By Elise Linscott
Premiums from surplus lines insurance totaled more than $13 billion nationwide during the first six months of 2015, with $4 billion alone from the western states, according to a press release from the Surplus Lines Stamping Office of Texas (SLSOT).
Nationwide, that's a 9.5% increase over the same timeframe in 2014, which generated only $12 billion.
Oregon, with $159 million in premiums reported, showed the largest percentage gain of all states at 22.7%. California had the highest premium volume at $2.9 billion. On the other end of the spectrum, Idaho posted a loss in premiums of 2%.
Stamping offices in southern states recorded the highest premium volume at $5.7 billion. The Northeast recorded $2.4 billion, and the Midwest recorded $949 million.
The aggregate data supports a continued modest growth from 2013 to present. This may be due to varying legislative changes that account for specific growth as evidenced in the West and East Coast regions.
For the study, data was collected from the 14 U.S. stamping offices to determine trends or changes in the marketplace. 60% of surplus lines insurance is processed by stamping offices.
