December 2024 Filings Reach $1.4B

SLTX recorded $1.43B in December. This represents a 15.6% increase over December 2023, and 13.8% increase year-to-date.

58.5% of premium reported (30.0% of items) is attributable to renewal policies, 40.9% (35.8% of items) to new business, and 0.6% (34.2% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (24,022 items or 61.6% of the 34.2%) and Cancellations (12,222 items or 31.4% of the 34.2%).

The largest increase, Excess/Umbrella Liability coverage, rose $77.1M (or 38.9%). Commercial Fire and Allied Lines, Commercial General Liability, and Oil & Gas Property coverages also recorded growth, up $75.8M (21.1%), $53.5M (38.3%), and $16.8M (1,212.7%) respectively. 115.8% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceed 100% of the total premium growth for the month due to coverages that experienced premium decline from December 2023.

Overall transactions reflected growth for December in item counts, up 18.9% when compared to December 2023. A 19.6% increase in policies filed (74,894) was recorded with average premium per item ($12,585) down 2.8% from December 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 39.9% and up 45.3% 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.

To request any additional related data or analysis, please contact Christian Robinson, Senior Data Analyst (crobinson@sltx.org)