Texas Almanac, 1952-1953 Page: 266
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Statistics of Insurance
There were 1,638 insurance companies of
all kinds in operation in Texas as of Aug. 31,
1950, according to the Texas State Board of
Insurance Commissoers. Of this total, 1,036
had their general headquarters in Texas, and
602 had headquarters outside the state.
There were 8,249,000 life insurance policies
in force in Texas, as of Jan. 1, 1951, with
$9,351,000,000 of insurance in force, according
to the Institute of Life Insurance. This was
an increase of $445,000,000 during the year,
195, Life insurance in force in Texas, includ-
ing all legal reserve stock companies and fra-
ternal societies., amounted to $8,896,601,329,
at the end of 1949, according to the State In-
surance Commission. This was an increase of
$1,730,135,782 during the biennium, 1947-1949.
There has been a rapid expansion of all
forms of insurance in Texas over a long
period of years.
The rapid industrialization and urbaniza-
tion of Texas has caused the insurance busi-
ness to increase more rapidly than in most
other states. For example, there was $107,-
590,896 of life insurance in force in Texas in
1893. By 1914, it had increased to $341,333,-
510; by 1922, to $1,111,925,305; by 1931, td
$3,176,316,492, and, on Jan. 1, 1951, to $9,351,-
000,000. These figures serve as an excellent
barometer of the increase in wealth, income
and the general Texas economy.
The insurance laws are administered by
the State Board of Insurance Commissioners,
consisting of three members representing life,
fire and casualty insurance respectively, and
with the Commissioner of Life Insurance sit-
ting as ex officio chairman. (See p. 326 -for
membership of board.)'
A noteworthy provision of the Texas insur-
ance statutes has been the Robertson Insur-
ance Law which became effective in 1908,
requiring life insurance companies doing busi-
ness in Texas to invest in this state three
fourths of all reserves held for payment of
policies written in Texas. The law is named
for its author, James Harvey Robertson of
Austin, who served in the Lower House in
the Thirtieth, Thirty-first and Thirty-second
Legislatures, 1907-1912. At the time of the
passage of the law many out-of-state com-
panies withdrew but eventually most of them
returned. The law has been amended in re-cent years to liberalize its provisions for In-
vestment because of the changing nature of
the state and national securities markets.
TEXAS INSURANCE COMPANIES
The following tabulation shows the num-
ber of companies, by classes, authorized to
operate in Texas as of Aug. 31, 1950:
Kind of Company- Texas. *Foreign. Total.
Stock life.................... 99 86 185
Mutual life................ 11 35 46
Stock fire........ ..........16 236 252
Mutual fire ................... 11 45 56
Stock casualty............. 27 119 146
Mutual casualty.............. 2 23 25
Lloyds ................... 21 1 22
Reciprocal ..................4 21 25
Fraternal ..................8 32 40
Title ..... .. ....... 11 3 14
Assessment, life, health and ac-
cident ..................... . .. 1 1
Legal reserve companies..... 210 602 812Mutual assessment, life, health
and accident .............. 52 ..
Local mutual aid ............. 245 ..
Burial ....................... 416 .
Exempt ...................... 20 ..
Nonprofit ....................2
County mutual fire............ 57 ..
Farm mutual ................ 4 ...
Mutual assessment, etc...... 826 ...
Grand total..............1,036 602
'*Companies of other states and foreign
tries.52
245
416
20
2
57
34
826
1,638
coun-LLOYDS.
(Texas Business Only.)
Premiums. Losses.
Lloyds of Texas..........$10,817,870 $3,588,018
Lloyds of other states.... 375,213 142,257
Total ................$11,193,083 $3,730,275
RECIPROCALS
(Texas Business Only.)
Premiums. Losses.
Reciprocals of Texas...... $2,042,242 $622,149
Reciprocals of other states 1,975,176 858,991
Total ................. $4,017,418 $1,481,140-
Total Lloyds and
reciprocal ..........$15,210,501 $5,211,415LEGAL RESERVE LIFE INSURANCE COMPANIES-TEXAS BUSINESS
Texas business only is shown in table below giving volume of insurance written in Texas
during 1949, according to the Texas State Board of Insurance Commissioners:
Texas Companies of All
Companies. Other States. Companies.
Number policies issued during 1949 ...................... 798,402 682,657 1,481,059
Amount insurance issued during 1949..... ............. $840,196,762 $1,128,853,360 $1,969,050,122
Number policies terminated during 1949................... 614,953 552,307 1,167,260
Amount insurance terminated during 1949. .............. $457,698,342 $619,119,393 $1,076,817,735
Premium income during 1949......... ................. .. *$99,082,314 *$109,103,627 *$208,185,941
Losses paid during 1949.............................. $16,734,879 *$30,645,414 '$47,380,293
Number policies in force Dec. 31, 1949 ................. 4,041,928 2,971,285 7,013,213
Amount insurance in force Dec. 31, 1949 ...............$3,635,147,332 $4,934,079,873 $8,569,227,205
*Figures do not include accident and health premiums and losses which were as follows: Premiums
-Texas companies; $14,638,509; out-of-state companies, $29,411,777; total, $44,050,286. Losses-Texas
companies, $6,738,596; out-of-state companies, $15,938,162; total, $22,676,758.
FRATERNAL BENEFIT SOCIETIES-TEXAS BUSINESS
Texas business only is shown in the table below giving volume of insurance by fraternal
benefit societies during the year 1949, according to the Texas Board of Insurance Com-
missioners:
Texas Companies of All
Companies. Other States. Companies.
Number policies written or revided during 1949............ 14,113. 25,364 39,477
Amount Insurance written or revived during 1949 ......... $10,859,018 $27,043,380 $37,902,398
Number policies terminated 1949....:............... 8,57 22,662 31,179
Amount insurance terminated d 1949................. $5,874,7 $21,592,891 $27,467,848
Amount premiums received dur 9.................... $2,705,167 5482282 8,187,449
Losses and claims paid during 1949......................$1192,413 $3,077313 $4,269,726
Number olcies l:iorce Dec. 31, 1949................. .... 7,320 221,883 369,203
Amount insuranee.-in force Dec. 31, 1949 ... ... ...........$124,547,548 $202,826,576 $327,374,124
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Texas Almanac, 1952-1953, book, 1951; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth117137/m1/268/: accessed March 29, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.