Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Connecticut increased overall from 2015 to 2022. The lowest amount of direct premiums written was $130,236,000 in 2015. This increased each year to reach a high of $188,540,000 in 2022, representing a 45% increase over the 8 year period. Direct premiums earned followed a similar upward trend, starting at $134,936,000 in 2015 and reaching $180,930,000 in 2022, a 34% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $20,480,000 or 12.2% (from $168,160,000 to $188,540,000). The smallest increase was 2.2% from 2016 to 2017 ($134,101,000 to $136,246,000). For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $16,708,000 or 10.2% (from $164,222,000 to $180,930,000). The smallest increase was 0.5% from 2016 to 2017 ($134,077,000 to $132,137,000).

Loss Ratios for Fire

The loss ratio data for Fire insurance in Connecticut displays notable trends and variations across the years. Loss ratios fluctuated considerably, with the lowest at 28.53% in 2022 and the highest at 66.98% in 2020. Between 2015 and 2018, an upward trend is observed, starting at 40.87% in 2015 and peaking at 51.09% in 2018.

However, a sharp decline to 34.9% occurred in 2019, marking the beginning of a period of volatility. The most significant change in loss ratios can be seen between 2019 and 2020, with an increase of 32.08 percentage points. In the most recent years, 2021 and 2022, the loss ratios have dropped substantially to 30.69% and 28.53%, respectively, suggesting a downward trend.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and earned for allied lines insurance in Connecticut increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $111,834,000 in 2015. This steadily increased each year, with the exception of a slight 1% decrease from $116,194,000 in 2017 to $115,159,000 in 2018. The highest direct premiums written was $196,443,000 in 2022, representing an increase of over 75% from 2015.

Similarly, direct premiums earned followed a similar upward trend, growing from $120,197,000 in 2015 to $186,275,000 in 2022 - a 55% increase. The largest year-over-year growth for direct premiums written was from 2020 to 2021, increasing by 6% from $166,104,000 to $176,168,000. For direct premiums earned, the biggest increase was also from 2020 to 2021, growing by 10.5% from $153,986,000 to $170,341,000.

Loss Ratios for Allied Lines

The Allied Lines loss ratio in Connecticut has displayed remarkable variation across the years. The loss ratio was at its lowest in 2016, at 29.8%, followed by an increase to 56.51% in 2018. A sharp decline was observed in 2022, with the loss ratio dropping to 24.03%, the lowest in the last seven years. The data suggests a slight upward trend from 2015 to 2018, followed by a marked drop in 2021 and 2022.

This downward trend is particularly significant, with the loss ratio decreasing by 38.31 percentage points from 2020 to 2022. While the years 2015 and 2021 show comparable loss ratios at 36.99% and 34.22% respectively, the overall trend indicates substantial fluctuations. The most drastic change was observed between 2018 and 2020, with an increase of 5.83 percentage points, followed by a drop of 28.12 percentage points to 2021.

Direct and Earned Premiums for Multi-Peril Crop

The data shows that direct premiums written and direct premiums earned for Federal Multi-Peril Crop insurance in Connecticut increased overall from 2015 to 2022. The lowest amount of direct premiums written was $5,139,000 in 2015.

The highest was $10,108,000 in 2021, nearly double the 2015 amount. Direct premiums written increased each year from 2015 to 2021, before decreasing slightly to $9,542,000 in 2022. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $1,443,000 or 18.1% (from $7,952,000 to $8,238,000).

Direct premiums earned followed a similar pattern, starting at $5,100,000 in 2015 and reaching $9,440,000 in 2021. The anomaly was 2016, when direct premiums earned dropped to $3,254,000 even as direct premiums written increased that year. The largest year-over-year increase for direct premiums earned was also from 2019 to 2020, growing by $1,503,000 or 20.2% (from $7,420,000 to $8,243,000).

Loss Ratios for Multi-Peril Crop

Analysis of the loss ratio percentages from 2015 to 2022 for the Federal Multi-Peril Crop line of business in Connecticut reveals notable trends and fluctuations. The data shows significant variability with a low of 19.12% in 2018 and a peak of 141.93% in 2022. From 2015 to 2018, the loss ratios steadily increased before dropping to the lowest point.

