profit or loss information, this report should not be used to determine the reasonableness of rates used by a given company. Texas Department of Insurance tdi.texas.gov 2

Terms Direct losses paid Payments made during the year regardless of when the policy was written or when the accident occurred. Excludes loss adjustment expenses. Direct premiums written The Texas portion of the NAIC Annual Statement report of written premiums in the designated year. Number of groups (Groups) Companies owned or controlled by one entity are considered a group. Unaffiliated companies are those that are not associated with any other insurance company. The number of groups referred to in this report is the number of groups plus the number of unaffiliated companies. Loss ratio Unless otherwise specified: Direct losses paid Direct premiums written Earned to incurred loss ratio Uses NAIC Annual Statement data. Excludes loss adjustment expenses. Direct incurred losses Earned premiums Market share An insurer’s market share of the industry premium total for the calendar year. Texas Department of Insurance tdi.texas.gov NAIC Annual Statement The National Association of Insurance Commissioners (NAIC) Annual Statement is a financial report that insurers submit annually to the NAIC that includes information on an insurer's income, expenses, assets, and liabilities. Net underwriting profit or loss (Net UW profit / loss) Direct premiums earned minus direct losses, loss adjustment expenses, other underwriting expenses, and dividends paid to policyholders. As the company reported. Has not been reconciled to any financial reports. Policies Includes new and renewal policies issued in Texas. Policies are adjusted to an annual basis. For example, a six-month policy is reported as 0.5 policies. Premiums on policies written This report captures the Texas portion of direct premiums written in the designated year without adjustments for cancellations or endorsements, so it may not match the written premiums figures in the statutory Annual Statement. Rate filing exhibits Reported by the company. Not reconciled to actual rate filings received by TDI. Rate reductions are indicated by negative numbers. Rate filing information is only reported if there was a change in a given period, so there may be occurrences where a value for 2021 (12 months), 2020 (24 months), or 2019 (36 months) isn't displayed. 3

Data tables Note: A dash in the table means value was 0, less than 0, or negligible due to accounting adjustments or the denominator in a ratio was zero. Texas Department of Insurance tdi.texas.gov 4

2022 Summary Totals for the calendar year ending December 2022 Insurance line Boiler and machinery Commercial auto Assigned risk liability Physical damage Voluntary liability Commercial crime Commercial fire and allied lines Commercial glass Commercial multi peril Number of groups Number of companies 110 320 95 289 400,957 47 129 61,828 50 3 109 74 1 Assigned risk liability Physical damage Voluntary liability Product liability Residential fire and allied lines Surety Workers’ compensation Residual market (Texas Mutual Start Program) Voluntary Voluntary premiums 5,000 Voluntary premiums 5,000 - 100,000 Voluntary premiums 100,000 Texas Department of Insurance tdi.texas.gov 1 163 119 Private passenger auto 204 78 Inland marine Miscellaneous professional liability 315 262 146 Medical professional liability 3 91 General liability Homeowners multi peril 163 30 38 69 175 58 194 69 49 333,484,471 342 1,441,418 1,541,202 1,790,992 6 169 5,284,894,332 5,793,203,362 996,388,703 1,122,940,780 42,181,201 43,759,526 498,828 4,287,064,211 82,645 3,585,514,268 666,691,161 4,668,721,380 2,917,032,115 1,574,944,942 1,594,665,736 1,064,275,276 763,279 3,426,465,010 3,368,753,045 1,566,220,790 7,969,197 13,505,609,935 12,978,643,987 6,408,358,755 113,968 214,480,643 220,377,037 13 9,490,177 179 Direct losses paid 176,019,282 343 107 Direct premiums written 174,930,202 2,848,178 45 Premiums on policies written 103,905 427 71 6 Number of policies written 164,870 29,195 3,727,944,541 3,158,352,149 927,745,469 29,249 4,119,708,642 3,050,104,292 1,009,164,952 9,008,292 2,826 1,819,224,739 1,516,467,868 49,059,019 245,802,635 25,577,170,645 26,276,503,619 18,476,034,416 13,203,468 11,390,360,745 11,791,608,019 8,402,278,543 51,475 195,215,933 212,078,133 991 16,007,366 925,413 14,185,884,487 920,479 971,607 14,483,975,121 10,072,784,266 92,605,695 75 1,257,751 1,540,151,787 1,566,162,360 485,661,840 91 302 294,387 2,365,914,012 2,540,398,225 906,954,689 91 302 294,220 2,357,719,748 2,532,120,232 904,996,143 58,941 1,133,707,452 N/A N/A 74 1 145 1 441,067 167 231,301 3,978 758,840,925 8,194,264 260,235,911 963,776,385 834,164,918 8,277,993 N/A N/A 87,221,103 1,958,546 N/A N/A 5

