April 3, 2024
March Premium Down, First Quarter Up
Premium statistics for March show a 10.53% decrease from March of 2023. This change follows a 66% surge observed in February. However, the first quarter of 2024 demonstrates a net increase in premium of 16% over the first quarter of last year.
Check out the following monthly reports for further details.
Premium came in at $1.4 billion, a 10.53% decrease from the $1.5 billion in March 2023.
Yet, March decreases did not prevent the first quarter ending with a 16.12% net uptick.
Policy count also saw a slight downturn, 3.8% from March last year.
Conversely, the first quarter shows a net increase of 8.61%.
New business and renewals moved slightly but in opposite directions. New business saw a slight increase of 2.19% over March 2023. Conversely, renewals fell 7.71%.
Combined totals for the first quarter show growth in both. New business outpaced renewals with 19.65% and 1.73% increases, respectively.
The first quarter ended with gains in both premium and policy count across top coverages.
Notably, policy counts for Commercial Property outgrew premium rate growth for the first time in recent reporting periods. This trend indicates a decrease in the average cost per policy for the top coverage in Florida.
For more statistics and reports check out Florida Market Data on FSLSO.com.
Numbers may slightly differ from prior publications since historical stats are continually adjusted to reflect cancellations and/or backouts.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email Agent.Services@fslso.com.