A similar trend is evident from 2019 to 2021, with an increase in loss ratios. However, a striking difference is observed in 2021, with the loss ratio soaring to 115.82%, an unprecedented high. This upward trend continued into 2022, with a further increase to 141.93%. Comparatively, the years 2016 and 2017 displayed higher loss ratios at 81.94% and 66.39% respectively.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $34,370,000 in 2022, while the highest was $46,494,000 in 2017. Direct premiums written increased from 2015 to 2017, before declining each year from 2018 to 2022.

The direct premiums earned followed a similar pattern, with the lowest amount being $38,928,000 in 2022 and the highest being $46,631,000 in 2019. The largest year-over-year decrease for direct premiums written was from 2021 to 2022, when it dropped by $9,928,000 or 22.9% (from $43,298,000 to $34,370,000). The smallest year-over-year decrease was 1.8%, from $45,584,000 in 2018 to $44,795,000 in 2020.

Loss Ratios for Federal Flood

The Loss Ratio Percentage for Federal Flood insurance in Connecticut displays considerable variations from 2015 to 2022. No data is recorded for 2015, while 2016 and 2017 manifested minimal loss ratios of 7.38% and 5.0%, respectively. A considerable surge is observed in 2018 with a loss ratio of 15.38%, which then plummets to a mere 3.08% in 2019 and even further to 0.96% in 2020.

Notably, a dramatic increase occurs in 2021, with the loss ratio skyrocketing to 55.18% - the highest in the entire observed period. However, this spike is rather fleeting, with the loss ratio descending sharply to 2.25% in 2022. The data reflects a generally low and fluctuating loss ratio for Federal Flood insurance in Connecticut, punctuated by a sudden surge in 2021.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and earned for private crop insurance in Connecticut decreased significantly from 2016 to 2021 and 2022. In 2016, the direct premiums written and earned were both $4,000. By 2021, these figures dropped to $1,000 for both premiums written and earned, remaining at $1,000 in 2022. This represents a 75% decrease in direct premiums written and earned over the 6 year period.

The largest drop came between 2016 and 2021, when premiums went from $4,000 down to $1,000, a decline of $3,000 or 75%. Premiums then remained flat at $1,000 from 2021 to 2022. The data indicates a steady downward trend in direct premiums written and earned for private crop insurance in Connecticut over the period examined. The substantial decrease from 2016 to 2021 highlights the declining demand for and/or provision of this type of insurance product in the state in recent years.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Connecticut reveals a marked decrease over the selected years. In 2016, the loss ratio stood at 14.06%. This is the only data available for this line of business.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Connecticut fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $6,788,000 in 2016. This increased to $9,811,000 in 2017 before dropping to $8,554,000 in 2018. Direct premiums written reached their peak of $19,859,000 in 2022, representing an increase of over 190% from the 2016 low.

Direct premiums earned followed a similar pattern, starting at $3,088,000 in 2016, peaking at $18,824,000 in 2022. This was an increase of over 500% over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $7,422,000 or 80% (from $9,279,000 to $16,701,000). The smallest year-over-year increase was just 2.9%, from $8,554,000 in 2018 to $8,815,000 in 2019.

Loss Ratios for Private Flood

The Private Flood insurance market in Connecticut has seen considerable fluctuations in loss ratios from 2016 to 2022. Starting from a minimal 1.27% in 2016, the loss ratio witnessed a progressive rise, peaking at 8.3% in 2018. Interestingly, despite a minor dip to 7.86% in 2019, the ratio dramatically surged to 18.22% in 2020, indicative of a stark increase in claims relative to premiums.

The most significant jump, however, occurred in 2021, with the loss ratio skyrocketing to an unprecedented 68.49%, suggesting a potential catastrophe or a spike in claim frequency or severity. However, 2022 has seen a substantial decline with the loss ratio at 10.69%, nearing the 2018-2019 values. The overall trend implies a volatile Private Flood market in Connecticut, punctuated by a remarkable spike in 2021.

Direct and Earned Premiums for Farmowners Multiple Peril

The data shows that direct premiums written and direct premiums earned for farmowners multiple peril insurance in Connecticut increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $5,894,000 in 2015. This increased each year, with the highest amount being $8,151,000 in 2022.

