Texas Records $1.67B in E&S Premium During 2020 Q1
SLTX found $1.67 billion in excess and surplus lines (E&S) premium was recorded in Texas during the first three months of 2020. This is a 14.5% increase over premium recorded in the first quarter of 2019, and a 27.4% growth over the first quarter of 2018.
Premium reported so far this year continues a trend of each month setting a new record for that month. Totals in January, February, and March have all hit new highs this year at $540.0 million, $502.9 million, and $622.7 million in premium, respectively.
While premium increased over this time period, total filings made during the first quarter decreased 0.42% compared to the first quarter of 2019. SLTX recorded 259,952 filings to date in 2020, compared to 261,056 in the first three months of 2019 and 251,977 in this quarter in 2018.
Based on recent years, E&S premium recorded in Texas generally rises during the summer months. However, the coronavirus (COVID-19) pandemic first reached the United States this quarter, and it is unclear how much the virus will impact the market moving forward.