The Surplus Lines Stamping Office of Texas (SLTX) reported that the state has seen record-breaking premiums in the first quarter of 2021, with a total of $2 billion in premium representing a 20.1% increase over the same period in 2020.
SLTX added number of transactions reported continues to reflect a minimal downward trend with roughly 247,000 filings being made, a 4.8% decrease compared to 2020. As a result, the average premium per item has increased 26.1% from $6,408 (Q1 2020) to $8,083 (Q1 2021).
This growth was evident in nearly all aspects of the data reported, from policy stratification (by premium) through coverage / line of business and insurer.
The top five insurers are responsible for nearly one-third (32%) of the premiums reported during Q1, with the top 5 agencies placing a little less than half (45%) of that premium. Cumulatively, the top 5 coverages account for roughly two-thirds (68%) of those same premiums.
All coverage groups reflected double-digit growth, apart from Accident and Health.
The decrease in the overall number of transactions appears to equitable throughout the various types filed with SLTX but continues to reflect the largest number of transactions submitted during Q1 2021 to be renewals.
SLTX expects premiums to increase going forward as the continued hard market conditions continue.
Source: SLTX
Topics Trends Texas Excess Surplus Pricing Trends
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