Texas Surplus Lines Hits Premium of $717.76M in August
SLTX has recorded $717.76M in Texas surplus lines premium during the month of August. The premium recorded year to date through August represents an 11.1% increase over the same period in 2019. Additionally, through August, 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, the total is still the largest premium reported for the month of February when compared to previous years.
Various types of surplus lines coverages have experienced growth in 2020 over 2019. At the end of the month of August, contingency liability premium has increased 131.8%, flood has grown by 14.0%, and fire and allied lines, the largest coverage, jumped 21.9% from 2019.
SLTX has also seen a 3.6% decrease in the number of filings YTD from the previous year. So far, the record shows 714,828 total filings through the end of August in 2020.
As quarter-four 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. Please refer to our market data reports which are published monthly along with the companion policy and premium reports for more information.