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 has increased to $3.06 billion, as of June 30, 2018. This represents a 10.6 percent increase, with total filings during this time experiencing a marginal increase of 1.7 percent over the same period in 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 a 15 percent growth, while general liability showed an 11 percent increase.
Overall, SLTX projections show that Texas appears to be on track for growth and continued health in the specialty market through 2018 and into the future.
Source: SLTX
Related:
Topics Trends Texas Excess Surplus Pricing Trends Professional Liability
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