OPIC has worked hard for consumers throughout the 2024 fiscal year (Sep. 2023 through Aug. 2024). Over the last 12 months, we reviewed almost 1,350 insurance rate and policy forms filed with the Texas Department of Insurance. We saved Texas consumers over $3 million by limiting premium increases and obtaining refunds. Indeed, for every $1 provided to OPIC’s budget for the purpose of representing Texas insurance consumers on rate and form issues, we saved Texans more than $2. We are a small agency, but we did important things in 2024.
saved for consumers
rate and form filings reviewed
Here are some of our biggest achievements of 2024:
Prevented Reductions in Coverage
OPIC has worked diligently to prevent reductions in coverage on auto and residential property policies. OPIC reviews hundreds of insurance policy forms every year. In FY 2024, these reviews generated over 200 changes to residential property and auto insurance policies that ensured better transparency, and increased protection for Texas consumers.
Help After Disasters
Soon after Hurricane Beryl made landfall on the Texas coast on July 8, 2024, OPIC created a webpage dedicated to providing resources and information for Texans impacted by the storm.
https://www.opic.texas.gov/news/hurricane-beryl/
OPIC worked with the Texas office of AARP to record a Q&A presentation with tips on “Filing a Claim After a Storm”, which AARP posted on their Facebook page. The presentation was intended to assist Texas consumers that were impacted by Hurricane Beryl in better understanding insurance claims and the recovery process.