Monday, March 17, 2008

Stamping Offices Report Mixed Results in 2007

Surplus lines stamping office reported a wide fluctuation in business in 2007 with an overall slight increase in premiums but a drop in number of items, according to the 2006/2007 Comparative Statistics report issued by the stamping offices, which is available to download.

Overall premiums increased by 0.6% from $22.998 million to $23.143 million among the 14 stamping offices, however the number of items dropped 1.5% from 3,485,473 to 3,431,84.

States recording double digit percent increases in premiums were Illinois, Idaho, Mississippi and Montana, while Oregon (-22%) and Pennsylvania (-15.2%) noted premiums decreased by double digit amounts.

Premium changes in states with more than one billion in premiums were: California (-2.7%); Florida (4.1%); Illinois (18.7%); New York (1.0%); and Texas (4.4%).

On the items side, the largest change was reported by Montana which noted a 74.2% increase, rising from 9,334 items to 16,261. Illinois noted a 6% increase and noted that electronic filing began May 1, 2007.

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