Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and earned for fire insurance in Illinois increased substantially from 2015 to 2022.

The lowest amount of direct premiums written was $367,963,000 in 2015. This steadily increased each year, with the exception of a slight dip from 2016 to 2017. The highest direct premiums written was $772,979,000 in 2022, representing an increase of over 110% from 2015. Direct premiums earned followed a similar upward trend, starting at $375,512,000 in 2015 and reaching $739,527,000 in 2022, a 97% increase.

The largest year-over-year growth for direct premiums written was from 2021 to 2022, increasing by 20.2% from $642,678,000 to $772,979,000. The smallest year-over-year increase was -1.3% between 2016 and 2017.

In summary, the data shows substantial growth in direct premiums written and earned for fire insurance in Illinois over the 8 year period from 2015 to 2022, with particularly large increases in the most recent years. This reflects a rapidly growing market for fire insurance in the state.

Loss Ratios for Fire

The loss ratio data for Fire insurance in Illinois reveals significant variability over the years. In 2016, there was a notable spike in the loss ratio, reaching 79.6%, compared to 39.02% in the previous year. This spike warrants further exploration to understand the underlying causes. The loss ratio then dipped to 39.53% in 2017, showing a significant improvement.

However, since 2017, there has been a gradual increase in the loss ratio, peaking at 65.84% in 2019. The years 2020 to 2022 show a slight decrease followed by a consistent loss ratio of approximately 64%, suggesting an environment with more predictable claims or improved underwriting strategies. This stability could indicate a successful risk management strategy, but further analysis is needed to confirm this. Overall, while there is significant fluctuation, there is also evidence of stabilization in more recent years.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $289,508,000 in 2017. The highest amount was $526,553,000 in 2022. This represents an increase of over 80% over the 8 year period.

The direct premiums written increased each year from 2015 to 2022, with the exception of 2016 which saw a slight decrease from $322,788,000 in 2015 to $292,374,000 in 2016. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $76,243,000 or 17% (from $450,710,000 to $526,553,000). Similarly, the lowest amount of direct premiums earned was $294,173,000 in 2017. The highest was $492,821,000 in 2022. This is an increase of over 67% over the period.

The direct premiums earned followed a similar pattern to the direct premiums written, with the exception of 2019 which saw a decrease from the previous year. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $59,183,000 or 14% (from $433,638,000 to $492,821,000).

In summary, the data shows steady growth in both direct premiums written and direct premiums earned for allied lines insurance in Illinois over the 2015-2022 period, with 2022 seeing particularly large increases for both metrics. The only years that saw decreases were 2016 for direct premiums written and 2019 for direct premiums earned.

Loss Ratios for Allied Lines

The Allied Lines loss ratio data for Illinois presents some interesting trends over the years. The data shows a steady increase from a low of 33.16% in 2015 to a peak of 77.0% in 2020. This continuous seven-year rise suggests a potentially escalating claims situation, or perhaps shifts in underwriting practices.

The year 2020, with the highest loss ratio, stands out and may be indicative of a particularly challenging year. Following this peak, there was a decrease to 62.2% in 2021, suggesting some recovery or successful risk management measures. However, 2022 shows an upswing again to 73.53%, though not reaching the 2020 peak. This fluctuation in the most recent years could indicate a volatile claims environment or variations in underwriting strategies.

Despite these fluctuations, the overall trend from 2015 to 2022 is upward, indicating an increase in loss ratios for Allied Lines in Illinois.

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 Illinois fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $616,005,000 in 2016, while the highest was $1,247,206,000 in 2022. Direct premiums written increased from $689,548,000 in 2015 to $674,877,000 in 2017, before decreasing to $626,943,000 in 2018. There was then a steady increase from 2019 to 2022, with the largest year-over-year increase occurring between 2021 and 2022 when direct premiums written grew by $281,616,000 or 29.2% (from $965,790,000 to $1,247,206,000).

The trends for direct premiums earned are similar, with the lowest amount being $608,342,000 in 2016 and the highest being $1,222,599,000 in 2022. The largest year-over-year increase for direct premiums earned was also between 2021 and 2022, growing by $274,387,000 or 29.0% (from $948,122,000 to $1,222,599,000).

Overall, direct premiums written and earned for this line of business in Illinois increased substantially between 2015 and 2022, with particularly large growth in the most recent year. This indicates expanding insurance coverage and revenue from Federal Multi-Peril Crop insurance in the state over this time period.

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop insurance in Illinois reveals remarkable fluctuations over the years 2015 to 2022.

A substantial decrease in the loss ratio can be observed from 65.05% in 2015 to 20.72% in 2018, indicating improved risk management or underwriting practices during this period. However, 2019 witnessed an extraordinary spike in the loss ratio, reaching a high of 94.36%, which stands out as an outlier in the data. This sharp increase warrants further investigation into the factors contributing to this exceptional rise. In the subsequent year, 2020, the loss ratio significantly improved, dropping to 31.51%, suggesting effective adjustments in underwriting strategies or a more favorable claims environment.

