As a member of the Texas House Insurance Committee, I had the opportunity to question the Texas Insurance Commissioner about the rising insurance costs. Like many of you, I've felt the impact on my own home and car insurance. During her testimony she laid out multiple factors driving these increases include:
• Inflation and supply chain disruptions have increased the cost of supplies and labor. • Texas experiences frequent and severe weather events, causing significant losses. • Home and vehicle values have risen sharply, leading to higher premiums. • Increased vehicle collisions and risky driver behavior have driven up auto insurance costs. • Fraudulent activities add to the overall expenses that insurers pass on to consumers. • Last year’s rise in reinsurance costs impacted insurance rates, although they are now stabilizing. • Geographic variations mean some areas face higher risks, influencing regional insurance rates.
Rest assured, I am committed to thoroughly understanding these factors and to eliminating any legislative barriers that contribute to higher costs. Your concerns are my priority, and I am dedicated to finding solutions that benefit us all. If you would like to view the entire hearing, please click here: https://house.texas.gov/video-audio/committee-broadcasts/
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