Investing.com -- Stamping office premiums in California, Florida, and Texas fell approximately 2% year-over-year in the month, according to Morgan Stanley data. This marks another decline following last month's year-over-year decrease.

The data shows near-term pressure in implied pricing across the three states, which could slow growth for specialty brokers and carriers. A key trend continues to be slowing property insurance pricing and a mix shift into casualty.

In California, registered data based on when the SLA CAL Data Analysis Department reviewed policies showed stamping office premiums reached approximately $2.3 billion for the month, a roughly 3% year-over-year increase. Total transactions were approximately 189,000. The implied pricing environment trended upward but remains negative.

California's submitted data, based on when brokers initially submitted policies, showed stamping office premiums were approximately $2.6 billion for the month, a roughly 28% year-over-year increase. Total transactions were approximately 190,000, a roughly 15% increase from the prior month.

Florida stamping office premiums reached approximately $1.4 billion for the month, down roughly 16% year-over-year. Total filings were approximately 169,000.

Texas stamping office premiums reached approximately $1.9 billion for the month, a roughly 6% year-over-year increase. Total filings were approximately 305,000, a roughly 96% sequential increase from the prior month.

The shift towards the admitted market is likely to continue, causing some pressure on excess and surplus premiums, according to Morgan Stanley.