Groups and companies writing policies Number of groups and companies writing policies by calendar year 2018 Groups 2018 Companies 2019 Groups 2019 Companies 2020 Groups 2020 Companies 2021 Groups 2021 Companies 2022 Groups 2022 Companies Commercial auto 102 318 105 314 106 313 114 309 109 314 Commercial fire and allied lines 72 202 78 209 78 213 76 204 73 Business line Boiler and machinery Commercial crime Commercial glass Commercial multi peril 46 47 2 81 143 Inland marine 116 Miscellaneous professional liability Private passenger auto Product liability Residential fire and allied lines Surety Workers’ compensation Texas Department of Insurance tdi.texas.gov 2 254 150 Medical professional liability 113 89 General liability Homeowners multi peril 151 50 45 1 83 154 331 115 37 102 66 192 75 55 72 94 172 76 138 301 1 246 149 46 110 87 407 28 158 48 47 1 84 159 325 121 38 103 62 188 73 61 75 101 167 80 140 300 1 253 150 46 118 88 417 30 155 51 47 1 85 156 330 123 37 103 62 193 74 57 72 103 172 79 138 303 1 244 156 49 120 92 419 32 156 50 46 1 162 126 202 1 88 251 76 157 418 144 333 118 36 105 36 104 59 186 57 189 31 76 56 72 105 46 174 78 135 312 30 70 47 74 90 418 339 45 174 70 143 294 6

