Ted Pierce, executive director of the Surplus Line Association of California, released the association’s 2002 totals for processed surplus line premium showing a 104.5 percent increase over the 2001 premium total.
The $3,563,159,626 in calendar year 2002 premium is attributed to the impact of the hard market.
“Insurers have been hit hard by stock market woes, environmental hazard claims and the 9/11 terrorist attacks. Insurance agents are turning more frequently to surplus line brokers to place difficult and hard to place accounts,” said Pierce.
The Association processed a total of 331,835 insurance policies in 2002 compared to only 201,211 in 2001. The Association’s chairman, Horst Lechler noted, “the Surplus Line Association has been very busy the past 12 months processing record levels of California premium data due to an obvious upswing in the surplus line market.”
Topics Trends Excess Surplus Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Viewpoint: Boom in Hyperscale Data Centers Puts Re/Insurers to the Test 
Mamdani Delivers Rent Freeze in Milestone for New York City Tenants 
PE-Backed Insurance Broker Hub International Files Confidentially for US IPO 
