SL Growth Continues in Texas
Surplus lines premium in Texas has consistently broken records each month in 2020, according to data recorded by SLTX. For the first five months of this year, each recorded total has been the highest premium amount ever reported for that particular month.
In May 2020, $772.88 million in premium was reported in Texas, an increase over the $681.56 million recorded in May 2019, bringing the year-to-date total to $3.18 billion. This represents a 14.31% increase over 2019’s total of $2.78 billion from this time.
So far, SLTX has recorded 434,499 total filings through the end of May in 2020. This is a 5.0% decrease when compared to the same period in 2019. SLTX has also seen an increase in the number of policies filed for exempt commercial purchasers (ECP). Through May, there have been 1,014 policies for ECPs for the year, compared with 857 during the same period in 2019, a 18.3% year over year increase.
As the mid-year point approaches, SLTX will continue to monitor the Texas surplus lines market, as well as the national market, and share additional data as it is recorded.