The most recent years, 2021 and 2022, show a continued decrease in the loss ratio, with 25.61% and 10.58% respectively, indicating a possible stabilization in the claims environment or sustained improvements in risk management practices.

Overall, the trend showcases a general reduction in loss ratios, with the exception of the dramatic increase in 2019.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Illinois fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $20,580,000 in 2022, down from $27,907,000 in 2021. This represents a 26% decrease year-over-year. The highest amount of direct premiums written was $28,816,000 in 2015.

Direct premiums earned followed a similar pattern to direct premiums written. The lowest amount was $24,605,000 in 2022, compared to $27,774,000 in 2021, a decrease of 11%. The highest amount was $29,339,000 in 2015. Overall, there was a declining trend in both direct premiums written and earned over the period.

The largest year-over-year decrease for direct premiums written was from 2021 to 2022, when it fell by 26%. The smallest decrease was 1% between 2020 and 2021. For direct premiums earned, the largest decline was also between 2021 and 2022 at 11%, while the smallest was a 1% decrease from 2018 to 2019.

In summary, the data indicates that the flood insurance market in Illinois has contracted in recent years, with significant decreases in direct premiums written and earned from 2021 to 2022. This likely reflects reduced exposure or demand for flood insurance policies in the state over this period.

Loss Ratios for Federal Flood

The Federal Flood loss ratio data for Illinois presents some interesting trends and shifts over the observed years. The loss ratio fluctuates significantly, with the lowest at 0.91% in 2021 and the highest reaching 54.1% in 2019. The spike in 2017 and 2019 suggests periods of high claim frequency or severity, while the notably low ratios in 2016 and 2021 may indicate successful flood prevention measures or changes in underwriting practices.

The loss ratios in 2015 and 2020 are somewhat parallel, at 23.65% and 27.15% respectively, suggesting a certain degree of stability during these years. However, the recent years, 2021 and 2022, show a significant decrease to less than 10%, which could be due to a lower number of claims or an increase in premium income. The overall trend, though varied, suggests an oscillating pattern with no clear direction of increase or decrease.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $83,739,000 in 2015. The highest amount was $155,739,000 in 2022. This represents an increase of over 85% 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 $26,674,000 or 20.7% (from $128,965,000 to $155,739,000). The smallest year-over-year increase was just 1.7%, from $108,606,000 in 2019 to $110,421,000 in 2020. The direct premiums earned followed a similar trend, with the lowest amount being $83,202,000 in 2015 and the highest being $154,606,000 in 2022. This was an increase of over 85% as well.

The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 19.7% (from $129,221,000 to $154,606,000). The smallest increase was just 0.2% from 2019 to 2020.

Loss Ratios for Private Crop

The Private Crop Loss Ratio data in Illinois over the years shows intriguing patterns. The loss ratios were relatively stable at 60.52% and 58.9% in 2015 and 2016, respectively. However, a substantial increase was evident in 2017 and 2018 with loss ratios hovering around 80%. This upward trend continued in 2019, reaching a peak of 82.24%. Remarkably, 2020 and 2021 experienced higher spikes, with loss ratios surging to 127.91% and 141.0% respectively, indicating a challenging period for crop insurers.

These years may reflect the impact of adverse conditions in Illinois. However, 2022 indicates a significant drop to 75.23%, hinting towards a possible recovery or successful mitigation strategies implemented by the insurers. The overall trends suggest potential volatility in the private crop insurance sector, which could be attributed to various agronomic and environmental factors.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Illinois increased substantially from 2016 to 2022. The lowest amount of direct premiums written was $9,771,000 in 2016. This steadily increased each year, with the highest amount being $34,609,000 in 2022.

This represents an increase of over 250% over the 7 year period. Direct premiums earned follow a similar trend, starting at $5,997,000 in 2016 and reaching $32,700,000 in 2022, an increase of over 400%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $12,315,000 or 62% (from $19,865,000 to $30,180,000). The smallest year-over-year increase was 15% between 2017 and 2018 (from $14,023,000 to $15,571,000).

For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing by $7,671,000 or 44% (from $17,484,000 to $25,155,000). The smallest increase was 11% from 2018 to 2019 (from $14,519,000 to $12,870,000).

Overall, the data shows substantial growth in the private flood insurance market in Illinois over the 7 year period, with direct premiums written and earned more than tripling during this time. The largest increases came in the most recent years, indicating an acceleration in this growth.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in Illinois displays notable trends and variations across the years. In 2017, the loss ratio reached an exceptionally high level of 117.17%, suggesting a challenging year for flood insurers, possibly due to increased claim activity. Following 2017, there was a significant decrease in the loss ratio, as data for 2018 is not available, we observe a drop to 71.41% in 2019. A promising development can be seen in 2020, with the loss ratio dropping further to 27.87%, indicating improved underwriting or risk management practices.

