Texas recorded $947.48 million in surplus lines premium, representing a 24.5% increase in premiums over June 2020, the Surplus Lines Stamping Office of Texas (SLTX) reported.
SLTX has recorded $4.58 billion in premiums year-to-date, which represents a 16.2% increase in premiums recorded for same period in 2020.
Various lines of business experienced notable growth over June 2020, with the largest increase being fire/allied lines coverage (residential, commercial, and historical codes), which rose almost $92 million (or 30.2%). Additionally, excess/umbrella and commercial general liability (including new codes that were historically combined) coverages also recorded growth, up $29 million (or 22.3%) and $19.2 million (or 19.8%), respectively.
Roughly 75% of total premium increases can be attributed to these three coverages.
June 2021 also reflected a 2.3% increase in the overall number of transactions filed (95,183) over the same period in 2020, resulting in a total difference of 111 fewer transactions filed year-to-date. This same period also reflected a 0.4% decrease in policies filed (64,654), resulting in a 2.9% decrease in policies filed for the year so far.
Source: SLTX
Topics Texas Excess Surplus
Was this article valuable?
Here are more articles you may enjoy.
PwC: Insurance Execs Say Agentic AI Leading Industry Transformation 
NFIP Reauthorized With Passage of Funding Bill to End Government Shutdown 
FEMA Chief Resigns After Six Months, Criticism Over Floods 
Five Reasons Why the US Escaped a Hurricane Landfall So Far This Year 
