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Surplus lines premium grew nearly 15% in 2023

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Surplus line premium reported by the group of 15 U.S. surplus lines service and stamping offices grew 14.6% to $72.66 billion last year, according to data released Monday.

The data in the report issued by the Kansas City, Missouri-based Wholesale & Specialty Insurance Association represents about 64% of the surplus lines market.

Property insurance saw the biggest growth in premium, with a 31.8% increase, followed by auto physical damage at 24.1% and multi-peril, which includes packaged policies, at 21.1%, according to the report. Liability, the largest line of business, grew 9.9%.

Professional liability saw the biggest drop, with total premium falling 5.1%.