May 2018 was the highest-grossing month for surplus lines premium in Texas, with $681 million recorded, the Surplus Lines Stamping Office of Texas (SLTX) reported.
Total premium in Texas stood at $3.06 billion as of June 30, 2018. This represents a 10.6 percent increase over the same period last year. The total number of filings increased 1.7 percent over the first six months of 2017.
The mid-year increase can in part be attributed to growth in directors and officers (D&O) liability insurance and errors and omissions (E&O) insurance. SLTX recorded $47 million in 2018 D&O coverage, a 74 percent growth over $27 million in 2017. E&O coverage increased 6 percent to $159 million. Additionally, fire and allied lines recorded 15 percent growth, while general liability showed an 11 percent increase.
SLTX projections show that Texas appears to be on track for growth and continued health in the specialty market.
Excess and surplus lines (E&S) insurance premium recorded by the 15 managing service offices in the United States increased 9.4 percent at mid-year 2018.
Total U.S. premium reported reached $15.7 billion, approximately $1.4 billion more than was recorded in 2017, according to a mid-year analysis conducted by SLTX.
The four largest states — California, Florida, Texas and New York — saw increases in premium volume of 8 percent, 10 percent, 11 percent, and 13 percent, respectively.
Topics Trends Texas Excess Surplus Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Pierce Named CEO of GEICO as Combs Resigns 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Suit Against OpenAI and Microsoft Blames ChatGPT for Murder-Suicide 
Brookfield Targets Global Dominance in P/C Insurance Coverage From This Issue