Boiler and machinery Boiler and machinery insurance protects against the sudden and accidental breakdown or explosion of boilers, machinery, and electrical equipment. Includes coverage for damage to equipment, damage to other’s property, and expediting expenses. Coverage can be extended to cover business interruption losses. Top groups Boiler and machinery Rank Group 1 FM Global Group 2 American International Group 3 Zurich Insurance Group 4 Travelers Group 5 Swiss Re Group 6 Chubb Limited Group 7 Liberty Mutual Group 8 Nationwide Corporation Group 9 Munich Re Group 10 AXA Insurance Group 11 CNA Insurance Group 12 Federated Mutual Group 13 WR Berkley Corporation Group 14 NKSJ Holdings Incorporated Group 15 United Fire and Casualty Group 16 American Financial Group 17 Brotherhood Mutual Insurance Company 18 Acuity, A Mutual Insurance Company 19 EMC Insurance Company Group 20 Tokio Marine Holdings Incorporated Group 21 The Hanover Insurance Group 22 Indiana Lumbermens Group 23 Triangle Insurance Company, Incorporated 24 Cincinnati Financial Group 25 FCCI Mutual Insurance Group Top 25 total Boiler and machinery Total Boiler and machinery Texas Department of Insurance tdi.texas.gov 2022 Market share 28.56% 11.63% 9.34% 8.21% 6.06% 5.83% 5.54% 4.24% 3.57% 3.29% 2.02% 1.70% 1.38% 1.01% 0.73% 0.70% 0.63% 0.63% 0.55% 0.53% 0.47% 0.46% 0.43% 0.40% 0.35% 98.26% 100.00% 2021 Premiums written 56,949,700 17,112,043 14,537,384 13,561,333 2,851,675 8,822,605 6,863,441 6,694,830 4,979,187 5,232,330 4,523,544 2,430,378 2,445,249 1,468,682 1,315,556 1,069,373 945,639 700,793 841,179 744,168 719,383 736,368 912,267 500,711 620,285 157,578,103 160,405,386 2022 Premiums written 50,271,695 20,464,589 16,439,808 14,454,043 10,673,751 10,258,545 9,743,359 7,458,927 6,284,896 5,788,165 3,559,787 2,991,852 2,425,921 1,784,841 1,287,623 1,230,278 1,112,848 1,105,692 965,920 938,171 819,891 814,576 760,712 710,373 615,288 172,961,551 176,019,282 Change 2021 - 2022 -11.73% 19.59% 13.09% 6.58% 274.30% 16.28% 41.96% 11.41% 26.22% 10.62% -21.31% 23.10% -0.79% 21.53% -2.12% 15.05% 17.68% 57.78% 14.83% 26.07% 13.97% 10.62% -16.61% 41.87% -0.81% 9.76% 9.73% 2022 Net UW profit / loss 10,150,358 -112,400,951 12,679,741 -44,389,707 15,783,789 4,513,527 3,513,582 4,009,883 2,714,777 69,084 2,855,214 1,974,957 1,853,847 1,523,737 989,447 659,113 762,440 131,023 499,043 659,586 2,014 584,506 717,455 226,095 -2,542,412 -92,459,852 -90,583,382 2022 Loss ratio 393.35 588.60 33.22 10.64 11.14 10.58 20.19 8.83 17.24 10.82 7.72 6.64 16.49 20.18 16.52 9.11 12.97 42.76 18.02 108.79 0.70 58.33 192.36 189.46 7

There were 50 groups (163 companies) that had direct premiums written for boiler and machinery in 2022, compared to 51 groups (162 companies) in 2021. Boiler and machinery annual experience Year 2003 2004 2005 2006 2007 2008 2009 Premiums on policies written Earned to incurred loss ratio Direct premiums written 30,416,496 2012 58,836,887 70,847,664 10,481,474 2014 105.9% 2016 30.2% 61,167,654 66,718,928 64,768,235 66,458,271 79,070,900 90,961,373 79,611,270 2011 111,060,055 126,618,509 2013 91,135,724 2014 92,204,697 111,765,418 91,846,748 2015 103,852,214 2017 104,287,485 2016 2018 2019 2020 2021 2022 Loss ratio 76,157,276 64,415,029 110,225,873 2012 Year 69,566,403 91,913,680 2010 Direct losses paid 114,116,745 106,939,155 119,218,607 142,166,232 157,291,306 174,930,202 Texas Department of Insurance tdi.texas.gov 105,671,240 135,817,280 104,270,965 106,142,647 122,493,438 119,094,028 113,739,979 118,568,993 131,674,310 39,201,585 52,859,077 28,512,277 47,918,561 60,780,660 93,745,611 57,007,973 51,091,304 30,533,967 83,941,069 62,037,594 49,903,891 28,517,288 2015 2017 2018 2019 2020 2021 28.1% 44.4% 31.0% 22.8% 61.2% 22.5% 170.3% 158.5% Note: In 2020, FM Global Group reported about 150 million of incurred losses impacting the industry’s overall ratio. 43,424,509 40,237,401 146,636,561 108,304,244 176,019,282 333,484,471 160,405,386 2013 91,813,571 8

