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Continued Growth for Surplus Lines in 2023 as Premiums Up 14.6%
“We continue to see the commercial property market’s premiums exhibit a noteworthy surge in response to current market conditions,” said Mark Shealy, executive director of the Florida Surplus Lines Service Office. Commercial property premiums increased 41.7% to about $7.2 billion to now account for 46.5% of the market.
Published on February 14, 2024 • Insurance Journal
The excess and surplus lines market continued to grow in 2023, with premium reaching nearly $73 billion according to data from 15 state surplus lines office release by the Wholesale & Specialty Insurance Association (WSIA).
2023 premiums reflected a 14.6% increase over the record-breaking numbers of 2022 when premiums grew more than 24% to $63 billion.
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