First-half surplus lines premiums up sharplyPosted On: Jul. 19, 2021 1:09 PM CST
Surplus lines premiums reported to U.S. surplus lines stamping and services offices totaled $24.04 billion in the first half of this year, up 21.9% from the year-earlier period, the Wholesale & Specialty Insurance Association said Monday.
The number of transactions reported increased 7.2% to 2.6 million, according to the report issued by the Kansas City, Missouri-based association.
States with stamping offices accounted for 62.7% of U.S. premium volume in 2019, according to stamping office and Oldwick, New Jersey-based A.M. Best Co. reports, the statement said.
Each of the stamping offices reported premium increases, and all but Texas, which was essentially flat, reported increases in transactions.
Idaho had the biggest increase in transactions at 13,257, a 26.7% increase from the first half of 2020. Wendy Tippetts, manager of the Boise-based Surplus Lines Association of Idaho, said transactions were up significantly in high-limit accident and health, general liability, and fire and allied lines.
Growth in other western states was attributed to construction, according to the report.
In January, the association reported a 14.9% increase to $41.7 billion for all of 2020, despite a 1.3% decline in transactions to 4.9 million.