January 2024 Filings Reach $1.1B

Feb 2, 2024 | eNews

SLTX recorded $1.1B in January. This represents a 1.9% increase over January 2023, and 1.9% increase year-to-date.

58.1% of premium reported (32.7% of items) is attributable to renewal policies, 39.9% (30.8% of items) to new business, and 2.0% (36.5% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (22,453 items or 69.0% of the 36.5%) and Cancellations (7,594 items or 23.3% of the 36.5%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $65.7M (or 22.8%). Commercial Package, Commercial General Liability, and Representations and Warranties coverages also recorded growth, up $17.2M (47.5%), $15.7M (12.0%), and $5.7M (19.9%) respectively. 508.0% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceed 100% of the total premium growth for the month due to coverages that experienced premium decline from January 2023.

Overall transactions reflected growth for January in item counts, up 12.7% when compared to January 2023. A 9.5% increase in policies filed (56,728) was recorded with average premium per item ($12,347) down 9.6% from January 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 11.2% and up 30.4% 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.