Texas Surplus Lines Premium Up 31% Through September: SLTX
Texas Surplus Lines Premium Up 31% Through September: SLTX
According to data from the Surplus Lines Stamping Office of Texas, Texas surplus lines premium climbed by 31.2% to $918 million during the month of September compared to the same time last year (SLTX).
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This increases the total premiums paid out this year to $8.7 billion, up 26.8% from the same period last year.
According to SLTX, renewal policies accounted for 54.1% of premiums, new business for 41.1%, and non-policy transactions for 4.8%. Additionally, Premium Endorsements make up 70.4% of non-policy transactions, while Cancellations make up 21.8%.
Texas Surplus Lines Premium Up 31% Through September: SLTX
The largest increase, Commercial Fire / Allied Lines coverage, rose 50.9% to $90.8 million, while Excess / Umbrella, and Commercial General Liability coverages also recorded strong growth, up 24.9% to $31.2 million and 56.6% to $17.1 million, respectively.
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SLTX also noted that overall transactions decreased by 0.8% in September 2022 when compared to September 2021.
And Texas surplus lines premiums still continue to trend with existing hard-market conditions, it added.
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