Texas surplus lines premium for July 2021 reached $836.1 million, the Surplus Lines Stamping Office of Texas (SLTX) reported.
The number brings the year-to-date total up to $5.42 billion as of the end of July, a 16.1% increase in premiums compared to the same period in 2020. The July figure also represents a 15.6% (or $113 million) increase in premiums over July 2020.
Various lines of business experienced notable growth over July 2020, with the largest increase being excess/umbrella coverage, which rose almost $28 million (or 25%).
Additionally, fire/allied lines (residential, commercial, and historical codes) and commercial general liability (including new codes that were historically combined) coverages also recorded growth, up $18.6 million (or nearly 7%) and $13.1 million (or 13%) respectively.
Roughly 53% of total premium increases can be attributed to these three coverages.
July 2021 reflected a 1.6% decrease in the overall number of transactions filed (91,571) over the same period in 2020, resulting in a 0.3% decrease in the overall transactions filed year-to-date.
This same period also reflected a 0.6% decrease in policies filed (62,689), resulting in a 2.5% decrease in policies filed year-to-date.
Continuing with the year-to-date trend, 60.4% of premium reported this month is attributed to renewal policies, which accounted for 38% of the items reported.
Additionally, 35.2% of premium (and 30% of the items) reported is related to new business, and the remaining 4.4% of the premium (and 32% of the items) is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.
Source: SLTX
Topics Texas Excess Surplus
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