Commercial auto Commercial auto insurance provides liability, personal injury protection, uninsured motorist, and physical damage coverage for vehicles owned or used by a business. Commercial auto (all coverages) Top groups Commercial auto (all coverages) Rank Group 1 Progressive Group 2 Liberty Mutual Group 3 Travelers Group 4 Berkshire Hathaway Group 5 Old Republic Group 6 WR Berkley Corporation Group 7 Chubb Limited Group 8 Zurich Insurance Group 9 Nationwide Corporation Group 10 State Farm Group 11 Clear Blue Financial Group 12 Hartford Fire and Casualty Group 13 Kemper Corporation Group 14 American International Group 15 Fairfax Financial Group 16 CNA Insurance Group 17 Farmers Insurance Group 18 Acuity, A Mutual Insurance Company 19 Sentry Insurance Group 20 American Financial Group 21 Arch Insurance Group 22 Federated Mutual Group 23 Incline Property and Casualty Group 24 Tokio Marine Holdings Incorporated Group 25 Everest Reinsurance Holdings Group Top 25 total Commercial auto (all coverages) Total Commercial auto (all coverages) Texas Department of Insurance tdi.texas.gov 2022 Market share 24.62% 5.94% 4.73% 4.46% 3.61% 3.21% 3.04% 2.92% 2.46% 2.38% 2.37% 2.25% 2.22% 2.19% 1.75% 1.70% 1.65% 1.62% 1.57% 1.36% 1.34% 1.27% 1.24% 1.12% 1.04% 82.07% 100.00% 2021 Premiums written 1,310,588,761 274,128,152 242,982,717 248,156,929 184,352,630 147,518,067 123,754,165 134,522,983 148,631,107 123,295,755 123,823,833 104,196,116 90,424,285 112,513,264 87,443,093 87,660,532 86,412,267 77,182,199 77,783,486 68,295,848 69,662,762 67,216,089 65,939,465 56,007,308 43,693,401 4,156,185,214 5,174,904,407 2022 Premiums written 1,426,149,246 343,926,832 274,094,871 258,511,778 209,117,654 186,217,772 176,156,891 169,028,114 142,484,810 137,875,923 137,181,677 130,460,630 128,599,914 126,671,148 101,100,431 98,761,782 95,535,137 94,101,765 91,194,694 79,059,159 77,825,652 73,422,212 71,743,043 64,625,576 60,511,011 4,754,357,722 5,793,203,362 Change 2021 - 2022 8.82% 25.46% 12.80% 4.17% 13.43% 26.23% 42.34% 25.65% -4.14% 11.83% 10.79% 25.21% 42.22% 12.58% 15.62% 12.66% 10.56% 21.92% 17.24% 15.76% 11.72% 9.23% 8.80% 15.39% 38.49% 14.39% 11.95% 2022 Net UW profit / loss 185,961,962 80,894,684 -347,897,853 61,047,157 30,624,711 -706,582 -3,562,783 -46,859,742 -4,296,722 -106,303,874 -30,410,830 -20,940,941 37,428,038 -7,376,458 4,764,569 -19,862,163 -15,703,608 -39,289,898 5,496,991 -6,710,832 891,287 -3,700,076 5,796,444 -11,927,250 -3,026,107 -255,669,876 -429,381,626 2022 Loss ratio 50.22 56.12 65.59 65.88 68.40 45.49 55.89 61.54 69.38 94.27 52.66 40.89 44.28 70.70 69.31 53.26 76.14 47.17 54.69 71.61 51.95 44.84 38.63 51.92 49.07 56.81 62.46 9

There were 110 groups (320 companies) that had direct premiums written for commercial auto in 2022, compared to 115 groups (322 companies) in 2021. Commercial auto (all coverages) annual experience Year 2017 2018 2019 2020 2021 2022 Premiums on policies written Direct premiums written Earned to incurred loss ratio Direct losses paid Year 3,117,380,913 3,245,433,983 2,081,344,723 2012 4,005,706,790 4,198,396,013 2,807,719,774 2014 3,670,383,705 4,183,646,928 4,834,614,459 5,284,894,332 3,780,087,615 4,269,259,247 5,174,904,407 5,793,203,362 Note: 2017 was the first year TDI collected the data above. 2,249,435,551 2,405,239,876 2,712,786,006 3,585,514,268 2013 2015 2016 2017 2018 2019 2020 2021 Texas Department of Insurance tdi.texas.gov Loss ratio 68.9% 65.7% 66.2% 70.7% 77.6% 82.2% 72.4% 78.7% 72.8% 80.6% 10

