Texas surplus lines premium rises 12.3% in November

The Surplus Lines Stamping Office of Texas (SLTX) recorded $587.5mn of premium over the course of November, an increase of 12.3 percent when compared with the prior year and yet another record-breaking month tracked by the organisation.

E&S business lines have seen significant growth almost across the board during 2020 when compared with 2019. Come the end of November, contingency liability premium had increased by 123.6 percent year on year, while flood has grown by 20.7 percent.

In fire and allied lines, which is the largest coverage code tracked by SLTX, premium volume in November 2020 increased by 23.8 percent year on year.

While there has been significant growth in the amount of premium recorded by SLTX, the organisation said there has actually been a reduction of 4.1 percent in the number of filings in the 11 months through to the end of November when compared with the same period in 2019.

As the SLTX data shows, there were 969,427 total filings reported in 2020 through to 30 November.

Every month this year, bar July, has seen a record level of premium, according to SLTX. So far in 2020, May saw the largest year on year increase in premium at $772.9mn, with June seeing the second highest level of growth.

The lowest level of growth was seen in February when recorded premium stood at $502.9mn. That total still represents the most premium reported for the month of February ever when compared to previous years, SLTX said.