September 2022 Filing premiums Exceed $918M
SLTX recorded almost $918M of premium in September, promoting the year-to-date total to $8.7B. This represents a 31.2% increase over September 2021, and 26.8% increase year-to-date.
54.1% of premium reported (34.8% of items) attributes to renewal policies, 41.1% (31.3% of items) to new business and 4.8% (33.9% of items) is from non-policy transactions. Furthermore, 70.4% of non-policy transactions are Premium Endorsements and 21.8% are Cancellations.
The largest increase, Commercial Fire / Allied Lines coverage, rose $90.8M (or 50.9%). Excess / Umbrella, and Commercial General Liability coverages also recorded growth, up $31.2M (24.9% and $27.4M (24.9%), and $17.1M (56.6%) respectively. 46.6% of total premium increases are attributed to these three coverages.
Overall transactions decreased 0.8% in September 2022 when compared to September 2021. A 0.5% increase in policies filed (61,089) was recorded with average premium per item ($9,933) up 32.2%. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 12.6% and 10.3% 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.