May 2023 Filings Reach $1.35B
SLTX recorded $1.35B in May. This represents a 13.6% increase over May 2022, and 29.7% increase year-to-date.
66.6% of premium reported (34.0% of items) is attributable to renewal policies, 31.8% (30.6% of items) to new business, and 1.6% (35.4% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (20,983 items or 65.9% of the 35.4%) and Cancellations (8,121 items or 25.5% of the 35.4%).
The largest increase, Commercial Fire and Allied Lines coverage, rose $168.5M (or 43.4%). Commercial Allied Lines, Commercial Package, and Commercial Auto Liability coverages also recorded growth, up $26.8M (96.3%), $17.6M (35.2%), and $13.2M (30.6%) respectively. 139.6% 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 May 2022.
Overall transactions declined for May in item counts, down 6.5% when compared to May 2022. A 10.7% decrease in policies filed (58,065) was recorded with average premium per item ($15,017) up 21.5% from May 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 32.2% and 11.2% 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.