The Surplus Lines Stamping Office of Texas (SLTX) reported that the state recorded $6.08 billion in excess and surplus insurance premium for 2018, representing an 11.4 percent growth over 2017. The numbers represent another record-setting year for surplus lines filing, according to SLTX.
The stamping office highlighted certain coverages that have shown a continued, significant upward trend of increased premium. Fire and allied lines showed a growth of 15.5 percent (from $1.51 billion to $1.74 billion), while cyber liability increased by 15.8 percent to $89.7 million. Additionally, pollution increased by 9.1 percent to $167 million and terrorism rose by 50.7 percent from $3.4 million to $5.1 million.
The increase can be attributed to general rate and pricing upticks, as SLTX saw only a marginal increase in filing totals for the year. In 2018, 1.05 million filings were recorded, compared to 1.03 million in 2017, a 1.24 percent increase.
SLTX said it has seen several years of record-breaking premium growth in excess and surplus lines. The 2018 premium total is double the amount recorded 15 years ago in 2003 at $2.95 billion.
Topics Texas Excess Surplus
Was this article valuable?
Here are more articles you may enjoy.
Customers’ Search for Better Auto Rates Has UBI Heating Up 
Florida Board Drafting Rules That Could Stem Bogus Engineering Reports in Claims 
LA Fire Survivors Got a Rude Surprise That Could Hit More Americans 
Forecasters Warn of ‘Potentially Catastrophic’ Storm From Texas to the Carolinas From This Issue
