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Florida’s E&S Commercial Property Market: Is Change Coming?

While Florida agents and brokers have become adept at adjusting to the new normal of stagnant rates and reduced premiums afflicting the E&S commercial property market, there are reasons to believe change may be on the way.

By Tim Hoelle | Updated on April 30, 2011
There are only so many ways to say that this year’s E&S commercial property market in Florida is basically the same as last year’s—and the year before that. Rates overall are flat, premiums are flat, and the energy level in much of the market is flat.

The only statistic that showed much of an increase in 2010 was policy count. That, however, is not a good thing. It means surplus lines brokers and carriers wrote more total policies in 2010 but ended up with slightly less premium compared with 2009.

According to Florida Surplus Lines Service Office (FSLSO) data, total premium (combined agent and independently procured coverage) for taxable and non-taxable commercial property coverage in 2010 was $1.895 billion compared to $1.998 billion in 2009. Policy count, however, was 114,848 in 2010 versus 106,321 in 2009, an increase of 8 percent.

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