Surplus lines premiums hit record $63.32B: WSIA

Surplus lines premiums reported to U.S. surplus lines stamping and services offices was a record $63.32 billion in 2022, a 24.1% increase over 2021, while the number of transactions increased 6.9%, to 5.6 million, the Kansas City, Missouri-based Wholesale & Specialty Insurance Association said Tuesday.

The stamping office with the largest number of premiums was California, with $16.13 billion, a 22.2% increase, while the number of transactions increased 9.8%, to 912,395, the report said.

The total for all offices reflected a slower premium growth rate than for the first half, when premiums increased 32.4%, to $31.4 billion, and transactions increased by 9.4%, to 2.8 million, according to the WSIA.

The WSIA said the 24.1% growth rate in premiums for the year represents the largest year-over-year expansion in stamping office premiums since the association began recording this data in 2009.

Stamping office states accounted for 66% of all surplus lines premium volume in 2021, the report said.