August 2022 Filings Exceed $1.12B
SLTX recorded $1.12B in August, promoting the year-to-date total to $7.81B. This represents a 45.7% increase over August 2021, and 26.3% increase year-to-date. This is the fifth consecutive month to break more than a billion dollars in premium!
59.4% of premium reported (35.9% of items) attributes to renewal policies, 35.4% (29.9% of items) to new business, and 5.2% (34.1% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions stemmed from Premium Endorsements (22,060 items or 67.2% of the 34.1%) and Cancellations (7,882 items or 24.0% of the 34.1%).
The largest increase, Commercial Fire / Allied Lines coverage, rose $127.6M (or 62.3%). Excess / Umbrella, Commercial General Liability, and Auto Commercial Liability coverages also recorded growth, up $64.8M (48.7%), $35M (34%), and $11.5M (23.6%) respectively. 68.2% of total premium increases can be attributed to these coverages.
Overall transactions also reflected growth for August item counts, up 5.7% when compared to August 2021. A 7.6% increase in policies filed (63,341) was recorded with average premium per item ($11,621) up 37.8%. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) were down 38.4% and cancellations were up 11.7% respectively.
Texas surplus lines premiums continue to trend with existing hard-market conditions, including results of changes to diligent effort requirements (TX87 SB1367). SLTX continues to monitor the Texas surplus lines market and share data and analysis as recorded or completed.