Monday, August 01, 2011

Surplus Lines Premiums in Stamping Offices Increase in 2011, Items Processed Down Slightly

Surplus lines premium written in the 14 stamping offices states increased for the first half of 2011 compared to 2010, according to a report from the Surplus Lines Stamping Office of Texas.

Premiums reported by the stamping offices for the first six months of the year increased by 11.4% to $10.2 billion, compared to $9.15 billion in 2010, in large part as New York reported an increase in premiums from $1.356 billion to $2.522 billion in 2011 because of late-filed premiums from prior years' policies during the first six months of 2011.

While premiums increased, the number of items recorded by the stamping offices dropped slightly, from 1,599,590 in 2010 to 1,576,569, a 1.4% decrease. New York reported a 4.4% increase while Florida reported a 12.3% decrease.

Seven states reported increases in premium, from 0.5% in Pennsylvania to the 85.9% in New York and 4.1% in California. Seven states reported declines, ranging from 1.2% decline in Texas to a 16.4% decline in Nevada.

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