Industry Issues | Surplus Lines Reform

2018 Mid-Year Report Indicates Surplus Lines Premium Growth Nationwide

According to a mid-year analysis conducted by the Surplus Lines Stamping Office of Texas (SLTX), excess and surplus lines premiums recorded by the 15 managing service offices in the U.S. have increased 9.4%. Total premium reported reached $15.7B, approximately $1.4B more than was recorded in 2017.

Total transactional filings have increased as well, with 2.2M filings made through the first two quarters of the year. This total represents a 5% growth over 2017. 

The four largest states, California, Florida, Texas, and New York, saw increases in premium volume of 8%, 10%, 11%, and 13%, respectively. These offices represent a majority of the U.S. premium value, totaling $12.1B of the total $15.7B mid-year value. 

Washington and Utah reported the greatest year-over-year premium spikes of 18% and 16%, respectively.

Premium among the E&S service and stamping offices have exhibited a 67% increase over the past seven years," according to the SLTX. Texas reports 2018 mid-year increases in coverage areas such as flood (40%), directors and officers (74%), errors and omissions (6%), and cyber liability (15%).

For more details - https://www.sltx.org/news/enews/surplus-lines-growth-continues-nationwide/