Thursday, July 24, 2008

Stamping Offices Report Drop in Premiums

Surplus lines premiums reported to the 14 U.S. stamping offices dropped by 7.6% in the first six months of 2008, according to statistics recently released by the Surplus Lines Stamping Office of Texas.

Overall premiums reported dropped from $12.307 billion in the first six months of 2007 to $11.373 billion in 2008, for a 7.6% decrease. The numbers of items processed also dropped, however not as much, going from 1,716,626 in the first six months of 2007 to 1,673,453 in 2008, or a 2.5% decrease.

Ten of the 14 states reported a decrease in premiums, lead by Montana at 34.1% and New York at 26%. Idaho, Arizona, Texas and Washington also reported double digit decreases while Florida, Mississippi, Nevada and Utah reported single digit decreases.

Oregon reported a 24.9% increase in premiums, Illinois a 12.6% increase and California and Pennsylvania reported single digit increases. While Pennsylvania saw a 9.5% increase in premiums, the number of items they processed increased by nearly 60%.

For all of 2007, the surplus lines stamping offices previously reported a fluctuation in business with an overall slight increase in premiums but a drop in number of items.

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