November 2023 Filings Reach $1.1B

Dec 1, 2023 | eNews

SLTX recorded $1.12B in November. This represents a 8.0% increase over November 2022, and 25.9% increase year-to-date.

62.3% of premium reported (34.0% of items) is attributable to renewal policies, 31.9% (34.4% of items) to new business, and 5.8% (31.5% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (25,333 items or 67.6% of the 31.5%) and Cancellations (9,635 items or 25.7% of the 31.5%).

The largest increase, Excess/Umbrella Liability coverage, rose $97.5M (or 43.6%). Commercial General Liability, Commercial Fire and Allied Lines, and Homeowners’ coverages also recorded growth, up $41.2M (34.3%), $34.3M (11.9%), and $25.3M (-403.1%) respectively. 237.4% 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 November 2022.

Overall transactions reflected growth for November in item counts, up 41.3% when compared to November 2022. A 51.7% increase in policies filed (81,447) was recorded with average premium per item ($9,436) down 23.5% from November 2022. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were up 82.5% and 41.7% 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.