First-half surplus lines premiums up 15.9%

First-half surplus lines premiums reported by 15 U.S. Surplus Lines Service and Stamping Offices totaled $35.96 billion, up 15.9% from the comparable period last year, according to a report issued Monday.

Stamping office states accounted for 64% of all U.S. surplus lines premium volume in 2022, according to the Kansas City, Missouri-based Wholesale & Special Insurance Association, which issued the report.

The stamping offices reported $63.34 billion in premiums for last year, up 25.7% from 2021, according to the latest report.

The offices released annual data broken down by business lines for the first time, comparing 2022 data with 2021 information.  The largest premiums were reported by liability (nonprofessional) lines, which include aviation, general and products liability, at $24.69 billion last year, a 26.9% increase. It accounted for 39% of all lines.

This was followed by property, at $18.39 billion, a 25.9% increase, which accounted for 29% of the total. Property includes physical damage, commercial property and related business interruption, commercial package and a variety of standalone commercial coverages, such as difference-in-conditions, earthquake, flood, terrorism and vacant building coverages.