October 2022 Filings Exceed $827M
SLTX recorded over $827M in October, promoting the year-to-date total to $9.56B. This represents a 17.9% increase over October 2021, and 26% increase year-to-date.
55.7% of premium reported (32.9% of items) attributes to renewal policies, 39.1% (30.8% of items) to new business, and 5.2% (36.3% of items) is concluded from non-policy transactions. Furthermore, non-policy transactions are stemmed from Premium Endorsements (23,273 items or 71.3% of the 36.3%) and Cancellations (6,876 items or 21.1% of the 36.3%).
The largest increase, Commercial Fire/Allied Line coverage, rose $50.3M (27.2%). Other Credit, Commercial General Liability, and Excess/Umbrella Liability coverages also recorded growth, up $17.0M (788.7%), $16.1M (15.5%) and $15.4M (11.0%) respectively. 78.8% of the total premium increases can be attributed to these coverages.
Overall transactions increased 9.4% in October 2022 when compared to October 2021. An 7.5% increase in policies filed (57,399) were recorded with average premium per item ($9,194) up 7.7%. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 11% and 1.5% 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.