August 2023 Filings Reach $1.3B
SLTX recorded $1.3B in August. This represents a 16.7% increase over August 2022, and 27.0% increase year-to-date.
62.4% of premium reported (32.1% of items) is attributable to renewal policies, 35.3% (33.1% of items) to new business, and 2.3% (34.8% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (26,120 items or 65.8% of the 34.8%) and Cancellations (10,546 items or 26.6% of the 34.8%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $98.1M (or 29.5%). Commercial General Liability, Builders’ Risk Property, and Commercial Package coverages also recorded growth, up $33.6M (24.3%), $25.8M (157.6%), and $16.3M (43.6%) respectively. 92.9% of total premium increases can be attributed to these coverages.
Overall transactions reflected growth for August in item counts, up 18.7% when compared to August 2022. A 17.5% increase in policies filed (74,419) was recorded with average premium per item ($11,431) down 1.6% from August 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 10.9% and up 34.6% 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.