Florida's Surplus Lines Market Hits $1.6B in July

Florida's surplus lines market yielded $1.6 billion in premiums for the month of July, marking a 21% increase compared to July 2023. Additionally, the number of policies rose to 129,228, reflecting an 18% rise over the same period last year.

The data for the year 2024 indicates a stable environment in Florida's E&S market, with premium growth of 13% and policy count at an 8% increase when compared to January to July 2023. Year-to-date, premiums have reached $11.3B, with policy counts totaling 860,272.

Monthly Premium Breakdown

Premium Comparison 2023 vs. 2024

Monthly Policy Breakdown

*Percentage of change based on same reporting period in 2023 and 2024.

Policy Comparison 2023 vs. 2024

New Business and Renewals

New business and renewals exhibited a consistent distribution for both July and year-to-date 2024, with renewals comprising 57% of the market share, while new business accounted for 43%.

New Business & Renewals

Top Coverages in July

In terms of specific coverages, Commercial Property led the market with $649.8 million in premiums, representing a 15% increase over July 2023, alongside a 9% rise in policy counts.

Two notable lines showing substantial premium growth are Builders Risk —Commercial and Miscellaneous E&O Liability, which saw increases of 102% and 73%, respectively. Both categories also experienced significant increases in policy counts, with Builders Risk — Commercial up by 20% and Miscellaneous E&O Liability up by 41%.

In contrast, Windstorm and/or Hail — Commercial saw declines in premium by 8% but increases in policy count by 43% as compared to 2023. 

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