Reported Texas surplus lines premium through the first three quarters of 2019 reached $5.35 billion, a 16.15% increase over the same period in 2018, according to the Surplus Line Stamping Office of Texas (SLTX).
Additionally, each month’s recorded premium has continued to be the highest ever recorded for that particular month, SLTX says.
In 2019, the largest premium recorded by month was in July at $768.18 million, followed by June with $692.92 million. The month with the lowest total recorded premium this year was February with $410.14 million, though this total is still the most premium reported during the month of February of any year.
Many different types of surplus lines coverage have experienced growth in 2019 over 2018. At the quarter’s end, cyber liability premium has increased 36.76%, flood has grown by 29.45%, and fire and allied lines, the largest coverage code, jumped 23.67%.
So far, SLTX has recorded 836,043 policy filings at the end of the third quarter of 2019, which marks a 5.31% increase over filings at this time in 2018.
SLTX has also seen an increase in the number of policies filed for exempt commercial purchasers (ECP). There have been 1,873 policies for ECPs in the first three quarters of 2019, compared with 1,460 in 2018, a 28.29% increase year to date.
Source: SLTX
Topics Trends Texas Excess Surplus Pricing Trends
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