December 2, 2024
November Premium Volume Below $1B
Premium totals in November stayed flat, with a 3% increase over 2023. Notably, this is the first month in 2024 that did not reach $1 billion in premium. Similarly, policy count increased by 1% in November, totaling 108 thousand.
Year-to-date statistics were similar to those in the October report, showing a gradual decline in growth from Q1 to Q4. Current YTD stats provide total premium growth of 11% at nearly $16 billion, while policy count has risen by 6%.
Monthly Premium Breakdown
*Percentage of change based on same reporting period in 2023 and 2024.
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 renewal ratios moved slightly in November, bumping new business up to 44% and renewals down to 56%. Year-to-date ratios remained at 43% and 57%, respectively.
November
YTD
Commercial Property still leads in premium with $275.3 million, a modest 3% increase over November 2023.
Commercial General Liability garnered $176 million, a 10% upturn over November 2023. Excess Commercial General Liability brought in $97.6 million, 5% higher than last November.
Notably, several lines of coverage saw significant percentage increases. Homeowners-HO-3 and Windstorm and/or Hail-Commercial made gains in the mid-50 percent. Homeowners-HO-5 increased 46% over November 2023.
Similar to premium, Commercial Property and Commercial General Liability led in policy count. Windstorm and/or Hail-Commercial policies increased by nearly 80% compared to last November.
Top Coverages November
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