The downward trend continues into 2021, with a remarkably low loss ratio of 5.03%. This substantial reduction could be attributed to a combination of effective underwriting strategies and possibly fewer flood-related claims during that year. In 2022, the loss ratio increased slightly to 9.82%, but still maintained a relatively low level compared to previous years. Overall, the data reveals a general decrease in loss ratios for Private Flood insurance in Illinois from 2017 to 2021, followed by a slight increase in 2022. This trend may indicate a shift towards more effective risk management and underwriting practices in the flood insurance market.

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 Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $170,482,000 in 2015. The highest was $233,479,000 in 2022. This represents an increase of over 37% 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 2020 to 2021, when it grew by $13,454,000 or 6.5% (from $205,555,000 to $219,009,000). The smallest year-over-year increase was 2.3%, from $179,484,000 in 2017 to $185,254,000 in 2018.

The direct premiums earned followed a similar pattern, with the lowest amount being $168,336,000 in 2015 and the highest being $228,593,000 in 2022. This was an increase of over 35% over the period. The largest year-over-year increase in direct premiums earned was 6.1%, from $201,754,000 in 2020 to $212,540,000 in 2021. The smallest was 2.0%, from $178,411,000 in 2017 to $180,410,000 in 2018.

In summary, the data shows steady growth in both direct premiums written and direct premiums earned for farmowners multiple peril insurance in Illinois from 2015 to 2022, with increases each year over the period. The largest increases came in the later years, especially from 2020 to 2021.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Illinois demonstrates considerable variation between 2015 and 2022. Loss ratios range from a low of 48.46% in 2016 to a high of 69.06% in 2017, indicative of a dynamic claims environment during this period. The substantial increase of 20.6 percentage points from 2016 to 2017 is particularly noteworthy and may point to external factors or changes in underwriting practices that year. Following the peak in 2017, the loss ratio dropped to 49.23% in 2018, only to increase again in subsequent years. Between 2019 and 2021, the loss ratios rose from 57.15% to 67.64%, suggesting a possible trend of worsening claims experience or adjustments in pricing and underwriting strategies.

However, there was a decline to 54.39% in 2022, which could indicate stabilization or successful risk management measures. Throughout the entire period, the average loss ratio is approximately 57.75%, reflecting the overall experience for Farmowners Multiple Peril in Illinois. While fluctuations are evident, understanding the specific drivers behind these changes would require further analysis and investigation.

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 Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $3,423,857,000 in 2015. This increased each year, with the highest amount being $4,881,283,000 in 2022. This represents an increase of over 42% over the 8 year period.

Similarly, direct premiums earned grew from $3,364,053,000 in 2015 to $4,651,975,000 in 2022, an increase of 38% over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $1,467,845,000 or 33%. The smallest year-over-year increase was 2.9%, from $3,558,367,000 in 2017 to $3,668,689,000 in 2018.

In summary, the data shows steady, substantial growth in both direct premiums written and direct premiums earned for homeowners multiple peril insurance in Illinois over the 8 year period from 2015 to 2022. The largest growth occurred in the most recent year, from 2021 to 2022.

Loss Ratios for Homeowners Multiple Peril

The loss ratio for Homeowners Multiple Peril insurance in Illinois displays notable fluctuations from 2015 to 2022. The lowest ratio was observed in 2016 at 56.65%, while the highest ratios were registered in 2019 and 2020, at 81.99% and 82.39% respectively. The sharp surge in 2017 to 81.52% from 56.65% in the previous year is particularly striking, hinting at a significant shift in the claims landscape or underwriting practices during this period.

The subsequent years 2018 to 2022, despite some variability, appear to show a trend towards stabilization. In 2018, the loss ratio fell to 66.67% and while it spiked again in 2019 and 2020, it dropped to 62.43% in 2021. There is a slight increase to 66.25% in 2022, but it remains significantly lower than the peaks of 2019 and 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 Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $1,721,225,000 in 2015. This increased each year, reaching $2,222,580,000 in 2022 - representing an overall increase of 29.2% over the 8 year period.

The direct premiums earned followed a similar trend, starting at $1,698,003,000 in 2015 and reaching $2,131,859,000 in 2022, for a 25.5% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $44,880,000 or 10.1% (from $2,017,700,000 to $2,222,580,000). The smallest increase was just 0.8% from 2016 to 2017.

For direct premiums earned, the biggest jump was also from 2021 to 2022 at 9.0% growth (from $1,955,609,000 to $2,131,859,000). The smallest increase was 1.6% from 2017 to 2018.

Overall, the data shows steady, consistent growth in commercial multiple peril direct premiums written and earned in Illinois over the 8 year period from 2015 to 2022, with premiums reaching their highest points in the most recent year. The largest annual increases came in the last year, indicating an acceleration in growth.

