2024/February/Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
Source : INSURANCE JOURNAL
The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association (WSIA).
2023 premiums reflected a 14.6% increase over the record-breaking numbers of 2022 when premiums grew more than 24% to $63 billion.
Transactions were up 5.2% to 5.8 million in 2023, led commercial liability and commercial property making up the bulk of the market. Premiums in these lines increased nearly 10% and 32% to about $26.8 billion and $24.2 billion, respectively, in 2023.
Combined, E&S premiums for personal property grew 7.5% in 2023 to about $3 billion but transactions decreased 2.7%. However, the report breaks down data by state, revealing where risk is flowing to the E&S market. For instance, personal property transactions increased the most (26.3%) in California and premiums grew more than 20% to nearly $746 million (though personal property is still just 4.5% of the E&S market in California).
“This was to be expected, given the decisions by numerous admitted carriers to stop writing new homeowners business in California,” said Ben McKay, CEO and executive director of the Surplus Lines Association of California.
The largest premium market share of E&S personal property belongs to Florida at nearly 9% but personal property transactions decreased 7.6% in 2023. Overall E&S premiums in Florida grew 27.8% in 2023 to $15.4 billion.
“We continue to see the commercial property market’s premiums exhibit a noteworthy surge in response to current market conditions,” said Mark Shealy, executive director of the Florida Surplus Lines Service Office. Commercial property premiums increased 41.7% to about $7.2 billion to now account for 46.5% of the market.
In another large surplus lines state, premiums grew 25.8% in Texas to about $14.6 billion — led by 45.9% growth in commercial property.
Janet Pane, executive director of the Excess Line Association of New York, said premiums increases in 2023 were primarily driven by commercial liability and property, excess liability and umbrella, errors and omissions, and directors and officers. Overall E&S premiums grew 5.2% to about $8.1 billion in New York, and transactions were up 8.6%.
Comments (6)
Fitspresso Reviews
says March 05, 2024 at 3:15 amThank you I have just been searching for information approximately this topic for a while and yours is the best I have found out so far However what in regards to the bottom line Are you certain concerning the supply
^(#$!@#$)(()))******
says April 05, 2024 at 2:59 am10
Lucas Lang
says April 06, 2024 at 2:09 amFantastic read! I was especially impressed by the depth provided on the topic, offering a perspective I hadn’t considered. Your insight adds significant value to the conversation. For future articles, it would be fascinating to explore more to dive deeper into this subject. Could you also clarify more about the topic? It caught my interest, and I’d love to understand more about it. Keep up the excellent work!
먹튀검증사이트
says April 16, 2024 at 4:26 am먹튀검증소는 먹튀 피해가 발생했을때 피해금액을 전액 보상해드리는 보증업체입니다.
Lisette Lindgren
says April 21, 2024 at 12:23 pmFantastic beat I would like to apprentice while you amend your web site how could i subscribe for a blog site The account helped me a acceptable deal I had been a little bit acquainted of this your broadcast offered bright clear concept
토토사이트
says April 21, 2024 at 6:47 pm안전놀이터 메이저사이트 추천