March 2023 Filings Reach $1.2B
SLTX recorded $1.18B in March. This represents a 21.2% increase over March 2022, and 38.0% increase year-to-date.
57.8% of premium reported (35.2% of items) is attributable to renewal policies, 39.0% (31.2% of items) to new business, and 3.2% (33.6% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (21,706 items or 69.9% of the 33.6%) and Cancellations (6,842 items or 22.0% of the 33.6%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $153.1M (or 55.6%). Excess/Umbrella Liability, Commercial Allied Lines, and Contingency Liability coverages also recorded growth, up $69.1M (44.7%), $16.8M (143.0%), and $13.6M (95.0%) respectively. 122.9% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceeds 100% of the total premium growth for the month due to coverages that experienced premium decline from March 2022.
Overall transactions declined for March in item counts, down 10.7% when compared to March 2022. A 10.8% decrease in policies filed (61,349) was recorded with average premium per item ($12,724) up 35.7% from March 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 25.1% and down 18.6% 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.