Loss Ratios for Commercial Multiple Peril

The Commercial Multiple Peril loss ratio data in Illinois over the past years presents some interesting patterns. Between 2015 and 2018, a steady increase was observed, from 41.89% in 2015 to 57.5% in 2018. This upward trend continued into 2019, with a slight rise to 58.82%. However, a sharp jump occurred in 2020, where the loss ratio soared to a high of 83.17%, marking a significant departure from the previous trends.

In contrast, the subsequent year witnessed a drop to 54.62%, which is comparable to the 2017 figure. As of 2022, the loss ratio stands at 60.15%, showing a moderate increase from 2021. These fluctuations suggest possible changes in the claims environment or adjustments in underwriting approaches over the years.

The dramatic spike in 2020 is particularly notable and may warrant a closer examination for potential influences and mitigating factors.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Illinois fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $223,611,000 in 2015. This increased to $246,120,000 in 2022, representing an overall increase of 10.1% over the 8 year period. Direct premiums earned followed a similar trend, starting at $208,774,000 in 2015 and rising to $254,102,000 in 2022, a 21.7% increase. The largest year-over-year increase in direct premiums written was from 2018 to 2019, when it grew by $15,196,000 or 6.6% (from $229,662,000 to $244,625,000).

The smallest year-over-year increase was just 0.8% between 2016 and 2017 (from $228,010,000 to $225,430,000). For direct premiums earned, the biggest jump was between 2019 and 2020, increasing by $8,938,000 or 3.4% (from $260,163,000 to $269,101,000). The smallest increase was 1.3% from $222,214,000 in 2017 to $226,633,000 in 2018.

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio data for Illinois showcases noteworthy observations and fluctuations across the years. A considerable decline in loss ratios can be seen from 2015 (45.95%) to 2018 (15.08%), which may imply effective risk management or underwriting practices during this period. However, an unexpected increase to 44.26% occurred in 2020, disrupting the decreasing trend and possibly signaling a shift in the claims environment or underwriting strategies. In the years that followed, the loss ratios exhibit a downward trend, with 19.93% in 2021. This trend indicates the potential stabilization of the claims environment or adjustments in underwriting practices.

The 2022 loss ratio percentage would be vital in understanding whether this downward trend continues or if it experiences another fluctuation similar to 2020. Overall, the data highlights the variability in the Mortgage Guaranty loss ratios in Illinois, with significant fluctuations warranting further investigation into the underlying factors.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Illinois fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $89,890,000 in 2017. The highest was $203,510,000 in 2022.

Direct premiums written increased each year from 2017 to 2022, with the largest year-over-year increase occurring between 2021 and 2022 when direct premiums written grew by $51,665,000 or 34%. Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $87,087,000 in 2016 to a high of $194,494,000 in 2022.

The largest year-over-year increase in direct premiums earned was also between 2021 and 2022, when it grew by $45,401,000 or 30.5%. Overall, the data shows substantial growth in both direct premiums written and direct premiums earned for ocean marine insurance in Illinois over the 8 year period. Direct premiums written grew by 127% from the low in 2017 to the high in 2022. Meanwhile, direct premiums earned grew by 124% over that same period.

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine insurance in Illinois over the years showcases notable patterns and fluctuations. The data reveals a shifting trend in loss ratios from 2015 to 2022, with values ranging from a low of 46.75% in 2021 to a high of 69.5% in 2020. A significant drop in the loss ratio is observed between 2020 and 2021, decreasing from 69.5% to 46.75%. This improvement may indicate effective risk management or underwriting practices during that period.

In contrast, the years 2017 and 2018 show a remarkably steady loss ratio, with values of 65.88% and 65.95%, respectively, suggesting stability in the claims environment or consistent underwriting strategies. From 2015 to 2016, there was a decline in the loss ratio from 69.25% to 56.82%, followed by a steady increase until 2020. The year 2022 exhibits a moderate loss ratio of 62.15%, which lies between the values from 2019 and 2020, potentially indicating a slight stabilization in recent years. Overall, the Ocean Marine insurance market in Illinois has experienced fluctuations, with recent years potentially hinting at a more stable trend.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Illinois increased overall from 2015 to 2022. The lowest amount of direct premiums written was $747,640,000 in 2015. This increased each year until 2020, when it dropped slightly to $906,327,000. The highest direct premiums written was $1,144,260,000 in 2022, representing an increase of 53% from 2015.

Direct premiums earned followed a similar pattern, with the lowest amount being $735,926,000 in 2015 and the highest being $1,102,094,000 in 2022 - a 50% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $102,534,000 or 11%. The smallest year-over-year increase was just 2% between 2016 and 2017.

In summary, inland marine direct premiums written and earned in Illinois grew steadily from 2015 to 2019, dropped slightly in 2020, and then increased sharply in 2021 and 2022. This represents significant growth in this line of business over the 8 year period.

