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Homeowners Insurance Market in Texas with Catastrophic Effects: Market Competition, Supply and Demand

Because of the catastrophic effects of natural disasters, the homeowners insurance market often displays different profit and loss patterns from those of other lines of property and casualty insurance. Using the homeowners insurance data in Texas from 1995 to 2011, along with the catastrophe data and macroeconomic data in the same period, this paper evaluates the market competition, demand and supply of this market. The homeowners insurance market in Texas is moderately competitive, with decent profitability and some entries and exits each year. On the supply side, the insurance companies adapt to the excessive losses due to catastrophic risks by raising their premiums, while some even go insolvent and leave the market. On the demand side, an increasing number of people purchase homeowners insurance policies through the time period of interest. This trend is driven by the changes in average premiums, population and house prices, etc.