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Excess and surplus lines premiums in the U.S grew 11.3% to $31.4 billion in 2018, according to a report from the Surplus Lines Stamping Office of Texas.
Five other states saw double-digit premium increases in 2018: Nevada (23.9%), Washington (23.1%), California (16.5%), Florida (10.9%) and New York (10.6%).
Fifteen U.S. surplus lines service/stamping offices administrate surplus lines insurance filings with various responsibilities, according to the Texas office.
The economy and growth in the state of Nevada has had a huge effect on the state’s surplus lines industry, according to Lynn Twaddle, executive director of the Nevada Surplus Lines Association, the report said.
Filings increased 7.5% in 2018 to 4.4 million transactions, the report said.
In the last 10 years, the market has grown 48.2% in premium recorded, according to the Texas office.
“Nationwide, the positive trends point to a healthy industry that continues to support specialty insurance endeavors across the nation, and with the abundance of capital, interest rate changes and a competitive marketplace, the familiar challenging environment will also continue,” Norma C Essary, CEO of SLTX, said in the report.
It is still a buyer’s market for excess and surplus lines, with significant capacity and continuing rate declines — although there have been rate hikes in select lines — say experts, who generally predict the overall soft market will continue for the foreseeable future.