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Excess and surplus lines premiums recorded in this year’s first half totaled $14.3 billion, a 6.6% increase over the comparable period in 2016, according to data from 15 stamping offices nationwide.
The number of filings increased 11%, to 2.1 million, according to the report by the Austin-based Surplus Lines Stamping Office of Texas.
Arizona, Utah, North Carolina and Minnesota saw the greatest premium spikes of 29%, 27%, 19% and 16% respectively, which the states’ executive directors attributed to market changes in property and construction, new and improved business technology platforms and premium policy increases, according to the report.
The “Big Four” of California, Florida, Texas and New York reported premium volume increases of 4.9%, 6.1%, 7.9% and 6.5% respectively. They accounted for $10.9 billion of the $14.3 billion in premiums, or 76.2% of the total, according to the report.
In 2016, premium volume totaled $25.9 billion, a 3.3% increase from 2015.
Excess and surplus lines premiums recorded in 2016 totaled $25.9 billion, a 3.3% increase from 2015, according to data from the 14 stamping offices nationwide.