Loss Ratios for Commercial Inland Marine

The loss ratio percentages for Inland Marine insurance in Illinois display some noteworthy patterns and shifts throughout the years. From 2015 to 2018, the loss ratios remained relatively stable, hovering around 50% with a slight increase in 2016 at 64.39%. This consistency suggests a stable claims environment during that period. However, in 2020, a remarkable surge occurred, with the loss ratio escalating to 76.55%, deviating from the previous years' trend. This significant increase might indicate an unusual event or change in claim patterns for that year.

In contrast, 2021 witnessed a considerable reduction in the loss ratio, dropping to 43.33%, which might imply improved risk management or underwriting practices. In the most recent years, the loss ratios for 2021 and 2022 are relatively consistent, sitting at 43.33% and 51.46%, respectively. This indicates a potential stabilization in the claims environment or effective adjustments in underwriting strategies. Overall, the data showcases a period of stability between 2015 and 2018, a notable spike in 2020, and a return to more consistent loss ratios in the subsequent years.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Illinois fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,805,000 in 2019. The highest amount was $23,244,000 in 2017. This represents an over 500% increase from the low in 2019 to the high in 2017. Direct premiums written increased from $11,329,000 in 2015 to a peak of $23,244,000 in 2017. It then decreased to $3,805,000 in 2019 before rebounding to $10,256,000 in 2020 and $6,100,000 in 2021. The most recent data for 2022 shows direct premiums written at $8,919,000.

Direct premiums earned followed a similar pattern, starting at $46,276,000 in 2015, peaking at $54,297,000 in 2016, then falling to $19,605,000 in 2019 before increasing again to $14,120,000 in 2021. The most recent data for 2022 shows direct premiums earned at $8,821,000. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $6,451,000 or 169.5%. The largest year-over-year decrease was from 2017 to 2018, when direct premiums written fell by $6,582,000 or 28.3%.

Loss Ratios for Commercial Financial Guaranty

A close examination of loss ratio data for Financial Guaranty in Illinois uncovers interesting patterns. The loss ratio for 2017 is available and stands at 52.15%; however, data for the other years remains undisclosed. The presence of a single data point makes it challenging to identify any clear trends or fluctuations over the seven-year period. Even though we lack comprehensive data, the 2017 figure still provides insight. The loss ratio of 52.15% indicates that more than half of the premiums earned were utilized to cover losses, suggesting a challenging year for the Financial Guaranty sector.

The absence of data for the subsequent years makes it difficult to ascertain whether the 2017 loss ratio was a one-off event or part of an ongoing trend. 

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 Illinois fluctuated over the 2015-2022 period. Direct premiums written decreased from $499,549,000 in 2015 to $442,131,000 in 2017, before increasing again to $507,311,000 in 2021. The highest direct premiums written was $546,501,000 in 2022. Direct premiums earned followed a similar pattern, decreasing from $512,231,000 in 2015 to $458,669,000 in 2017, before increasing to $493,695,000 in 2021.

The highest direct premiums earned was $534,607,000 in 2022. The largest year-over-year decrease in direct premiums written was from 2016 to 2017, when it declined by $32,081,000 or 6.8% (from $474,192,000 to $442,131,000). The largest increase was from 2021 to 2022, when direct premiums written grew by $39,190,000 or 7.7% (from $507,311,000 to $546,501,000).

In summary, direct premiums written and earned for medical professional liability insurance in Illinois decreased from 2015-2017 before rebounding and reaching their highest levels in 2022. The fluctuations align between direct premiums written and direct premiums earned each year.

Loss Ratios for Medical Professional Liability

The loss ratio data for Medical Professional Liability in Illinois reveals interesting patterns across the years. A steady increase is observed from 2015 to 2019, with the loss ratios rising from 43.93% in 2015 to 64.62% in 2019. This consistent growth indicates heightened claim activity or possible changes in underwriting practices during this period.

In 2020, the loss ratio experienced a slight decline to 62.11%, suggesting some improvement in risk management or underwriting strategies. However, a more significant change is evident in 2021 and 2022, with the loss ratios dropping to 52.32% and 41.05%, respectively. This decrease could indicate effective adjustments in underwriting practices or a stabilization in the claims environment.

Overall, the data highlights a period of increasing loss ratios from 2015 to 2019, followed by a notable decline in 2021 and 2022. The fluctuations in the loss ratios suggest shifts in the Medical Professional Liability landscape or the implementation of improved risk management techniques in Illinois.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Illinois increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $67,210,000 in 2015. This steadily increased each year, with the exception of a slight dip from $67,210,000 in 2015 to $64,575,000 in 2016. The highest direct premiums written was $114,174,000 in 2022, representing an increase of over 70% from 2015. Similarly, direct premiums earned started at $68,005,000 in 2015 and reached $109,810,000 in 2022, an increase of over 61%.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $22,834,000 or 27.2% (from $84,023,000 to $106,857,000). The smallest year-over-year increase was just 1.9%, from $64,832,000 in 2017 to $65,450,000 in 2018. In most years, the direct premiums earned were slightly lower than the direct premiums written, but followed a similar upward trend over the 8 year period.

