Surplus lines premiums surge
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Surplus lines premiums reported to U.S. surplus lines stamping and services offices totaled $51 billion in 2021, up 22.3% from 2020, the Wholesale & Specialty Insurance Association said Tuesday.
The number of transactions reported increased 6.6% to 5.3 million, according to the report issued by the Kansas City, Missouri-based association.
Stamping office states accounted for 63% of all U.S. surplus lines premium volume in 2020, the WSIA said.
The report said each state reported double-digit premium increases, with Illinois leading the way at 40.1%.
California, the largest surplus lines insurance market, with $13.2 billion in premiums, reported an 18.4% increase in premiums and a 7% increase in transactions.
