Texas Records $699.8M in Surplus Lines Premiums in September

Texas surplus lines premium recorded during September totaled $699.8 million, bringing the state’s year-to-date premium up to $6.88 billion.

The Surplus Lines Stamping Office of Texas (SLTX) said the year-to-date total represents a 15% increase in YTD premiums compared to the same period in 2020. The September 2021 total is 15.7%, or $95 million, higher compared with September 2020, making it the highest premium amount recorded September.

Several lines of business demonstrated significant increases when compared to September 2020. The most notable growth was fire/allied lines coverage (residential, commercial, and historical codes), which rose $30.9 million (18.5%). Additionally, excess/umbrella and commercial general liability coverages recorded growth, up $23.7 million (23.3%) and $20.2 million (25%) respectively.

September 2021 also showed a 6.4% increase in overall number of transactions filed (93,125) over the same period in 2020, resulting in a YTD increase of 0.1% transactions filed. This same period also reflected a 4.5% increase in policies filed (60,761), a 2.4% decrease YTD. September is only the fourth month to reflect increases in policy filings and the fifth month for transactions filed.

Renewal policies account for 54.2% of premium reported in September, as well as 35% of items reported; 40.% of premium (30.2% of items) reported is related to new business; and 5.8% of premium (34.8% of items) is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.

Source: SLTX

Topics Texas Excess Surplus