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in Illinois displays several notable trends and fluctuations over the years. The data indicates a general upward trend in loss ratios from 2016 to 2022, excluding the unavailable data for 2015 and 2019.

In 2016, the loss ratio was notably low at 0.17%, which then increased to 1.29% in 2017. A more substantial jump occurred in 2018, with the loss ratio reaching 3.18%. Despite the lack of data for 2019, the loss ratio climbed further to 3.52% in 2020. However, a significant dip was observed in 2021, with the loss ratio decreasing to 0.68%. Interestingly, the year 2022 witnessed the highest loss ratio of 8.82%, considerably higher than any previous year in this dataset.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Illinois decreased overall from 2015 to 2021.

The highest amount of direct premiums written was $2,826,687,000 in 2015. This declined each year until reaching $2,278,387,000 in 2021, representing a decrease of 19.4% over the period. Similarly, direct premiums earned peaked at $2,822,583,000 in 2015 before falling to $2,262,012,000 in 2021, a 20.0% decline.

The largest single year-over-year decrease in direct premiums written was from 2016 to 2017, when it fell by $154,999,000 or 5.7% (from $2,720,458,000 to $2,565,459,000). The smallest decrease was just 1.6% between 2020 and 2021. In 2022, direct premiums written and earned increased compared to 2021, up 6.1% and 5.8% respectively. This indicates a potential reversal of the downward trend observed from 2015-2021.

Direct premiums written rose to $2,417,169,000 in 2022 while direct premiums earned grew to $2,392,074,000. However, both figures remain below the 2015 highs.

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data for Illinois displays noteworthy trends and changes over the years 2015 to 2022. The loss ratios underwent moderate fluctuations, with the highest loss ratio recorded at 54.05% in 2016 and the lowest at 40.43% in 2022.

Between 2015 and 2016, there was a slight increase from 53.07% to 54.05%, followed by a more significant decline to 43.99% in 2017. A period of stability emerged from 2017 to 2019, where loss ratios remained in the mid-40s, with a slight dip to 43.87% in 2018 and a subsequent rise to 45.02% in 2019. However, 2020 saw an uptick in the loss ratio to 51.32%, followed by a decline to 48.97% in 2021. The most recent year, 2022, experienced the lowest loss ratio of 40.43%.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Illinois increased overall from 2015 to 2022. The lowest amount of direct premiums written was $160032000 in 2015. This increased each year to reach a high of $219952000 in 2022, representing an overall increase of 37.5% over the 8 year period.

The direct premiums earned followed a similar trend, starting at $158275000 in 2015 and reaching $211656000 in 2022, for a 33.8% overall increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $125468000 or 6.5% (from $194349000 to $206817000). The smallest year-over-year increase was 1.2%, from $157204000 in 2017 to $160181000 in 2018. For direct premiums earned, the largest annual increase was from 2020 to 2021, when it grew by $181049000 or 9.8% (from $185374000 to $203423000).

The smallest increase was 0.5% from 2016 to 2017 (from $153221000 to $151875000). In summary, the data indicates steady growth in both direct premiums written and earned for products liability insurance in Illinois over the 8 year period from 2015 to 2022, with the largest increases occurring in the most recent years.

Loss Ratios for Product Liability

The Products Liability loss ratio data for Illinois from 2015 to 2022 reveals varying trends. In 2015, the loss ratio was exceptionally high at 98.22%, followed by a significant decrease to 31.23% in 2016. The years 2017 and 2018 saw relatively similar loss ratios of 53.86% and 48.84%, respectively, suggesting a period of stability.

However, in 2019, there was a marked drop to 23.78%, the lowest in the examined period. This was followed by a substantial increase to 66.28% in 2020. The years 2021 and 2022 showed loss ratios of 48.54% and 57.31% respectively, indicating a consistent upward trend since the 2019 low.

While the fluctuations are noteworthy, the underlying factors causing these changes are not immediately clear from the data alone. Further analysis is needed to understand the reasons for these significant shifts in loss ratios.

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 Illinois increased overall from 2015 to 2022. The lowest amount of direct premiums written was $665,133,4000 in 2015. The highest was $848,838,5000 in 2022. This represents an increase of over 27% over the 8 year period. Direct premiums written increased each year from 2015 to 2019, then decreased slightly in 2020 before increasing again in 2021 and 2022.

The largest year-over-year increase in direct premiums written was from 2021 to 2022 at $61,666,7000 or 7.8% (from $787,717,3000 to $848,838,5000). The trends for direct premiums earned are similar, with the lowest amount being $653,618,7000 in 2015 and the highest being $821,078,6000 in 2022. This is an increase of over 25% over the period. The largest year-over-year increase for direct premiums earned was also from 2021 to 2022 at $42,195,3000 or 5.4% (from $778,813,3000 to $821,078,6000).

