The Surplus Lines Stamping Office of Texas (SLTX) says recorded $747.99 million in surplus lines premium in April, an amount representing a 0.8% increase over April 2020.
Cumulatively, this represents a total of $2.75 billion in premium year-to-date, a 14.2% increase when compared to the same period in 2020, SLTX said.
Several lines of business demonstrated notable increases over April 2020, with the largest increase being attributed to property package (residential, commercial, and historical codes), which rose almost $27 million (or 131.8%).
Due to SLTX’s recategorization of coverage codes in the beginning of the year, some of this increase is likely attributed to the decrease in homeowners coverage.
The second-highest premium increase is associated with allied lines coverage (residential, commercial, and historical codes), which gained $13 million (or 135.4%).
SLTX noted that the numbers do not necessarily indicate a market trend as they are for a single month period
For the second consecutive month, the overall number of transactions filed (93,949) increased (3.4%) over the same period in 2020. These increases can be seen in the number of policies filed as well, with a 0.6% increase in policies filed (62,618) in April 2021 over April 2020.
Year-to-date, 223,204 policies have been filed, which culminates in a 5.3% decrease in the number of policies filed YTD and ultimately resulted in a 2.7% decrease in the overall transactions filed YTD.
Continuing with the YTD trend, the majority of the premium reported in April can be attributed to renewal policies (61%). Secondarily, 34% of premium reported is related to new business, and the remaining 5% is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.
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