December 2022 Filings Exceed $992M
SLTX recorded $992M in December, promoting the full year total to $11.6B. This represents a 19.6% increase over December 2021, and 27.3% increase over 2021.
55.5% of premium reported (32.3% of items) attributes to renewal policies, 36.6% (29.2% of items) to new business, and 7.9% (38.5% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions are stemmed from Premium Endorsements (24,598 items or 73.1% of the 38.5%) and Cancellations (6,660 items or 19.8% of the 38.5%).
The largest increase, Commercial Fire / Allied Lines coverage, rose $110.3M (or 55.5%). Commercial General Liability and Excess / Umbrella coverages also recorded growth, up $30.9M (30.3%), and $18.5M (12.0%), respectively. 98% of total premium increases can be attributed to these coverages.
Overall transactions reflected decline for December in item counts, down 1.0% when compared to December 2021. A 2.9% decrease in policies filed (53,807) was recorded with average premium per item ($11,351) up 20.8% from December 2021. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 7.6% and 15.9% 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.