Surplus lines premium recorded in Texas during August totaled $767.1 million, bringing the year to date total to $6.18 billion, according to the Surplus Lines Stamping Office of Texas (SLTX).
This results in a 6.9% (or $49 million) increase and a 14.9% increase in YTD premiums compared to the same period in 2020, making it the highest recorded August for SLTX and the 7th largest premium in SLTX’s 33-year history.
Several lines of business demonstrated significant increases when compared to August 2020. The most notable growth was property multi-peril / package (residential, commercial, and historical codes) coverage, which rose $21.7 million (or 113.9%). Additionally, commercial general liability and allied lines (residential, commercial, and historical codes) coverages recorded growth, up $20.9 million (or 25.4%) and $11.2 million (or 181.1%), respectively.
August 2021also showed a 3.5% decrease in the overall number of transactions filed (90,984) over the same period in 2020, resulting in a 0.7% decrease in transactions filed YTD. This same period also reflected a 7.7% decrease in policies filed (58,878), resulting in a 3.2% decrease YTD.
As with prior months, 56.8% of premium reported this month is attributed to renewal policies, which accounted for 37.1% of the items reported. Additionally, 38.7% of premium (and 27.6% of the items) reported is related to new business, and the remaining 4.5% of the premium (and 35.3% of the items) is a result of non-policy transactions such as endorsements, cancellations, audits, installments, etc.