Although U.S. property and casualty insurers have not all officially filed their financial results with state regulators on their statutory yellow blanks yet, preliminary information taken from several sources confirms the likelihood of the three-year slide.
In late January, the Surplus Lines Stamping Office of Texas reported a 7.9 percent decline in the premiums collected by 15 U.S. stamping offices. SLSOT said total premiums for these offices were $19.5 billion in 2009, compared to $21.2 billion in 2008.
Although SLSOT said this was the second consecutive year of decline that it tallied--following an 8.2 percent drop in 2008--in October last year, rating agency A.M. Best had already reported two straight years of decline for 2007 and 2008 for the entire U.S. surplus lines industry, with 2009 yet to play out.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
