Texas Hits Record-Breaking Year
Surplus lines premium in Texas increased to $7.92 billion in 2020, up from $6.95 billion in 2019, according to data collected by the Surplus Lines Stamping Office of Texas (SLTX). These numbers represent 14% growth over 2019 and total 10-year growth of 139% since 2010 when premium totals reached $3.31 billion.
Recorded premium was highest during the spring and summer months, with the most premium documented in May 2020 at $773 million. The lowest total recorded for the year was in February 2020 at $503 million.
Various types of surplus lines coverages have also experienced growth in 2020 over 2019. Contingency Liability premium have increased 115%, Flood has grown by 19%, and fire and allied lines, the largest coverage code, jumped 24% from 2019. It is worth noting that the growth of these coverages is not markedly out of line with overall market growth of 14% from 2019 to 2020.
In Texas and nationally, surplus lines premium has continued to rise over the past several years. Despite the beginning of the pandemic in March 2020, SLTX has seen an increase in premium through the end of year as well as a 3.1% decrease in filings. As service offices throughout the country finalize their data, it may be seen that other states have had similar results for 2020. The stamping office is here to provide aid and excellent customer service to all in our industry. If there are any questions regarding 2020 statistics, please utilize our “Submit your Questions” page on our website.