FL E&S Market Reports $1.96B in April 2025

Early 2025 Shows Plateau After Decade of Premium Growth; April Premiums Reach $1.96B

Following a decade of significant premium growth that reached over $17 billion by 2024, Florida’s surplus lines market is exhibiting a plateauing trend in early 2025. Notably, April saw a 1% year-over-year decrease in premium volume, reaching $1.96 billion. Policy counts for the month stood at 145,044, a modest 1% increase compared to the previous year.

Looking at the broader picture for the first four months of the year, the market shows variability in premium volume across the market. January experienced a 9% year-over-year increase, followed by a 10% decrease in February and a 7% increase in March. This fluctuation, culminating in the April figures, suggests a leveling off of premium growth after years of consistent expansion.

MONTHLY PREMIUM BREAKDOWN

MONTHLY POLICY COUNT BREAKDOWN

*Percentage of change based on same reporting period in 2024 and 2025.

This plateau in premium volume aligns with observations of a stabilizing policy count trend during the same period. After a long-term upward trajectory in policy numbers, the early data for 2025 indicates a market adjusting to various factors, including the capacity of the admitted market, evolving risk landscapes, and broader economic conditions.

PREMIUM | 10-YEAR TREND

POLICY COUNT | 10-YEAR TREND

A LOOK AT THE LINES OF BUSINESS

April 2025 data for Florida's top 10 surplus lines of business is varied. While the overall market shows signs of plateauing, individual coverage lines experienced distinct trends for the month.

Commercial Property, despite remaining the largest segment, saw a 6% decrease in premium alongside a 1% increase in policy count. Commercial General Liability showed relative stability with minor decreases in both premium and policy count.

Strong growth was evident in specific areas: Excess Commercial General Liability premiums surged by 27% with a 2% increase in policy count, and Cyber Liability saw a significant 77% premium increase despite a 5% decrease in policy count. This highlights continued demand and pricing pressure for these specialized coverages.

Conversely, Commercial Package premiums decreased by 22% with a 5% drop in policy count, and Builders Risk - Commercial experienced a substantial 31% premium decline alongside a 39% increase in policy count.

Homeowners (HO-3) experienced a 29% increase in policy count, while premium growth remained relatively flat, driving a decrease in the average premium per policy. Windstorm/Hail Commercial also showed a policy count increase (23%) but a premium decrease (-6%).

“While Florida’s surplus lines market appears to be entering a phase of plateauing following a significant period of growth," commented Executive Director, Mark Shealy, "The performance of specific lines like Excess Commercial General Liability and Cyber Liability clearly demonstrates the ongoing opportunities within our market to provide crucial coverage where the admitted market may have limitations."

These diverse trends across the top lines of business illustrate a Florida surplus lines market characterized by specific growth pockets alongside areas of contraction or stability, contributing to the broader observation of a market plateauing in early 2025.

TOP 10 LINES OF BUSINESS | APRIL

* NOTE: The YOY Percent of Change are calculated as a comparison between APRIL 2025 and APRIL 2024. Numbers may slightly differ from prior publications since historical stats are continually adjusted to reflect cancellations and backouts.

NEW BUSINESS AND RENEWALS | APRIL 2024 vs APRIL 2025

The observed plateau in April is further underscored by data indicating lower new business acquisition compared to previous Aprils, even as renewal rates have increased, pointing to a market prioritizing retention over aggressive new growth.

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