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