TX | The Surplus Lines Association of Texas (“SLTX”) has 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.
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