Surplus lines premiums jump 13% in H1

First-half surplus lines premiums reported by 15 U.S. surplus lines service and stamping offices totaled $46.2 billion, up 13.2% from the same period last year, according to a report issued Monday.

The stamping offices reported $81.64 billion in premiums for 2024, a 12.1% increase from 2023, according to Kansas City, Missouri-based Wholesale & Specialty Insurance Association, which issued the report. That compares with a 14.6% increase to $72.7 billion in premiums in 2023.

The largest premiums were reported by liability (nonprofessional) lines, which include aviation, general and products liability, at $30.15 billion last year, an 11.3% increase. It accounted for 36.9% of all lines.

This was followed by property, at $26.8 billion, an 11% increase, which accounted for 32.9% of the total. Property includes aircraft physical damage, commercial property and related business interruption, commercial package and various standalone commercial coverages such as difference in conditions, earthquake, flood, terrorism and vacant buildings coverage.

Auto liability lines saw a 61.1% increase to $3.4 billion in premiums in 2024 — marking the largest increase among all lines. It accounted for just 4.2% of the excess and surplus lines market, however. Auto liability includes auto dealer liability, commercial auto liability, excess auto liability and garage owners liability and storage.

Stamping office states accounted for 63% of all U.S. surplus lines premium volume in 2023, according to the latest report.