$699.8M in Texas Surplus Lines Premiums Reported in September
SLTX recorded $699.8M in Texas surplus lines premium during September, totaling $6.88B year-to-date, a 15.0% increase in YTD premiums compared to the same period in 2020. This results in a 15.7% ($95M) increase over September 2020, making it the highest recorded September and the 14th largest premium in SLTX’s 33-year history.
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 $30.9M (18.5%). Additionally, Excess / Umbrella and Commercial General Liability coverages recorded growth, up $23.7M (23.3%) and $20.2M (25.0%) respectively.
September 2021also 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 4th month to reflect increases in policy filings and the 5th month for transactions filed.
54.2% of premium reported this month is attributed to renewal policies, accounting for 35.0% of items reported. 40.0% of premium (and 30.2% of items) reported is related to new business, and 5.8% of premium (and 34.8% of items) is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.
Texas surplus lines premiums will continue to trend with the existing hard-market conditions throughout the year, including results of the changes to the diligent effort requirements (TX87 SB1367). SLTX will continue monitoring the Texas surplus lines market and share additional data and analysis as it is recorded or completed.