2018 YTD Premium Numbers Surpass 2017 Totals
SLTX has recorded $5.57 billion in Texas surplus lines premium this year through November 2018, which exceeds the $5.46 billion total reported for the full-year of 2017. This represents a 2.17% increase over last year’s year-end total, with one month left in 2018.
Compared to this time period in 2017, premiums have increased 10.56%. Filings have increased only slightly, at 1.58% over the same time period in 2017.
The increase can be partly attributed to continued favorable conditions in the surplus lines market. Some coverages have grown steadily, such as fire and allied lines, which increased 12% over 2017. Other emerging markets have shown increases over the past year. For example, cyber liability is up 14%, while pollution and flood premiums have both increased by 6%.
As the year comes to a close, premium totals will likely continue to show favorable growth, suggesting that the surplus lines industry is a viable option for new and specialty risks.