FSLSO - Florida Surplus Lines Service Office
FSLSO - Florida Surplus Lines Service Office
01/08/2024 | Press release | Distributed by Public on 02/08/2024 01:09
August 1, 2024
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August 1, 2024 Florida's Surplus Lines Market Hits $1.6B in July Florida's surplus lines market yielded $1.6 billion in premiums for the month of July, marking a 21% increase compared to July 2023. Additionally, the number of policies rose to 129,228, reflecting an 18% rise over the same period last year. The data for the year 2024 indicates a stable environment in Florida's E&S market, with premium growth of 13% and policy count at an 8% increase when compared to January to July 2023. Year-to-date, premiums have reached $11.3B, with policy counts totaling 860,272. Monthly Premium Breakdown Premium Comparison 2023 vs. 2024 Monthly Policy Breakdown *Percentage of change based on same reporting period in 2023 and 2024. Policy Comparison 2023 vs. 2024 New Business and RenewalsNew business and renewals exhibited a consistent distribution for both July and year-to-date 2024, with renewals comprising 57% of the market share, while new business accounted for 43%. New Business & Renewals Top Coveragesin JulyIn terms of specific coverages, Commercial Property led the market with $649.8 million in premiums, representing a 15% increase over July 2023, alongside a 9% rise in policy counts. Two notable lines showing substantial premium growth are Builders Risk -Commercial and Miscellaneous E&O Liability, which saw increases of 102% and 73%, respectively. Both categories also experienced significant increases in policy counts, with Builders Risk - Commercial up by 20% and Miscellaneous E&O Liability up by 41%. In contrast, Windstorm and/or Hail - Commercial saw declines in premium by 8% but increases in policy count by 43% as compared to 2023. Sign up for our new newsletter Florida Market Insights, where we fill you in on real-time carrier and market updates.www.fslso.com Have questions? Contact us at 800.562.4496, option 1 or email [email protected].
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