Commercial auto (assigned risk) Top groups Commercial auto (assigned risk) Rank Group 1 2 3 4 5 National General Group State Farm Group Texas Farm Bureau Mutual Group Mercury General Group Indiana Lumbermens Group Total Commercial auto (assigned risk) Texas Department of Insurance tdi.texas.gov 2022 Market share 99.70% 0.19% 0.11% - 100.00% 2021 Premiums written 1,392,255 42,134 9,873 6,571,150 8,015,412 2022 Premiums written 1,536,596 2,868 1,738 1,541,202 Change 2021 - 2022 10.37% -93.19% -82.40% -100.00% -80.77% 2022 Net UW profit / loss 410,837 -104,971 4,425 -45 310,246 2022 Loss ratio 112.12 232.88 88.49 - 116.21 11

There were three groups (three companies) that had assigned risk (neither voluntary liability nor physical damage) direct premiums written for commercial auto in 2022, compared to four groups (four companies) in 2021. Commercial auto (assigned risk) annual experience Year 2017 2018 2019 2020 2021 2022 Premiums on policies written Direct premiums written Direct losses paid 1,276,193 1,546,802 1,023,225 1,641,784 1,632,182 1,146,312 1,415,183 1,345,787 7,534,133 1,441,418 1,314,580 1,472,474 8,015,412 1,541,202 1,136,455 1,057,673 6,166,481 1,790,992 Note: 2017 was the first year TDI collected the data above. Texas Department of Insurance tdi.texas.gov 12

Commercial auto (physical damage) Top groups Commercial auto (physical damage) Rank Group 1 Progressive Group 2 Berkshire Hathaway Group 3 Liberty Mutual Group 4 Old Republic Group 5 State Farm Group 6 Travelers Group 7 Zurich Insurance Group 8 WR Berkley Corporation Group 9 Nationwide Corporation Group 10 Kemper Corporation Group 11 American Financial Group 12 Farmers Insurance Group 13 Acuity, A Mutual Insurance Company 14 Hartford Fire and Casualty Group 15 Sentry Insurance Group 16 Clear Blue Financial Group 17 Chubb Limited Group 18 Federated Mutual Group 19 Fairfax Financial Group 20 CNA Insurance Group 21 AmTrust GMACI Maiden Group 22 Arch Insurance Group 23 Allstate Insurance Group 24 American International Group 25 Texas Farm Bureau Mutual Group Top 25 total Commercial auto (physical damage) Total Commercial auto (physical damage) Texas Department of Insurance tdi.texas.gov 2022 Market share 25.97% 5.98% 5.56% 4.13% 4.05% 4.00% 3.37% 3.24% 2.51% 2.42% 2.32% 2.14% 1.98% 1.83% 1.72% 1.65% 1.51% 1.50% 1.35% 1.33% 1.26% 1.21% 1.17% 1.16% 1.10% 84.48% 100.00% 2021 Premiums written 268,475,198 64,402,882 51,116,722 35,603,441 41,102,144 44,803,407 25,979,800 28,953,039 29,101,989 18,608,157 22,766,226 23,180,892 18,864,865 15,939,904 15,245,146 15,662,298 14,916,457 17,636,159 12,875,763 13,982,296 11,350,517 9,388,025 11,825,806 13,568,546 10,036,740 835,386,419 1,014,483,686 2022 Premiums written 291,610,516 67,104,402 62,483,121 46,378,085 45,500,497 44,960,894 37,872,563 36,384,523 28,172,651 27,174,492 26,075,174 24,035,273 22,270,732 20,553,612 19,278,594 18,553,632 16,951,234 16,896,207 15,132,316 14,967,792 14,133,253 13,601,070 13,146,062 13,038,694 12,396,273 948,671,662 1,122,940,780 Change 2021 - 2022 8.62% 4.19% 22.24% 30.26% 10.70% 0.35% 45.78% 25.67% -3.19% 46.04% 14.53% 3.69% 18.05% 28.94% 26.46% 18.46% 13.64% -4.20% 17.53% 7.05% 24.52% 44.88% 11.16% -3.91% 23.51% 13.56% 10.69% 2022 Net UW profit / loss 52,182,394 14,583,611 16,034,653 33,271,217 -3,277,291 -70,214,759 5,568,931 3,595,786 -630,138 22,430,936 1,663,101 1,012,377 -7,327,534 -2,166,507 2,814,921 -399,472 1,775,914 2,741,962 4,583,286 -1,024,345 -330,136 4,550,223 -3,707,792 -3,197,474 -3,141,292 71,392,572 94,288,846 2022 Loss ratio 56.78 64.38 68.50 58.50 71.73 66.07 57.51 53.01 72.83 46.93 63.61 54.56 64.43 58.84 51.33 48.20 74.70 48.82 52.85 71.13 47.29 35.24 75.49 84.60 87.46 60.42 60.10 13

