October 2023 Filings Reach $1.2B

Nov 1, 2023 | eNews

SLTX recorded $1.24B in October. This represents a 50.2% increase over October 2022, and 27.8% increase year-to-date.

51.7% of premium reported (34.1% of items) is attributable to renewal policies, 44.9% (32.6% of items) to new business, and 3.4% (33.4% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (25,144 items or 65.8% of the 33.4%) and Cancellations (10,005 items or 26.2% of the 33.4%).

The largest increase, Terrorism Property coverage, rose $137.1M (or 5369.6%). Commercial Fire and Allied Lines, Excess/Umbrella Liability, and Commercial General Liability coverages also recorded growth, up $76.2M (32.4%), $56.2M (36.0%), and $48.6M (40.6%) respectively. 76.5% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for October in item counts, up 27.1% when compared to October 2022. A 32.9% increase in policies filed (76,287) was recorded with average premium per item ($10,863) up 18.2% from October 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 68.3% and 44.8% 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.