This represents an increase of 38.2% over the 8 year period. Similarly, direct premiums earned started at $5,685,000 in 2015 and increased to $7,881,000 in 2022, a 38.7% increase. The largest year-over-year increase in direct premiums written was from 2017 to 2018, when it grew by $1,544,000 or 23.6% (from $6,545,000 to $7,089,000). The smallest year-over-year increase was 1.1%, from $7,518,000 in 2020 to $7,581,000 in 2021.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Connecticut displays considerable variation over the years. In 2015, the loss ratio stood at 46.15%, which climbed to 64.92% in 2016. A significant rise was recorded in 2017 with a peak of 81.22%. However, a drastic drop to 39.12% was observed in 2018, almost halving the previous year's ratio, and marginally decreased further to 37.81% in 2019.

A sharp rebound occurred in 2020 as the loss ratio spiked to 65.13%. Yet, 2021 marked the lowest ratio over these years, plunging to just 22.92%. The year 2022 saw a rise again, reaching 56.58%. The data indicates a cyclical trend with alternating periods of highs and lows. This pattern suggests significant volatility in the Farmowners Multiple Peril loss ratios in Connecticut over the studied timeframe.

Direct and Earned Premiums for Homeowners Multiple Peril

The data shows that direct premiums written and direct premiums earned for homeowners multiple peril insurance in Connecticut increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $140,818,500 in 2015. The highest amount was $185,575,000 in 2022.

This represents an increase of over 31% over the 8 year period. The direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $14,249,000 or 8.3% (from $171,282,000 to $185,575,000). The smallest year-over-year increase was 2.4%, from $148,403,000 in 2017 to $151,611,000 in 2018.

The direct premiums earned followed a similar trajectory, with the lowest amount being $137,896,500 in 2015 and the highest being $178,075,000 in 2022. This was an increase of over 29% over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase was 8.0%, from $166,099,000 in 2021 to $178,075,000 in 2022. The smallest was 2.3%, from $147,806,000 in 2017 to $151,113,000 in 2018.

Loss Ratios for Homeowners Multiple Peril

The Homeowners Multiple Peril loss ratio data for Connecticut between 2015 and 2022 show varied trends. In 2015, the loss ratio was at 51.66%, dropping significantly to 37.85% in 2016, and further to 35.91% in 2017. A noteworthy escalation occurred in 2018, when the ratio spiked to 67.58%. This was followed by a decline to 42.81% in 2019. The figures for 2020 show a surge to 62.09%, indicating a substantial increase from the previous year.

However, the years 2021 and 2022 saw a gradual decline, with loss ratios standing at 51.1% and 48.15% respectively. The fluctuations in the data suggest significant year-to-year changes in the loss ratios, with the highest and lowest percentages occurring within a span of just three years (2017-2020).

Direct and Earned Premiums for Commercial Multiple Peril

The data shows that direct premiums written and direct premiums earned for commercial multiple peril insurance in Connecticut increased overall from 2015 to 2022. The lowest amount of direct premiums written was $638,210,000 in 2015. This increased each year, with the highest amount being $802,642,000 in 2022.

This represents an increase of over 25% from 2015 to 2022. The direct premiums earned followed a similar pattern, starting at $634,397,000 in 2015 and reaching $773,345,000 in 2022, an increase of over 22%. Looking year-over-year, the largest increase in direct premiums written was from 2021 to 2022, when it grew by $64,887,000 or 8.8% (from $738,755,000 to $802,642,000).

The smallest year-over-year increase was just 0.2% from 2016 to 2017. In most years, the direct premiums earned were slightly lower than the direct premiums written. The largest difference was in 2018 when direct premiums written were $653,875,000 and direct premiums earned were $648,543,000 - a gap of 0.8%.

Loss Ratios for Commercial Multiple Peril

The Commercial Multiple Peril loss ratio in Connecticut exhibits periodic fluctuations from 2015 to 2022. The data shows a moderately steady pattern from 2015 to 2017, with the loss ratio percentage hovering around 45.68% in 2015, marginally increasing to 46.07% in 2016, then slightly declining to 45.25% in 2017. A notable jump was observed in 2018 as the ratio surged to 52.96%, but then decreased to 48.82% in 2019.