There were 95 groups (289 companies) that had physical damage (neither voluntary liability nor assigned risk) direct premiums written for commercial auto in 2022, compared to 101 groups (298 companies) in 2021. Commercial auto (physical damage) annual experience Year 2017 2018 2019 2020 2021 2022 Premiums on policies written Direct premiums written Direct losses paid 705,388,603 743,390,597 543,931,720 821,201,472 905,302,725 523,133,505 797,743,517 885,544,254 912,680,786 996,388,703 830,573,881 905,978,882 1,014,483,686 1,122,940,780 506,873,990 444,381,054 522,943,554 666,691,161 Note: 2017 was the first year TDI collected the data above. Texas Department of Insurance tdi.texas.gov 14

Commercial auto (voluntary liability) Top groups Commercial auto (voluntary liability) Rank Group 1 Progressive Group 2 Liberty Mutual Group 3 Travelers Group 4 Berkshire Hathaway Group 5 Old Republic Group 6 Chubb Limited Group 7 WR Berkley Corporation Group 8 Zurich Insurance Group 9 Clear Blue Financial Group 10 Nationwide Corporation Group 11 American International Group 12 Hartford Fire and Casualty Group 13 Kemper Corporation Group 14 State Farm Group 15 Fairfax Financial Group 16 CNA Insurance Group 17 Sentry Insurance Group 18 Acuity, A Mutual Insurance Company 19 Farmers Insurance Group 20 Arch Insurance Group 21 Incline Property and Casualty Group 22 Tokio Marine Holdings Incorporated Group 23 Federated Mutual Group 24 Everest Reinsurance Holdings Group 25 American Financial Group Top 25 total Commercial auto (voluntary liability) Total Commercial auto (voluntary liability) Texas Department of Insurance tdi.texas.gov 2022 Market share 24.30% 6.03% 4.91% 4.10% 3.49% 3.41% 3.21% 2.81% 2.54% 2.45% 2.43% 2.35% 2.17% 1.98% 1.84% 1.79% 1.54% 1.54% 1.53% 1.38% 1.33% 1.21% 1.21% 1.16% 1.13% 81.84% 100.00% 2021 Premiums written 1,042,113,563 223,011,430 198,179,310 183,754,047 148,749,189 108,837,708 118,565,028 108,543,183 108,161,535 119,529,118 98,944,718 88,256,212 71,816,128 82,151,477 74,567,330 73,678,236 62,538,340 58,317,334 63,231,375 60,274,737 59,038,996 48,503,701 49,579,930 38,086,848 45,529,622 3,333,959,095 4,152,405,309 2022 Premiums written 1,134,538,730 281,443,711 229,133,977 191,407,376 162,739,569 159,205,657 149,833,249 131,155,551 118,628,045 114,312,159 113,632,454 109,907,018 101,425,422 92,372,558 85,968,115 83,793,990 71,916,100 71,831,033 71,499,864 64,224,582 61,918,428 56,545,122 56,526,005 53,933,360 52,983,985 3,820,876,060 4,668,721,380 Change 2021 - 2022 8.87% 26.20% 15.62% 4.16% 9.41% 46.28% 26.37% 20.83% 9.68% -4.36% 14.84% 24.53% 41.23% 12.44% 15.29% 13.73% 15.00% 23.17% 13.08% 6.55% 4.88% 16.58% 14.01% 41.61% 16.37% 14.60% 12.43% 2022 Net UW profit / loss 133,779,568 64,860,031 -277,683,094 46,463,546 -2,646,506 -5,338,697 -4,302,368 -52,428,673 -30,011,358 -3,666,584 -4,178,984 -18,774,434 14,997,102 -102,921,612 181,283 -18,837,818 2,682,070 -31,962,364 -16,715,985 -3,658,936 1,851,658 -11,680,328 -6,442,038 -2,735,508 -8,373,933 -337,543,962 -523,980,718 2022 Loss ratio 48.53 53.37 65.50 66.41 71.21 53.89 43.67 62.70 53.36 68.53 69.10 37.54 43.57 105.36 72.21 50.07 55.59 41.82 83.39 55.49 39.29 50.47 43.65 48.01 75.54 56.09 63.01 15

