Texas insurance industry loses $1.4 billion in 2008

The Texas insurance industry lost nearly $1.4 billion in 2008 as the state was hammered by three hurricanes as well as several other major weather events.

According to figures released Monday by the Texas Department of Insurance, for every dollar the state's insurance industry took in, it paid out $1.65.

The 2008 hurricane season was a devastating one for many parts of Texas as three major storms made landfall.

Dolly hit near the Texas-Mexico border in July; Gustav slammed the Texas-Louisiana line on Labor Day; and Ike, the most destructive of the three storms, barreled ashore near Galveston on Sept. 13, wreaking havoc throughout Southeast Texas.

State officials estimate damages from last year's hurricane season to be more than $29 billion.