In 2020, it rebounded to 51.12%, followed by a substantial increase to 67.13% in 2021, the highest throughout the period. However, this was followed by a dramatic drop in 2022, when it fell back to 46.27%. The overall trend from 2018 to 2022 suggests an initial rise, a peak in 2021, then a significant decrease in 2022.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Connecticut increased overall from 2015 to 2021, with some fluctuations. The lowest amount of direct premiums written was $61,253,000 in 2015.

This increased to $76,989,000 in 2021, representing an overall increase of 25.6% over the 7 year period. The lowest amount of direct premiums earned was $58,518,000, also in 2015. This rose to $79,348,000 in 2021, a 35.6% increase. Direct premiums written increased each year from 2015 to 2020, with the largest year-over-year increase occurring from 2019 to 2020, when it grew by $3,947,000 or 5.3% (from $74,129,000 to $78,076,000).

However, direct premiums written then decreased by $3,087,000 or 4.0% between 2020 and 2021 (from $78,076,000 to $76,989,000). The pattern for direct premiums earned is similar, with steady increases each year from 2015 to 2020, followed by a smaller increase between 2020 and 2021. The largest year-over-year growth for direct premiums earned was from 2019 to 2020 at 4.5% (from $76,873,000 to $80,286,000).

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio in Connecticut presents intriguing patterns over the years. In 2015, the loss ratio was relatively high at 57.6%. It then decreased significantly to 39.17% in 2016 and further plummeted to 21.96% in 2017. A slight increase was observed in 2018, with the loss ratio percentage rising to 22.11%, but this was followed by another drop to 17.24% in 2019. However, in 2020, there was a dramatic surge to 57.62%, mirroring the figures from 2015. The data for 2021 and 2022 is not available. This data reveals a general downward trend from 2015 to 2019, followed by a sharp increase in 2020.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $51061000 in 2016, while the highest was $95825000 in 2022.

Direct premiums written decreased from $87409000 in 2015 to $51061000 in 2016, before increasing again in 2017 to $91848000. There was another dip in 2018 to $56263000, followed by increases in 2019 ($62213000) and 2020 ($65208000). The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $15544000 or 19.3% (from $80381000 to $95825000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $58471000 in 2019 to a high of $90784000 in 2022. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $19023000 or 26.5% (from $71761000 to $90784000). The largest discrepancy between direct premiums written and earned came in 2015, when premiums written exceeded premiums earned by $18156000.

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data in Connecticut displays considerable fluctuations from 2015 to 2022. The most striking observation is the extreme drop from a peak of 96.96% in 2015 to a significantly lower 44.41% in 2016. This trend did not persist as the ratio surged back to 78.94% in 2017.

The data for 2018 is unavailable, resuming in 2019 with a ratio of 70.87% and a slight decrease to 70.51% in 2020. The year 2021 witnessed a notable decrease to 59.35%, which was followed by a rise to 68.14% in 2022.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Connecticut increased overall from 2015 to 2022. The lowest amount of direct premiums written was $293,180,000 in 2015. This increased each year, with the exception of 2020 which saw a slight decrease to $347,614,000 from $364,761,000 in 2019. The highest direct premiums written was $452,493,000 in 2022, representing an increase of over 54% from 2015. Similarly, direct premiums earned started at $285,531,000 in 2015 and increased steadily to $435,646,000 in 2022.

This represents a 53% increase over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $47,494,000 or 11.7% (from $404,999,000 to $452,493,000). The smallest increase was just 0.8% from 2020 to 2021. For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $47,866,000 or 12.4% (from $387,580,000 to $435,646,000). The smallest increase was 2.2% from 2016 to 2017.

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine in Connecticut displays compelling dynamics over the observed years. The loss ratios fluctuate substantially, with the lowest percentage of 35.73% in 2017 and the peak of 50.73% in 2020. The years 2015 and 2016 witnessed similar loss ratios of 42.7% and 41.68%, respectively, followed by a substantial drop in 2017.

A recovery is noticed in 2018 with a loss ratio of 41.25%, which further increased to 44.61% in 2019. The highest rise is observed in 2020, reaching 50.73%, a significant leap from previous years. The loss ratios in the last two years, 2021 and 2022, have shown a decline with percentages of 40.15% and 37.52% respectively, indicating a downward trend after the peak in 2020.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Connecticut fluctuated between 2015 and 2022. The highest amount of direct premiums written was $4,040,000 in 2015. This amount decreased each year from 2016 to 2020, falling to a low of $1,556,000 in 2020.