Overall, the data shows a steady increase in both direct premiums written and direct premiums earned for private passenger auto insurance in Illinois from 2015 through 2022, with only a slight dip in 2020. The largest increases came in the most recent year as both metrics grew by over 5% from 2021 to 2022.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Illinois indicates notable patterns and trends across the years. Between 2015 and 2018, there's a slight decrease in the loss ratio, moving from 64.21% to 62.71%, which could signify improved underwriting strategies or a decline in claim frequency. However, the loss ratio sees a marginal increase in 2019 to 64.05%, slightly above the 2015 level. The year 2020 stands out with a considerable drop to 54.07%.

Despite this significant decrease, the subsequent years, 2021 and 2022, witnessed a sharp rise in loss ratios to 66.95% and 79.63%, respectively. The sharp increase in 2022 suggests an increase in claim frequency or severity, or possibly changes in underwriting practices. However, the exact factors contributing to these fluctuations require further analysis. Despite the variability, the overall trend across the years shows an increasing loss ratio.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $1,329,685,000 in 2015. This increased each year, with the exception of 2020 which saw a slight decrease to $1,904,290,000 from $1,970,529,000 in 2019.

The highest amount of direct premiums written was $2,635,270,000 in 2022. This represents an overall increase of 98% from 2015 to 2022. Similarly, the lowest amount of direct premiums earned was $1,280,540,000 in 2015. This increased steadily each year to $2,179,162,000 in 2021, before reaching $2,492,689,000 in 2022. This is an overall increase of 95% over the period.

The largest year-over-year increase in direct premiums written was from 2018 to 2019, when it grew by $235,181,000 or 13.4% (from $1,753,458,000 to $1,970,529,000). The smallest year-over-year increase was just 0.8% from 2020 to 2021 (from $1,904,290,000 to $1,914,952,000).

In summary, the data shows strong growth in commercial auto liability direct premiums written and earned in Illinois over the 8 year period from 2015 to 2022, with particularly large increases in the most recent years.

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Illinois exhibits intriguing fluctuations from 2015 to 2022. The data shows a slight increase from 59.74% in 2015 to 60.55% in 2016, followed by a noticeable jump to 65.77% in 2017.

However, the next two years saw a downward adjustment, with 64.2% and 63.63% in 2018 and 2019, respectively. A significant drop is observed in 2020, with the loss ratio descending to 56.3%, hinting at improved risk management or strategic underwriting adjustments. This improvement, however, was short-lived as 2021 saw a slight increase to 57.64%, followed by a more pronounced rise to 62.94% in 2022.

This recent upward trend suggests a potential change in the claims environment or underwriting strategies. Despite the fluctuations, the overall trend from 2015 to 2022 shows a relative increase in loss ratios.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Illinois increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $60,200,000 in 2015. The highest was $105,862,000 in 2022. This represents a 76% increase over the 8 year period.

Direct premiums earned followed a similar trend, with the lowest amount being $60,493,000 in 2015 and the highest being $101,780,000 in 2022, a 68% increase. Looking year-over-year, the largest increase in direct premiums written was from 2021 to 2022, when it grew by $24,474,000 or 30%. The smallest year-over-year increase was just 1% between 2016 ($66,190,000) and 2017 ($65,599,000). For direct premiums earned, the biggest jump was also from 2021 to 2022 at 28%.

The smallest increase was 0.5% from 2016 ($63,931,000) to 2017 ($63,333,000). In summary, the data shows steady growth in aircraft insurance premiums written and earned in Illinois over the 8 year period, with 2022 seeing particularly large increases of 30% and 28% respectively. The smallest increases were just 1% for premiums written and 0.5% for premiums earned.

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in Illinois presents some noteworthy trends and variations across the years. A significant increase in the loss ratio is observed in 2016, reaching a peak of 83.2% from 14.05% in 2015.

This jump warrants further investigation into the factors that could have led to such a drastic change. Data for 2017 and 2018 is not available, which creates a gap in understanding the trend continuity. However, the loss ratio percentage shows a decrease in 2019 and 2020, settling at 58.41% and 50.9% respectively, possibly indicating successful risk mitigation strategies or changes in underwriting practices. A significant drop to 25.8% is observed in 2021, followed by a slight rise to 32.37% in 2022.

This recent trend may suggest a stabilization in the claims environment or further adjustments in underwriting strategies. Despite these fluctuations, the overall trend from 2019 to 2022 suggests a decrease in the loss ratio percentage.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and earned for fidelity insurance in Illinois increased overall from 2015 to 2022. The lowest amount of direct premiums written was $63,495,000 in 2015. This increased to a high of $76,457,000 in 2022, representing total growth of 20.4% over the 8 year period. Direct premiums written increased each year except for a dip from $63,221,000 in 2017 down to $63,072,000 in 2018.

