Breaking News about Car Insurance

Report Documents Economic Impact of Texas Auto Insurance Cos.

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The Insurance Information Institute (III) has released a new report summarizing the significant impact that the industry has had on the Texas workforce and economy.

Insurers in the state paid out a total of about $12.7 billion in compensation to the more than 200,000 insurance workers in the state in 2008, according to the Bureau of Labor Statistics. That amount of workers employed by insurers comes in second only to California.

According to the III, writers of private passenger auto insurance in Texas wrote more than $13 billion in premiums in 2009, with State Farm having the largest market share; it accounted for 20 percent of those premiums.

The III’s report also highlights the industry’s contribution to state government. Texas Insurance companies paid a total of more than $1 billion in taxes in 2009.

Readers who would like to access the full report can find find it posted on the III website.

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