NU Online News Service, Sept. 21, 3:07 p.m. EST

Nearly all homeowners affected by the most recent wildfires in Texas have been contacted by their insurers and are in the recovery process, according to the Insurance Council of Texas.

Insured losses in Texas have already surpassed the total-insured losses of any prior year, says ICT spokesman Mark Hanna.

“The previous record for losses was in 2009, with $115 million,” says Hanna. “This year you need to look no further than one fire—the Bastrop fire—which has caused at least $150 million in insured losses.”

Insured losses from wildfires in 2011 could reach $250 million, the ICT says.

A wildfire in Bastrop County, Texas' most recent blaze, destroyed 1,600 homes. Now that the fire is out (Texas has received a reprieve due to some well-needed rain), adjusters are now in the process of assessing damages, says Hanna.

“Lots of money from insurers has already exchanged hands for living expenses,” Hanna says. “Many homeowners had no home to go back to. They are with friends and family or at motels and trailers. Every major insurer is there.”

The differences this year than in years past, explains Hanna, is the fires—aided by dry vegetation from an extreme drought across Texas—have affected populated areas on the edges of cities rather.

Though there have been destructive wildfires prior to this year, they have typically been in rural, less-populated areas, he adds.

The drought has led to a record-setting $5.2 billion in agricultural losses in Texas as of the end of August, according to the Texas AgriLife Extension Service.

Agricultural losses due to wildfires have piled up. About 185 structures, more than 1,100 cattle, 5,475 miles of fence and 2.6 million acres of pastures have been lost, says Texas AgriLife.

The top writers of homeowners' multi-peril in Texas in 2010, according to Highline Data, are State Farm Group with a market share of 28.9 percent; Allstate Insurance Group (12.5 percent); Zurich Insurance Group (12.4 percent); USAA Group (7.7 percent); and Liberty Mutual (5.2 percent).

Highline Data is part of Summit Business Media, which also owns National Underwriter.

Special Reports /

Texas Begins Recovery From Latest Wildfire; 2011 Costliest Year for Losses

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