Premium surplus increased by almost 15% 2020: WSIA

Surplus premiums reported to U.S. stamp and service office surplus lines increased 14.9% to $ 41.7 billion by 2020, despite a 1.3% decrease in transactions to $ 4.9 million, Wholesale & Specialty said. Insurance Association Thursday.

States with stamping offices accounted for 62.7% of the US premium volume in 2019, according to stamping office and AM Best Co. reports, Kansas City, Missouri-based WSIA said

Each of the 15 stamp agencies reported premium increases by mid-2020, with 11 states reporting double-digit percentage increases, the WSIA said. While the number of transactions was down, nine states reported increases, it said.

The largest number of premiums was reported by California, which saw a 22.7% increase to $ 1

1.15 billion in premiums and an 8% increase in transactions to 775,731. Texas was next, with a 14% increase in premiums to $ 7.92 billion and a 3.1% decrease in transactions to $ 1.1 million.

The surplus premiums reported to the US surplus lines for stamping and service offices increased 10.3% during the first six months of 2020 compared to the previous year.

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