The amount of surplus lines premium reported in Texas in May 2020 was nearly $100 million higher than reported in the same month last year, according to the Surplus Lines Stamping Office of Texas (SLTX).
In May 2020, $772.88 million in premium was reported in Texas, an increase over the $681.56 million recorded in May 2019, bringing the year-to-date total to $3.18 billion. This represents a 14.31% increase over 2019’s total of $2.78 billion from this time.
Reported surplus lines premium has broken records so far each month in 2020, SLTX said. For the first five months of this year, each recorded total has been the highest premium amount ever reported for that particular month.
While premium has increased in May 2020, the number of filings decreased year over year. So far, SLTX has recorded 434,499 total filings through the end of May in 2020. This is a 5.0% decrease when compared to the same period in 2019.
SLTX has also seen an increase in the number of policies filed for exempt commercial purchasers (ECP). Through May, there have been 1,014 policies for ECPs for the year, compared with 857 during the same period in 2019, a 18.3% year over year increase.
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