Texas surplus lines premium up 13.8% so far in 2020

The Surplus Lines Stamping Office of Texas (SLTX) recorded $629.5mn of premium during October, which brought the total premium recorded year to date to $6.62bn – up 13.8 percent on the same period of 2019.

Each month of 2020 has set a new record for that month except July. The month with the highest premium was May with $772.9mn while February had the lowest total, at $502.9mn.

SLTX noted that various types of surplus lines coverage have experienced growth in 2020 over last year.

By the end of October, contingency liability premium was up 145.8 percent for the year so far, flood had grown 25.1 percent, and fire and allied lines, the largest coverage code, increased 23.8 percent from 2019.

SLTX has also seen a 4.3 percent decrease in the number of filings year to date from the previous year, with 888,421 total filings through the end of October in 2020.

The October premium figure follows total premiums of $723.2mn in July, $717.8mn in August and $605.0mn in September.