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.
Certain coverages have continued an 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 a whopping 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.
Surplus lines premium has continued to increase over the past few years. In Texas, SLTX has experienced several years of record-breaking growth, each building on the last. This year’s total is double the amount recorded 15 years ago in 2003 at $2.95 billion.
Source: SLTX
Topics Trends Texas Excess Surplus Pricing Trends
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