March 2024 Filings Reach $1.1B

Apr 1, 2024 | eNews

SLTX recorded $1.13B in March. This represents a 3.5% decrease over March 2023, and 4.8% increase year-to-date.

56.5% of premium reported (29.9% of items) is attributable to renewal policies, 40.2% (29.4% of items) to new business, and 3.3% (40.7% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (34,759 items or 77.6% of the 40.7%) and Cancellations (7,328 items or 16.4% of the 40.7%).

The largest increase, Commercial Package coverage, rose $26.5M (or 83.7%). Builders’ Risk Property, Cyber Liability, and Commercial Auto Liability coverages also recorded growth, up $15.0M (2681.1%), $12.8M (48.8%), and $10.0M (22.8%) respectively.

Overall transactions reflected growth for March in item counts, up 19.1% when compared to March 2023. A 6.3% increase in policies filed (65,243) was recorded with average premium per item ($10,313) down 19.0% from March 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 24.2% and up 7.3% 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.