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Surplus Lines — Doing Well in the PIA Western Alliance States

Posted By Administration, Monday, February 10, 2020

California tops the nation in total surplus lines premiums. Again. The 2019 figures for 2019 are $9.09 billion plus $1.17 billion that came from policies that were processed in 2018.

On top of that the seven stamping offices in the West — the PIA Western Alliance states of California, Washington, Oregon, Nevada, Arizona and Idaho, plus the non-Western Alliance state of Utah — had $13.53 billion in in premiums last year.

Benjamin McKay is the executive director and CEO of Cal-SLA. He said this is the fifth straight year his state has seen record premiums. McKay notes construction —a lot of it because of wildfires — is the driver behind the growth.

“If you look at any of the major cities, there’re cranes everywhere — Los Angeles, San Francisco, San Jose — There’s just a lot of building going on in California,” McKay said and pointed out that a healthy economy also hasn’t hurt. “We’re experiencing an economy that’s the best we’ve seen in a long time. This is a booming economy right now and our market’s reflecting that.”

Organic premium growth in California hit an increase of 19.6% over the $7.6 billion in premiums in 2018.

Source link: Insurance Journal 

Tags:  Surplus Lines 

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