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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.
The report by the Austin-based Surplus Lines Stamping Office of Texas also indicated a 3.1% increase in the number of filings recorded, at 3.6 million.
The southern region, which includes Florida, Mississippi and Texas, accounted for the highest amount of surplus lines insurance premium, at about $10.5 billion.
That region also recorded the most filings, with more than 2 million. Mississippi had the largest increase in filings overall, with an 11.3% increase to 130,000 in 2016 from 117,000 in 2015, according to the report.
Three of the largest surplus lines markets, California, Texas and Florida, reported increases in 2016 premiums even though they had posted mid-year decreases.
California’s increased by 4.6%, to $6.4 billion; Texas’ by 2.1%, to $5.1 billion and Florida’s by 0.6%, to $5 billion. Texas and Florida reported 5.1% and 5.9% increases in filings respectively, while California reported an 8.9% decrease for 2016.
Premiums reported by other states for 2016 were: Arizona, $479 million; Idaho, $102 million; Nevada, $274 million; Oregon, $328 million; Utah, $228 million; Washington, $844 million; Mississippi, $386 million; Illinois, $1.4 billion; Minnesota, $436 million; New York, $3.7 billion and Pennsylvania, $1.2 billion.
A report by India Insure Risk Management & Insurance Broking Services Pvt. Ltd. has said that insurance premiums in the nation are expected to grow by 20% year over year to 5.5 trillion Indian rupees ($80 billion) in 2017, Asia Insurance Review reports. Nonlife premiums are likely to contribute nearly INR 1.25 trillion, driven by motor, health and agriculture insurance. Agriculture insurance premiums are expected to increase by more than 17% to INR 170 billion