According to the Surplus Lines Office of Texas (SLTX), surplus line premiums
totaled $747.99 million in April, up 0.8 percent from April 2020.
According to SLTX, this amounts to a total of $2.75 billion in premium
year-to-date, a 14.2 percent raise over the same timeframe in 2020.
Several lines of business saw significant growth in April 2020, with the
property bundle (residential, industrial, and historical codes) accounting
for nearly $27 million of the total (or 131.8 percent ).
Part of this increase is possibly due to the drop in homeowners coverage
due to SLTX's recategorization of coverage codes at the start of the year.
The allied lines coverage (residential, industrial, and historical codes)
saw the second-highest premium rise of $13 million (or 135.4 percent ).
The figures, according to SLTX, do not necessarily reflect an industry
trend since they are for a single month.
The total number of transactions filed (93,949) increased for the second
month in a row (3.4 percent) over the same timeframe in 2020. These trends
can also be seen in the number of policies filed, with a 0.6 percent rise
(62,618) in April 2021 compared to April 2020.
Year to date, 223,204 policies have been filed, representing a 5.3 percent
decrease in the number of policies filed YTD and a 2.7 percent decrease
in the total number of transactions filed YTD.
Following the YTD trend, renewal policies accounted for most of the premium
announced in April (61 percent ). Second, 34% of the premium recorded
is for new business, with the remaining 5% coming from non-policy transactions
like endorsements, cancellations, audits, installments, and so on.