However, direct premiums written then increased significantly to $5,079,000 in 2021 before decreasing again to $2,053,000 in 2022. Direct premiums earned followed a similar pattern, starting at $11,498,000 in 2015 before falling each year to reach a low of $2,675,000 in 2020. It then increased to $2,107,000 in 2021 before jumping back up to $4,034,000 in 2022. The largest year-over-year decrease for direct premiums written was from 2015 to 2016, when it fell by $1,381,000 or 34.2% (from $4,040,000 to $2,659,000).

The largest increase was from 2020 to 2021, rising by $3,523,000 or 226.5% (from $1,556,000 to $5,079,000). For direct premiums earned, the biggest year-over-year drop was from 2018 to 2019, decreasing by $1,650,000 or 37.5% (from $4,401,000 to $2,751,000). The largest increase was from 2021 to 2022, growing by $1,927,000 or 91.5% (from $2,107,000 to $4,034,000).

Loss Ratios for Commercial Financial Guaranty

The loss ratio data for Financial Guaranty in Connecticut exhibits remarkable fluctuations and trends from 2015 to 2019. The loss ratios demonstrate a substantial increase over time, starting with a modest 35.15% in 2015, followed by a dip to 15.63% in 2016, and then a moderate rise to 25.17% in 2017.

A notable turning point occurs in 2018 when the loss ratio surges to an unprecedented 114.51%, indicating a significant shift in the financial landscape. However, the most striking observation emerges in 2019, with the loss ratio skyrocketing to 2293.03%, an astonishing increase compared to previous years. Unfortunately, data for 2020, 2021, and 2022 are unavailable.

Direct and Earned Premiums for Medical Professional Liability

The data shows that direct premiums written and direct premiums earned for medical professional liability insurance in Connecticut increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $157,007,000 in 2015.

This increased each year, reaching a high of $253,052,000 in 2022 - an increase of over 60% over the 8 year period. The direct premiums earned followed a similar trend, starting at $166,060,000 in 2015 and reaching $251,023,000 in 2022. However, there was a slight dip in direct premiums earned in 2017 compared to 2016, dropping from $180,372,000 to $176,644,000 before continuing to increase after that.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $17,516,000 or 7.4% (from $236,536,000 to $253,052,000). The smallest increase was just 2.0%, from $183,967,000 in 2018 to $187,311,000 in 2019. For direct premiums earned, the biggest jump was also from 2021 to 2022 - an increase of $18,686,000 or 8.0%. And the smallest increase was 1.3%, from $176,644,000 in 2017 to $179,311,000 in 2018.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio in Connecticut exhibited intriguing fluctuations from 2015 to 2022. In 2015, the loss ratio stood at 66.46%, followed by a climb to 86.95% in 2017. However, a slight drop to 77.65% was observed in 2018. A dramatic increase to 118.12% was seen in 2019, the highest over the seven-year period. This was followed by a substantial decline to 73.53% in 2020.

The loss ratio then started rising again, with a close resemblance between 2021 and 2022, standing at 89.94% and 89.62% respectively. Although the data exhibits considerable variability, an overall upward trend is noticed from 2015 to 2022. The loss ratios generally remained above 60%, suggesting high claims costs relative to premiums earned in Connecticut's Medical Professional Liability sector during this period.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $6,660,000 in 2017, while the highest was $13,895,000 in 2022. Direct premiums written increased each year from 2017 to 2022, with the exception of a slight decrease from $8,207,000 in 2019 to $9,143,000 in 2020.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $4,723,000 or 46.4% (from $10,172,000 to $13,895,000). Similarly, direct premiums earned were lowest at $6,771,000 in 2017 and highest at $12,654,000 in 2022. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $2,615,000 or 26.1% (from $10,039,000 to $12,654,000). The smallest year-over-year increase for direct premiums earned was 1.8%, from $7,071,000 in 2018 to $7,203,000 in 2019.

Loss Ratios for Earthquake

The Earthquake loss ratio percentages in Connecticut demonstrate distinct variations and trends over the recorded years. The data exhibits significant inconsistency, with the lowest ratio of 0.19% in 2019 and a peak of 9.7% in 2022. There was a blank data entry in 2016 and 2017, which disrupts the continuity of the trend. In recent years, 2021 and 2022, the loss ratios were 0.98% and 9.7%, respectively, indicating a considerable surge.

