How is Florida's surplus market faring in 2024?
Renewals have made up 57% of the E&S market share in Florida this year.
Florida’s surplus lines market collected $1.6 billion in premiums in the month of July 2024 – a 21% increase compared to July 2023, the Florida Surplus Lines Service Office (FSLSO) reports. The number of policies increased by 18% from last July.
Year-to-date (January to July) premiums for 2024 were around $11.3 billion with a policy count of 860,272. FSLSO notes that these figures demonstrate a stable environment for the state’s E&S market. Renewals have comprised 57% of this year’s market share so far, with new business accounting for the other 43%.
While commercial property lines saw the most action in the market with $649.8 million in premiums in July, the two lines that saw the most notable growth were builders risk- commercial and miscellaneous E&O liability.
Builders risk-commercial policies saw year-over-year premium growth of 102% to $55.2 million and a 20% increase in policy count. Miscellaneous E&O liability premiums grew by 73% to $36.7 million in July, with a 41% jump in the number of policies.
FSLSO reports the only surplus lines that saw a dip in premium for July were windstorm and/or hail- commercial (-8%) and cyber liability (-0.05%), though both lines still saw policy number increases of 43% and 8% respectively.
For the first half of 2024, the E&S coverages with the largest premiums in Florida were:
- Commercial property: $4.22 billion
- Commercial general liability 5000: $1.33 billion
- Excess commercial general liability 5006: $638 million
- Commercial package: $500 million
- Homeowners HO-3 2002: $332 million
The top surplus insurers in Florida for the first half of 2024 were Lloyd’s of London ($1.75 billion in premium), National Fire and Marine Insurance Company ($451.9 million in premium) and Transverse Specialty Insurance Company ($311 million in premium).