Excess and surplus lines insurance premium (E&S) in Texas reached $6.95 billion in 2019, a 14.36% increase over 2018’s premium total of $6.08 billion, according to the Surplus Lines Stamping Office of Texas (SLTX).
2019 saw record-breaking premium totals, with year-end premium reaching a new high and each month of the year setting a record for that month, SLTX reported.
The stamping office says many lines of business increased over the year, with notable growth in cyber liability, flood, and oil and gas liability coverage, up 41.64%, 28.52%, and 25.86%, respectively.
Fire and allied lines, the largest coverage code in the Texas market, increased 21.77% from $1.74 billion to $2.12 billion. Excess liability coverage also recorded growth, up 23.33% from $949.58 million to $1.17 billion.
The number of E&S filings also increased in Texas during the year. In 2019, 1,093,760 items were filed with SLTX, up 4.43% from 1,047,318 in 2018. This total includes all transactions, such as endorsements, cancellations and renewals.
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