January 3, 2025
December Premium Closes at
$1.1B and $17B for the Year
Florida's Excess & Surplus market closed out December with premium totals of $1B and over $17B for 2024. While December premiums showed a near-flat gain of just 0.8%, the 2024 year ended with premium demonstrating an 11% growth gain in a year-over-year comparison to 2023.
Premium trends followed a familiar pattern from 2023, with gains in the spring and summer months and decreases through the remainder of the year.
Policy Counts See Steady Growth
Policy counts also demonstrated upward growth, finishing the year at 113K policies in December and reaching a total of 1.5M policies for 2024, marking a 6% overall growth over 2023.
New Business and Renewals
When breaking down the composition of new policies versus renewals, the market saw a fairly balanced distribution, with 43% of December’s business coming from new policies and 57% from renewals. This percent also represented distribution for the overall year.
Lines of Business
Commercial Property remained the dominant line of business in Florida’s E&S market, generating $318.4M in premium for December and $6.5B for the overall year. While December premium showed a 17% decrease over 2023 figures, the year closed with an overall 6% increase. Commercial Property policy counts saw a 22% increase in December and an overall 12% increase year-to-date.
Other notable lines of coverage with growth indicators in 2024 include Excess Commercial General Liability which saw premiums rise by 62% in December and 38% for the full year. Builders Risk - Commercial also demonstrated steady growth, increasing by 34% in December and 30% overall for 2024.
Coming Soon
Be on the lookout for next week's edition of FSLSO's Market Insights which will provide a comprehensive annual recap and an in-depth analysis of key coverage lines, with a special focus on homeowners.
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