April 2023 Filings Reach $1.3B
SLTX recorded $1.32B in April. This represents a 30.3% increase over April 2022, and 35.6% increase year-to-date.
55.4% of premium reported (31.4% of items) is attributable to renewal policies, 40.2% (38.6% of items) to new business, and 4.4% (30.0% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (21,115 items or 67.7% of the 30.0%) and Cancellations (7,940 items or 25.5% of the 30.0%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $256.7M (or 101.7%). Oil & Gas Property, Commercial Allied Lines, and Commercial Auto Liability coverages also recorded growth, up $43.3M (2,364.2%), $21.7M (107.3%), and $16.1M (35.2%) respectively. 109.8% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceeds 100% of the total premium growth for the month due to coverages that experienced premium decline from April 2022.
Overall transactions reflected growth for April in item counts, up 16.2% when compared to April 2022. A 20.9% increase in policies filed (72,709) was recorded with average premium per item ($12,754) up 12.1% from April 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 12.5% and up 18.0% respectively.
Texas surplus lines premiums continue to trend with existing hard-market conditions, including results of changes to diligent effort requirements (TX87 SB1367). SLTX continues to monitor the Texas surplus lines market and share data and analysis as recorded or completed.