June 2022 Texas Surplus Lines Premium Exceeds $1.2B
SLTX recorded $1.2B in June, promoting the year-to-date total to $5.6B. This represents a 26.9% increase over June 2021, and 22.4% increase year-to-date.
59.5% of premium reported (36.9% of items) attributes to renewal policies, 38% (31.8% of items) to new business and 2.6% (31.3% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions stem from Premium Endorsements (19,612 items or 66.3% of the 31.3%) and Cancellations (7,258 items or 24.6% of the 31.3%).
The largest increase, Commercial Fire / Allied Lines coverage, rose $39M (or 9.7%). Excess / Umbrella, and Commercial Auto Liability coverages also recorded growth, up $38.2M (24.3%28M (139.4%) respectively. 41.3% of total premium increases can be attributed to these coverages.
Overall transactions reflected a decrease of 0.8% when compared to the item count in June 2021. A 0.3% increase in policies filed (64,846) was recorded with average premium per item ($12,737) up 28%. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.), renewals, and cancellations were down 45.7%, 6%, and 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 analysis as recorded or completed.