Texas Surplus Line Insurance Premium Neared $8B in 2020

Texas recorded nearly $8 billion in surplus lines premium in 2020.

The Surplus Lines Stamping Office of Texas (SLTX) reported that surplus line premium in the state increased to $7.92 billion in 2020, up 14% from $6.95 billion recorded in 2019. The state has experienced a 139% growth in surplus lines since 2010, when premium totals reached $3.31 billion, according to SLTX.

Recorded premium was highest during the spring and summer months, with the most premium documented in May 2020 at $773 million. The lowest total recorded for the year was in February 2020 at $503 million.

Various types of surplus lines coverages experienced growth in 2020 over 2019. Contingency liability premium increased 115%; flood grew by 19%, and fire and allied lines, the largest coverage code, jumped 24% from 2019. T

In Texas and nationally, surplus lines premium has continued to rise over the past several years. Despite the beginning of the pandemic in March 2020, SLTX has seen an increase in premium through the end of year as well as a 3.1% decrease in filings.

As service offices throughout the country finalize their data, it may be seen that other states have had similar results for 2020.

Source: SLTX

Topics Texas Excess Surplus