Thursday, July 29, 2010

Surplus Lines Stamping Offices Report Premiums Down 11.1% in First Half of 2010

Surplus lines premiums reported by the 14 stamping offices declined by more than $1 billion, or 11.1 percent, in the first half of 2010, however the number of items processed only dropped by 1.6 percent, according to a report by the Surplus Lines Stamping Office of Texas.

Overall the stamping offices reported approximately $9.16 billion in premium volume for the first six months of 2010, compared to $10.3 billion for the same time period in 2009.

Only four states (Idaho, Minnesota, Mississippi, and Oregon) reported increases while seven states reported decreases of more than 10 percent. Montana’s stamping office closed in 2009 so did not report any premium in 2010. Florida reported the most premium at $2.35 billion, followed by California at $2.25 billion.

Illinois, Minnesota, Mississippi, Nevada and Oregon reported increases in the number of items processed by the stamping offices. Texas and New York reported decreases in items of less than 1 percent.

A copy of the report is available to download.

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