July 2022 Filings Exceed $1.08B
SLTX recorded $1.08B in July, promoting the year-to-date total to $6.7B. This represents a 29.7% increase over July 2021, and 23.6% increase year-to-date. This is the fourth consecutive month to break more than a billion dollars in premium!
57.8% of premium reported (36.3% of items) attributes to renewal policies, 35.9% (30.8% of items) to new business and 6.3% (32.9% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions are stemmed from Premium Endorsements (19,471 items or 69.3% of the 32.9%) and Cancellations (6,267 items or 22.3% of the 32.9%).
The largest increase, Commercial Fire / Allied Lines coverage, rose $86.8M (or 32.9%). Excess / Umbrella, and Commercial General Liability coverages also recorded growth, up $59.1M (42.2% and $24.3M (23.0%) respectively. 68.6% of total premium increases can be attributed to these coverages.
Overall transactions for July decreased 6.8% when compared to July 2021. An 8.8% decrease in policies filed (57,155) was recorded with average premium per item ($12,704) up 39.1%. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 23.3% and 14.4% 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.