October 2024 Filings Reach $1.5B

Nov 4, 2024 | eNews

SLTX recorded $1.47B in October. This represents a 17.9% increase over October 2023, and 14.6% increase year-to-date.

57.7% of premium reported (30.6% of items) is attributable to renewal policies, 39.3% (31.5% of items) to new business, and 3.0% (37.9% of items) to non-policy transactions. Furthermore, non-policy transactions are predominately Premium Endorsements (30,794 items or 73.7% of the 37.9%) and Cancellations (8,721 items or 20.9% of the 37.9%).

The largest increase, Excess/Umbrella Liability coverage, rose $170.6M (or 80.4%). Commercial Fire and Allied Lines, Oil & Gas Property, and Builders’ Risk Property coverages also recorded growth, up $44.1M (14.2%), $25.4M (1080.5%), and $19.9M (109.1%) respectively. 117.0% of total premium increases can be attributed to these coverages. The total growth for the top 4 coverages mentioned exceed 100% of the total premium growth for the month due to coverages that experienced premium decline from October 2023.

Overall transactions declined for October in item counts, down 3.6% when compared to October 2023. A 10.2% decrease in policies filed (68,498) was recorded with average premium per item ($13,290) up 22.3% from October 2023. Record-keeping transactions (name, number, or insurer change endorsements; reversals; etc.) and cancellations were down 66.4% and 11.4% 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.