September 2023 Filings Reach $1.05B

Oct 3, 2023 | eNews

SLTX recorded $1.05B in September. This represents a 14.5% increase over September 2022, and 25.7% increase year-to-date.

59.1% of premium reported (32.0% of items) is attributable to renewal policies, 40.8% (31.9% of items) to new business, and 0.1% (36.0% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (23,975 items or 67.9% of the 36.0%) and Cancellations (8,772 items or 24.8% of the 36.0%).

The largest increase, Commercial Fire and Allied Lines coverage, rose $34.6M (or 12.9%). Terrorism Property, Commercial Package, and Other Credit coverages also recorded growth, up $17.1M (896.6%), $13.3M (37.9%), and $9.8M (657.8%) respectively. 56.4% of total premium increases can be attributed to these coverages.

Overall transactions reflected growth for September in item counts, up 6.1% when compared to September 2022. A 2.6% increase in policies filed (62,693) was recorded with average premium per item ($10,720) up 7.9% from September 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 10.5% and 27.2% 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.