There were 109 groups (315 companies) that had voluntary liability (neither assigned risk nor physical damage) direct premiums written for commercial auto in 2022, compared to 115 groups (320 companies) in 2021. Commercial auto (voluntary liability) annual experience Year 2017 2018 2019 2020 2021 2022 Premiums on policies written Direct premiums written Direct losses paid 2,410,716,117 2,500,496,584 1,536,389,778 3,182,863,534 3,291,461,106 2,283,439,957 2,871,225,005 3,296,756,887 3,914,399,540 4,287,064,211 2,948,199,154 3,361,807,891 4,152,405,309 4,668,721,380 1,741,425,106 1,959,801,149 2,183,675,971 2,917,032,115 Note: 2017 was the first year TDI collected the data above. Texas Department of Insurance tdi.texas.gov 16

Commercial crime Coverage for loss of property caused by burglary, theft, or employee dishonesty. May include losses inside or outside the premises, losses from counterfeit paper currency, and depositors forgery. Top groups Commercial crime Rank Group 1 WR Berkley Corporation Group 2 Travelers Group 3 Beazley Group 4 Chubb Limited Group 5 AXA Insurance Group 6 Hiscox Insurance Group 7 Kemper Corporation Group 8 AXIS Capital Group 9 Tokio Marine Holdings Incorporated Group 10 CNA Insurance Group 11 Berkshire Hathaway Group 12 Cincinnati Financial Group 13 Hartford Fire and Casualty Group 14 The Hanover Insurance Group 15 Zurich Insurance Group 16 American International Group 17 Intact Financial Group 18 Everest Reinsurance Holdings Group 19 James River Group 20 Fairfax Financial Group 21 Nationwide Corporation Group 22 Allianz Insurance Group 23 United Fire and Casualty Group 24 Federated Mutual Group 25 Federated Rural Electric Insurance Exchange Top 25 total Commercial crime Total Commercial crime Texas Department of Insurance tdi.texas.gov 2022 Market share 11.96% 11.66% 11.15% 8.59% 8.53% 7.96% 6.19% 6.18% 5.21% 3.65% 3.44% 2.81% 2.35% 2.10% 1.76% 1.48% 1.15% 1.09% 0.43% 0.43% 0.42% 0.23% 0.20% 0.18% 0.15% 99.30% 100.00% 2021 Premiums written 4,257,866 4,747,494 4,413,618 2,533,038 3,421,318 3,958,499 3,771,489 2,396,993 2,530,541 1,418,008 223,693 850,324 1,048,901 966,328 864,412 592,072 357,330 382,288 256,679 159,368 200,911 2,871 111,607 65,303 48,426 39,579,377 39,903,736 2022 Premiums written 5,232,300 5,104,276 4,879,939 3,758,124 3,732,175 3,483,992 2,707,127 2,706,051 2,280,523 1,597,734 1,504,731 1,230,331 1,028,580 918,038 769,935 649,247 