The years 2018 to 2020 displayed a fluctuating pattern, as the loss ratio decreased from 3.1% in 2018 to 1.55% in 2020, notwithstanding a sharp dip to 0.19% in 2019. Hence, the overall trend suggests a decrease from 2015 to 2019, followed by a rapid increase in subsequent years, culminating in the highest ratio in 2022.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Connecticut decreased overall from 2015 to 2022.

The highest amount of direct premiums written was $892,281,000 in 2015. This decreased each year to a low of $687,745,000 in 2020 before rebounding slightly to $742,221,000 in 2022. This represents an overall decrease of 16.8% over the 8 year period. The pattern for direct premiums earned is similar. The highest amount was $881,144,000 in 2015, decreasing to a low of $695,034,000 in 2020, and then increasing slightly to $740,096,000 in 2022. This is an overall decrease of 16.0% over the period.

The largest year-over-year decrease for direct premiums written was from 2017 to 2018, when it declined by $130,747,000 or 16.0% (from $818,459,000 to $768,712,000). The smallest decrease was 1.1% from 2019 to 2020 ($737,331,000 to $687,745,000). For direct premiums earned, the largest annual decrease was also from 2017 to 2018, falling by $130,548,000 or 15.9% (from $823,417,000 to $792,869,000). The smallest decrease was 1.0% from 2019 to 2020.

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio in Connecticut fluctuates over the eight-year span, ranging from a low of 43.95% in 2018 to a high of 64.53% in 2015. Notably, 2016 saw a significant drop to 47.87% after the peak in 2015, hinting at some changes in the market dynamics or claim management. A moderate rebound is visible in 2017, with the loss ratio increasing to 55.71%, followed by another drop to 43.95% in 2018.

The loss ratio then increased gradually in 2019 and 2020 to 47.35% and 54.79%, respectively, indicating a period of relative stability. However, it peaked again in 2021, reaching 56.57%, closely mirroring the 2017 figures. The most recent year, 2022, shows a drop to 44.86%, indicating another period of decline.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $46,009,000 in 2016. The highest was $60,550,000 in 2021.

This represents an increase of over 31% from the low in 2016 to the high in 2021. Direct premiums written decreased from $57,727,000 in 2015 to $46,009,000 in 2016, before increasing again in 2017 to $48,792,000. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $5,155,000 or 9.3% (from $55,395,000 to $60,550,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period. The lowest direct premiums earned was $46,697,000 in 2017, while the highest was $62,630,000 in 2022. This was an increase of over 34% from the low in 2017 to the high in 2022. The largest difference between direct premiums written and direct premiums earned came in 2022, when direct premiums earned were $62,630,000 compared to direct premiums written of $59,606,000. This gap of $3,024,000 or 5.1% indicates a lag between when premiums are written versus when they are earned.

Loss Ratios for Product Liability

The Products Liability loss ratio data from Connecticut over the years presents considerable variation. In 2015, the loss ratio was at a minimal 0.6%, which increased significantly to 14.2% in 2016. The following year, 2017, witnessed a slight decrease to 13.71%. In 2018, the loss ratio escalated drastically to 51.98%, the highest until then.

However, the subsequent year, 2019, saw a sharp decline to 16.04%, followed by a further drop to 9.51% in 2020. Remarkably, in 2021, the loss ratio surged to its peak at 88.11%, indicating a significant increase in claims relative to premiums. The year 2022 shows a decrease to 48.42%, yet it is still significantly higher compared to prior years except for 2021.

Direct and Earned Premiums for Private Passenger Auto

The data shows that direct premiums written and direct premiums earned for private passenger auto insurance in Connecticut increased overall from 2015 to 2022. The lowest amount of direct premiums written was $2,670,721,000 in 2015.

This increased each year, with the exception of 2020 which saw a slight decrease to $3,020,111,000 from $3,146,959,000 in 2019. The highest direct premiums written was $3,265,871,000 in 2022. This represents an overall increase of 22.3% from 2015 to 2022. Similarly, direct premiums earned started at $2,626,998,000 in 2015 and increased each year except for 2020 when it decreased to $3,063,344,000 from $3,132,592,000 in 2019. The highest direct premiums earned was $3,225,190,000 in 2022, representing a 22.8% increase from 2015.

