Florida’s surplus lines market hits $1.6bn in July

The surplus lines market in the state of Florida, US, yielded $1.6 billion in premiums for the month of July, marking a 21% increase compared to July 2023, according to the Florida Surplus Lines Service Office.

In its most recent FL Premium Report, the Office also reported that 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% when compared to January to July 2023.

Year-to-date, premiums have reached $11.3 billion, with policy counts totalling 860,272.

According to the report, new business and renewals made up 57% of the market share, while new business accounted for 43%, making a consistent distribution for both July and year-to-date 2024.

Regarding top coverages in July, 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, which grew to 16,140.

Commercial General Liability came second with $197.5 million in premiums, a 13% increase, and Excess Commercial General Liability followed with $134.6 million in premiums, a 24% increase.

Two notable lines showing substantial premium growth are Builders Risk – Commercial and Miscellaneous E&O Liability, which at $55.2 million and 36.7 million, 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%, reporting $34.5 million in premiums. Despite this, the line saw increases in policy count by 43% as compared to 2023.

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