Insurance firms in Texas are failing at a record rate.

Texas regulators also said that the failures may keep growing as the industry struggles against a slumping economy. So far this year, the State Board of Insurance has placed 14 companies in receivership, bringing the total number of insurance companies in receivership to 93. Five years ago, 42 companies were in receivership, and in 1983 only eight companies were added to the list. The state board’s figures include companies based in Texas and those in other states that do business in Texas. The number of insolvent companies represents only a small percentage of the 2,285 insurance companies licensed to do business in Texas.