Texas surplus lines premium increased by 31.2% to $918 million during the month of September, when compared to the same period last year, according to figures from the Surplus Lines Stamping Office of Texas (SLTX).
This brings the year to date premium total to $8.7 billion, which represents a 26.8% increase when compared with the previous year.
SLTX reports that 54.1% of premium were attributed to renewal policies, 41.1% to new business and 4.8% 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 50.9% to $90.8 million, while Excess / Umbrella, and Commercial General Liability coverages also recorded strong growth, up 24.9% to $31.2 million and 56.6% to $17.1 million, respectively.
SLTX also noted that overall transactions decreased 0.8% in September 2022 when compared to September 2021.
And Texas surplus lines premiums still continue to trend with existing hard-market conditions, it added.
