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Surplus lines premiums reported to U.S. surplus lines stamping and services offices increased 14.9% to $41.7 billion in 2020, despite a 1.3% decline in transactions to 4.9 million, the Wholesale & Specialty Insurance Association said Thursday.
States with stamping offices accounted for 62.7% of U.S. premium volume in 2019, according to stamping office and A.M. Best Co. reports, the Kansas City, Missouri-based WSIA said
Each of the 15 stamping offices reported premium increases for mid-year 2020, with 11 states reporting double-digit percentage increases, WSIA said. While transaction counts were down overall, nine states reported increases, it said.
The largest number of premiums were reported by California, which saw a 22.7% increase to $11.15 billion in premiums and an 8% increase in transactions to 775,731. Texas was next, with a 14% increase in premiums to $7.92 billion and a 3.1% decrease in transactions to 1.1 million.
Surplus line premiums reported to U.S. surplus lines stamping and service offices increased 10.3% in the first six months of 2020, compared with the year-earlier period.
Surplus line premiums reported to the U.S. surplus lines stamping and service offices increased 10.3% in the first six months of this year compared with the year-earlier period, although the number of transactions decreased slightly, the Wholesale & Specialty Insurance Association said Tuesday.