Ted Pierce, executive director of the Surplus Line Association of California, released the association’s 2002 totals for processed surplus line premium showing a 104.5 percent increase over the 2001 premium total.
The $3,563,159,626 in calendar year 2002 premium is attributed to the impact of the hard market.
“Insurers have been hit hard by stock market woes, environmental hazard claims and the 9/11 terrorist attacks. Insurance agents are turning more frequently to surplus line brokers to place difficult and hard to place accounts,” said Pierce.
The Association processed a total of 331,835 insurance policies in 2002 compared to only 201,211 in 2001. The Association’s chairman, Horst Lechler noted, “the Surplus Line Association has been very busy the past 12 months processing record levels of California premium data due to an obvious upswing in the surplus line market.”
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