Texas Surplus Lines Hits Premium of $629.53M in October
SLTX has recorded $629.53M in Texas surplus lines premium during the month of October. The premium recorded year to date through October represents a 13.8% increase over the same period in 2019. Additionally, through October, each month’s recorded premium has been the highest ever reported for that month with the exception of July 2020.
In 2020, the largest premium recorded thus far by month was in May at $772.88 million followed by June. The month with the lowest total recorded premium so far is February with $502.93 million; however, this total is still the most premium reported for the month of February when compared to previous years.
Various types of surplus lines coverage have experienced growth in 2020 over 2019. At the end of the month of October, contingency liability premium has increased 145.8%, flood has grown by 25.1%, and fire and allied lines, the largest coverage code, jumped 23.8% from 2019.
SLTX has also seen a 4.3% decrease in the number of filings YTD from the previous year. So far, the record shows 888,421 total filings through the end of October in 2020.
As quarter-four continues, SLTX will continue to monitor the Texas surplus lines market, as well as the national market, and share additional data as it is recorded.