The largest year-over-year increase in direct premiums written was from 2015 to 2016, when it grew by $1,248,294,000 or 4.7%. The smallest year-over-year increase was just 0.8% from 2020 to 2021. For direct premiums earned, the largest increase was also from 2015 to 2016 at 4.7%, while the smallest was from 2020 to 2021 at 0.9%.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Connecticut exhibits notable fluctuations between 2015 and 2022. In the initial years, the loss ratios remained relatively stable, with 65.47% in 2015, 66.92% in 2016, and 66.13% in 2017. A slight decrease occurred in 2018 with a 63.43% loss ratio, followed by a minor upturn to 64.66% in 2019.

A more significant change was observed in 2020, as the loss ratio dropped to 56.82%, representing the lowest value in the examined period. However, this trend reversed in 2021 with a substantial increase to 69.99%. The most striking shift occurred in 2022 when the loss ratio surged to its highest point at 79.93%.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Connecticut increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $383,030,000 in 2015. This increased each year, with the exception of 2020 which saw a slight decrease to $487,256,000 from $487,329,000 in 2019. The highest direct premiums written was $592,448,000 in 2022, representing an overall increase of 54.6% from 2015.

The direct premiums earned followed a similar pattern, starting at $377,711,000 in 2015 and reaching $578,690,000 in 2022, a 53.2% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $71,080,000 or 14.6% (from $487,256,000 to $558,336,000). The smallest year-over-year increase was just 2.8%, from $487,329,000 in 2019 to $487,256,000 in 2020.

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Connecticut portrays notable trends and variations across the years. The loss ratios have experienced moderate changes, from a low of 58.3% in 2020 to a peak of 65.95% in 2022. The years 2015 and 2016 exhibited a slight decrease in loss ratios, from 64.03% to 60.33%. This was followed by a marginal increase in 2017, reaching 62.69%. In 2018, the loss ratio slightly dipped to 61.83% before rising to 63.42% in 2019.

However, the year 2020 saw the lowest loss ratio of 58.3% for the period under analysis. This was succeeded by a marginal increase in 2021, with a loss ratio of 59.24%. An upward trend is evident in 2022, with the highest loss ratio of 65.95%. The data showcases a pattern of minor decreases and increases over the years, with no drastic fluctuations.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $29,124,000 in 2016. The highest was $40,577,000 in 2021.

Direct premiums written increased overall from 2015 to 2021, with a dip in 2016 and 2022. Direct premiums earned followed a similar pattern, with the lowest amount being $30,886,000 in 2016 and the highest being $39,933,000 in 2020. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $4,380,000 or 11.5% (from $38,197,000 to $40,577,000).

The largest dip was from 2021 to 2022, when direct premiums written decreased by $4,828,000 or 11.9% (from $40,577,000 to $35,749,000). For direct premiums earned, the biggest increase was from 2019 to 2020, growing by $6,556,000 or 19.6% (from $33,377,000 to $39,933,000). The largest decrease was from 2021 to 2022, dropping by $3,287,000 or 8.7% (from $37,815,000 to $39,292,000).

Loss Ratios for Aircraft

The loss ratio data for Aircraft in Connecticut demonstrates significant fluctuations over the examined period. The data ranges from a minimum of 12.5% in 2016 to a peak of 165.04% in 2021. Notably, the loss ratio in 2017 surged to 61.28% from 12.5% in the preceding year. It continued to climb, reaching 138.47% in 2019.

However, a noticeable decline was observed in 2020, with the loss ratio falling to 63.8%. This downturn was short-lived, as the ratio skyrocketed to 165.04% in 2021, marking the highest point over the years. In the following year, 2022, a steep drop to 33.82% occurred. The data suggests a lack of a consistent trend, with considerable yearly variations.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $24,264,000 in 2018, while the highest was $28,584,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest amount being $24,875,000 in 2019 and the highest being $27,553,000 in 2022. Looking more closely at the data:

Direct premiums written decreased from $26,639,000 in 2015 to $25,134,000 in 2016, a drop of 5.6%. They then increased to $25,951,000 in 2017 before falling again in 2018. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when they grew by $6,582,000 or 25.4% (from $25,902,000 to $28,584,000).

