November Premium Report: Market Activity Holds as Property Softens and Casualty Expands

MONTHLY PREMIUM BREAKDOWN

Policy activity remained strong in November with 119,618 policies filed, an 11% year-over-year increase. Total written premium reached $0.92B, a 5% decline from November 2024, showing a continued decrease in average policy value. The average cost per policy fell 14%, mirroring the pricing moderation that has taken hold across the second half of the year.

MONTHLY POLICY COUNT BREAKDOWN

Year-to-date, the market has recorded 1.58 million policies, up 12%, while total premium of $16.0B reflects a modest 1% increase. This balance of higher activity and restrained premium growth underscores a competitive market environment as carriers are writing more business, but at lower average values as rate softening continues across several property lines.

TREND OVERVIEW

Premium and policy activity have followed a consistent pattern through 2025: elevated demand paired with stabilizing premium levels. Premiums peaked in June at $2.1B before easing through the fall, while policy counts, which reached a high of 174,117 in July, have returned to more typical seasonal levels.

Across the last 12 months, this convergence of softening property rates, elevated liability exposure, and steady placement activity suggests the market has entered a more balanced phase after several years of significant upward movement.

PREMIUM TREND | NOVEMBER 24 - NOVEMBER 25

POLICY COUNT TREND | NOVEMBER 24 - NOVEMBER 25

NEW BUSINESS VS. RENEWALS | NOVEMBER 24 - NOVEMBER 25

A slight shift in market composition also emerged this month, with new business accounting for 49% of activity compared to 51% renewals. In contrast, November 2024 saw a 44/56 split. The narrowing gap suggests increased renewal stability even as insurers continue to pursue new opportunities.

TOP 10 LINES OF BUSINESS | NOVEMBER

November’s results highlight a continued divergence between property and casualty lines.

Commercial Property remained the top coverage by premium at $207.4M, though premium fell 25% year-over-year. Policy count increased 19%, while the average cost per policy declined 37%, a clear indicator of ongoing softening as rate pressure eases and capacity expands.

Across liability lines, growth was widespread. Miscellaneous Liability saw a 145% rise in premium and 55% in policy count. Commercial Umbrella Liability rose 78%, while Excess CGL posted a 6% increase. Although average costs for some liability policies declined this month, the year-to-date trend continues to show gradual upward movement in casualty exposures and pricing.

“We’re watching a clear divergence emerge between property and casualty lines. Property continues to soften, while liability exposures are driving steady growth. That contrast is shaping the rhythm of Florida’s surplus lines market right now, and it will be important for all of us to monitor how these trends evolve heading into 2026.”
— Mark Shealy, Executive Director, FSLSO

As property lines continue to ease and casualty-driven business expands, the relationship between these two segments remains a defining feature of Florida’s current surplus lines landscape, mirroring broader national patterns.

For additional insights, including insurer rankings, coverage details, and year-over-year trends, visit FSLSO’s Market Data Reports.

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Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.