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CHICAGOPremium volume for the surplus lines market remained flat in 2005, just as it did in 2004, according to an annual report released at the 2006 Annual Convention of the National Assn. of Professional Surplus Lines Offices Ltd.
Kansas City, Mo.-based NAPSLO held its convention Sept. 13-16 in Chicago. It drew 3,400 attendees, which surpassed the prior year's record-setting attendance of 3,100.
The lack of overall growth in the surplus lines market is the result of the softening trend within the overall insurance industry that began late in 2004, according to a report produced by A.M. Best Co. Inc. for NAPSLO.
Yet the softening market conditions "did not have a marked impact on smaller and, in some cases, middle-market surplus lines risks in terms of average rates and pricing," Best's report states.
The report also shows, among other characteristics, that the surplus lines industry in 2005 accounted for 12.65% of total commercial premiums, or nearly $33.3 billion in premiums.