July 2023 Filings Reach $1.4B
SLTX recorded $1.41B in July. This represents a 29.9% increase over July 2022, and 28.7% increase year-to-date.
61.8% of premium reported (33.9% of items) is attributable to renewal policies, 34.8% (28.7% of items) to new business, and 3.4% (37.4% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (22,986 items or 61.1% of the 37.4%) and Cancellations (10,160 items or 27.0% of the 37.4%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $172.6M (or 49.2%). Commercial General Liability, Oil & Gas Property, and Commercial Allied Lines coverages also recorded growth, up $43.2M (33.2%), $41.2M (3,287.6%), and $20.7M (198.9%) respectively. 85.8% of total premium increases can be attributed to these coverages.
Overall transactions reflected growth for July in item counts, up 17.8% when compared to July 2022. A 10.1% increase in policies filed (62,919) was recorded with average premium per item ($14,004) up 10.2% from July 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 28.8% and 61.2% 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.