The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $3,202,000 or 4.5% (from $71,713,000 to $74,915,000). Direct premiums earned followed a similar pattern to direct premiums written, starting at $63,571,000 in 2015 and reaching $74,868,000 in 2022. The largest year-over-year increase for direct premiums earned was also from 2020 to 2021, growing by $2,550,000 or 3.5% (from $72,196,000 to $73,746,000).

Overall, the data shows steady growth in direct premiums written and earned for fidelity insurance in Illinois over the 8 year period, with the exception of a small dip in 2018. The largest growth occurred in the most recent years from 2020 to 2022.

Loss Ratios for Fidelity

The loss ratio data for Fidelity in Illinois shows notable changes over the years, with fluctuations appearing throughout the given time frame. The highest loss ratio was observed in 2015, with a percentage of 74.67%, while the lowest occurred in 2017 at 19.27%. A considerable drop in the loss ratio is seen between 2015 and 2017, declining by more than 55 percentage points. The years 2018 and 2019 present an interesting pattern, with the loss ratio rising to 60.63% in 2018 before declining to 36.14% in 2019. This suggests a possible shift in the claims environment or changes in underwriting practices during this time.

In 2020, the loss ratio increased slightly to 47.36%, but it did not reach the high levels observed in 2015 or 2018. The most recent years, 2021 and 2022, show a downward trend in loss ratios, with percentages of 38.35% and 26.84%, respectively. This could indicate a growing stability in the claims environment or effective adjustments in underwriting strategies.

Overall, the data suggests variability in the loss ratios for Fidelity in Illinois, with a general downward trend in recent years.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Illinois fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $173,896,000 in 2016, while the highest was $289,596,000 in 2022.

Direct premiums written increased overall during the period, with the largest year-over-year increase occurring between 2021 and 2022, when direct premiums written grew by $20,805,000 or 7.7% (from $268,791,000 to $289,596,000). Direct premiums earned followed a similar pattern to direct premiums written. The lowest amount was $187,042,000 in 2016, while the highest was $273,017,000 in 2022. The largest year-over-year increase in direct premiums earned was between 2021 and 2022, when it grew by $26,553,000 or 10.8% (from $246,464,000 to $273,017,000).

In summary, the data shows an overall increasing trend in both direct premiums written and direct premiums earned for surety insurance in Illinois between 2015 and 2022, with some fluctuation year-to-year. The largest increases occurred in the most recent year, between 2021 and 2022. This indicates growing demand for surety insurance products in the state over the 8 year period.

Loss Ratios for Surety

The loss ratio data for Surety in Illinois shows a strong fluctuation during the years 2015 to 2022. In 2015, the loss ratio was at a peak of 28.95% but significantly declined to 17.22% in 2016. A drastic drop was observed in 2017 where it hit a low of 1.12%, suggesting a remarkable improvement in risk management or underwriting practices during that year.

In the subsequent years, there was a steady but slight increase, with 6.87% in 2018, 8.44% in 2019, and 10.83% in 2020, indicating an overall growth trend. In 2021, the loss ratio almost doubled to 20.04%, which may have been influenced by external factors or changes in the claims environment. The data for 2022 is not available, but considering the trend from 2018 to 2021, there is a possibility of continued increase. Overall, the loss ratio data for Surety in Illinois from 2015 to 2021 shows a trend of a sharp decline followed by a gradual increase.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Illinois fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $205,125,000 in 2019, while the highest was $341,993,000 in 2021. This represents an increase of over 66% from the low in 2019 to the high in 2021.

Direct premiums written increased each year from 2015 to 2018, with the exception of 2016 which saw a decrease from $183,354,000 in 2015 to $204,654,000 in 2016. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $109,774,000 or 47.7% (from $230,219,000 to $341,993,000). Direct premiums earned followed a similar pattern, with the lowest amount being $164,735,000 in 2019 and the highest being $265,680,000 in 2022. This was an increase of over 61% between those years. The largest year-over-year increase in direct premiums earned was from 2021 to 2022, when it grew by $41,215,000 or 18.4% (from $224,665,000 to $265,680,000).

Loss Ratios for Warranty

The Warranty loss ratio data for Illinois demonstrates noteworthy patterns and shifts throughout the years analyzed. Initially, the loss ratios exhibit a steady increase from 51.89% in 2015 to a peak of 68.55% in 2018. This upward trend suggests a growing proportion of claims being paid out during this period. In 2019, there is a slight decrease in the loss ratio to 63.82%, indicating a possible improvement in risk management or adjustments in underwriting practices.

However, this decline is not sustained, as the loss ratio once again rises in subsequent years, reaching 58.21% in 2021 and 59.46% in 2022. The relatively stable figures in these latter years could signal a more consistent claims environment or the impact of refined underwriting strategies. Overall, the data reveals a general upward trend in Warranty loss ratios for Illinois, with fluctuations in certain years that may be indicative of changes in risk management or underwriting approaches.