501,191 476,786 188,917 186,939 185,501 101,299 86,285 78,144 64,406 43,452,571 43,759,526 Change 2021 - 2022 22.89% 7.52% 10.57% 48.36% 9.09% -11.99% -28.22% 12.89% -9.88% 12.67% 572.68% 44.69% -1.94% -5.00% -10.93% 9.66% 40.26% 24.72% -26.40% 17.30% -7.67% 3,428.35% -22.69% 19.66% 33.00% 9.79% 9.66% 2022 Net UW profit / loss 973,250 -2,680,627 4,117,726 465,555 47,882 1,872,268 2,651,555 1,754,475 1,946,235 245,868 666,896 141,304 157,701 5,492 216,132 66,531 49,984 260,917 99,506 21,171 261,741 101,299 51,115 -19,875 -2,132,840 11,341,261 12,312,899 2022 Loss ratio 44.46 58.96 6.20 6.35 36.57 2.79 35.16 5.78 29.17 4.84 4.09 -47.87 19.68 3.40 4.03 42.33 5.14 -8.57 49.43 79.58 20.63 20.59 17

There were 47 groups (129 companies) that had direct premiums written for commercial crime in 2022, compared to 48 groups (122 companies) in 2021. Commercial crime annual experience Year 2003 2004 2005 2006 2007 2008 2009 2010 Premiums on policies written 2012 6,101,535 7,092,005 2,613,702 2014 8,078,731 2,747,426 4,140,932 811,408 6,069,533 6,286,608 7,093,000 6,989,000 2020 2021 2022 9,303,358 9,781,935 13,698,759 17,595,851 2019 7,664,799 10,702,467 2015 2018 8,656,381 8,269,745 14,074,297 2017 Year 923,562 2013 2016 Direct losses paid 7,284,945 8,493,898 10,568,898 2014 Direct premiums written 6,180,463 2011 2012 Earned to incurred loss ratio 16,154,825 19,411,211 22,154,426 26,707,455 30,559,500 37,370,283 38,617,207 42,181,201 Texas Department of Insurance tdi.texas.gov 18,999,555 809,456 725,536 1,295,742 1,956,936 1,011,964 776,099 15,466,280 2,551,582 19,379,551 4,234,187 18,034,897 19,447,256 22,905,483 968,281 5,691,372 2,754,323 27,574,015 10,913,866 38,028,585 15,669,301 32,285,977 39,903,736 43,759,526 2013 2015 2016 Loss ratio 60.8% 16.0% 14.9% 17.8% 18.0% 2017 -16.9% 2019 67.5% 2018 2020 2021 29.2% 65.7% 55.8% Note: In 2017 National Union Fire Insurance Company of Pittsburgh, PA, reported about 10 million of incurred losses impacting the industry’s overall loss ratio. 17,784,741 21,417,912 9,008,2

Texas Department of Insurance tdi.texas.gov 2 Introduction Texas Insurance Code 2251.008 requires the Texas Department of Insurance (TDI) to submit a report each year with information about insurance company market shares, profits and losses, loss ratios, complaints, and rates filed to the governor, lieutenant governor,

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