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Illinois saw the highest premium growth at more than 40%, according to the Wholesale & Specialty Insurance Association. Other states seeing premium growth above 25% were Arizona (37.7%), Florida (25.92%), Nevada (25.69%), New York (25.83%), North Carolina (34.7%) and Oregon (26.93%), according to data from U.S. stamping offices. (Credit: wei/stock.adobe.com) Illinois saw the highest premium growth at more than 40%, according to the Wholesale & Specialty Insurance Association. Other states seeing premium growth above 25% were Arizona (37.7%), Florida (25.92%), Nevada (25.69%), New York (25.83%), North Carolina (34.7%) and Oregon (26.93%), according to data from U.S. stamping offices. (Credit: wei/stock.adobe.com)

U.S. surplus lines reached new records in terms of premium levels and transactions in 2021, according to the Wholesale & Specialty Insurance Association (WSIA). Data from U.S. stamping offices showed premiums increased 22%, reaching $51 billion. Transactional totaled 5.3 million, representing a year-on-year increase of nearly 7%.

“The data is quite telling and confirms what many industry leaders have been saying for the last two years,” Dan Maher, executive director of the Excess Line Association of New York, said in a release. “Premiums on renewals have increased substantially and at the same time the admitted market has retrenched in several areas, which is causing business to shift to the E&S market. The shift is across numerous lines of business from property with CAT loss exposures to liability risks such as excess, umbrella, D&O and cyber where social inflation and new exposures are of serious concern.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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