Surplus Lines — Premiums Up Almost 15% in 2023

The Wholesale & Specialty Insurance Association (WSIA) has 15 stamping offices around the country. To give you another perspective about the organization, WSIA claims to represent 64% of the insurers in the surplus lines market.

WSIA released statistics last week noting that its insurer members saw premiums rise an average of 14.6% in 2023. The final premium total hit $72.66 billion.

• Property insurance grew the most at 31.8%
• Auto physical damage rose 24.1%
• Multi-peril jumped 21.1%
• Liability — the largest line of business — rose just 9.9%
• Professional liability premiums dropped 5.1%

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