Direct premiums earned followed a similar pattern to direct premiums written, but lagged behind somewhat. For example, the decrease in direct premiums written from 2015 to 2016 was reflected in direct premiums earned from 2016 to 2017. The largest year-over-year increase for direct premiums earned was also from 2021 to 2022, when they grew by $1,969,000 or 7.7% (from $25,584,000 to $27,553,000).

Loss Ratios for Fidelity

An examination of the loss ratio data for Fidelity in Connecticut from 2015 to 2021 reveals notable variations and trends within the specified period. The loss ratios demonstrate considerable fluctuations, with the highest value of 49.08% in 2015 and the lowest of 9.16% in 2021. The data indicates a general decline in loss ratios from 2015 to 2018, with the most significant drop occurring between 2017 and 2018, from 26.71% to 15.04%.

However, this downward trend was briefly interrupted in 2019 when the loss ratio increased to 26.76%. The subsequent year, 2020, witnessed another sharp increase, reaching 48.58%. This figure is strikingly close to the 2015 peak value. Despite the increase in 2020, the loss ratio plummeted to its lowest value of 9.16% in 2021.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Connecticut fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $61,613,000 in 2016, while the highest was $73,319,000 in 2022. Direct premiums written increased overall from $65,330,000 in 2015 to $73,319,000 in 2022, representing a growth of 12.3% over the 8 year period. Direct premiums earned followed a similar pattern, with the lowest amount being $63,149,000 in 2018 and the highest being $70,183,000 in 2022. Direct premiums earned grew from $67,297,000 in 2015 to $70,183,000 in 2022, an increase of 4.3% over the period.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $7,320,000 or 10.5% (from $69,999,000 to $73,319,000). The smallest year-over-year increase was just 0.8% from 2016 to 2017 ($61,613,000 to $62,450,000). For direct premiums earned, the biggest year-over-year jump was from 2020 to 2021, when it increased by $9,123,000 or 13.4% (from $68,201,000 to $77,324,000). The smallest increase was 1.1% from 2018 to 2019 ($63,149,000 to $63,788,000).

Loss Ratios for Surety

The loss ratio data for Surety in Connecticut displays notable shifts and patterns across the observed years. Specifically, the loss ratios demonstrate considerable variability, ranging from a low of 5.7% in 2015 to a peak of 72.49% in 2021. An upward trend is evident from 2015 to 2016, with the loss ratio surging from 5.7% to 35.09%. However, this is followed by a decline to 14.61% in 2017 and a further drop to an unreported value in 2018.

The subsequent years, 2019 and 2020, reveal relatively stable loss ratios of 16.86% and 12.18%, respectively. A striking increase is observed in 2021, with the loss ratio skyrocketing to 72.49%. This figure stands out as the highest loss ratio across all reported years. The data for 2022 remains unavailable, leaving the trend inconclusive for that year.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written for warranty insurance in Connecticut fluctuated between 2011 and 2022. The lowest amount of direct premiums written was $7,600,000 in 2018. The highest amount was $11,930,000 in 2022. The direct premiums written decreased from $11,447,000 in 2015 to $7,600,000 in 2018, before increasing again to $11,930,000 in 2022.

The largest year-over-year decrease was from 2017 to 2018, when direct premiums written fell by $4,699,000 or 41.6% (from $11,299,000 to $7,600,000). Meanwhile, direct premiums earned followed a similar pattern, ranging from a low of $8,964,000 in 2021 to a high of $9,840,000 in 2022. The largest year-over-year increase in direct premiums earned was from 2018 to 2019, rising by $1,597,000 or 17.4% (from $9,154,000 to $9,851,000).

Loss Ratios for Warranty

An analysis of the loss ratio data for Warranty business in Connecticut reveals notable trends and fluctuations from 2015 to 2022. The loss ratios exhibit variability, with the highest value of 58.18% in 2015 and the lowest value of 41.98% in 2017. A downward trend is observed from 2015 to 2017, followed by an increase to 54.24% in 2018.

From 2018 to 2020, the loss ratios show a gradual decline, with 51.42% in 2019 and 49.08% in 2020. In more recent years, 2021 and 2022 display a continued decrease in loss ratios, with values of 44.87% and 44.08%, respectively. The overall trend indicates an initial reduction from 2015 to 2017, followed by a brief increase in 2018, and then a consistent decline from 2018 to 2022.