Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and earned for fire insurance in Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $320,670,000 in 2015. The highest was $402,286,000 in 2022. This represents an increase of over 25% over the 8 year period. Direct premiums written increased each year from 2015 to 2022.

The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $66,691,000 or 19.9% (from $335,595,000 to $402,286,000). The smallest increase was 1.4%, from $231,848,000 in 2017 to $235,972,000 in 2018. Direct premiums earned followed a similar upward trend over the period, lagging slightly behind the direct premiums written. The lowest direct premiums earned was $314,450,000 in 2015 and the highest was $376,464,000 in 2022. This was an increase of nearly 20% over the period.

As with direct premiums written, the largest year-over-year increase in direct premiums earned was between 2021 and 2022 at 21.2% (from $310,818,000 to $376,464,000). The smallest increase was 0.7% between 2016 and 2017.

Loss Ratios for Fire

The Fire insurance loss ratio in Indiana has witnessed interesting shifts from 2015 to 2022. The percentages reflect a steady increase from 21.99% in 2015 to 40.38% in 2018, suggesting increased claim activity or possible changes in underwriting practices during this period. A slight decrease is observed in 2019 to 37.31%, which then slightly rebounds to 38.76% in 2020. However, 2021 marks the beginning of a downward trend with a loss ratio of 34.62%.

The most striking data point, however, is the dramatic surge in 2022, where the loss ratio skyrockets to 82.49%. This spike is an anomaly, significantly deviating from the previous years. This could indicate a severe increase in claims or potential changes in underwriting or risk assessment strategies, necessitating further investigation for a more in-depth understanding.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and earned for allied lines insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $145,800,000 in 2016, while the highest was $272,495,000 in 2022. This represents an increase of over 87% over the 8 year period. Direct premiums written increased each year from 2016 to 2022, with the exception of 2017 which saw a slight decrease from $145,800,000 in 2016 to $147,925,000 in 2017.

The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $31,411,000 or 14.4% (from $218,227,000 to $249,638,000). Direct premiums earned followed a similar pattern to direct premiums written over the period, with the lowest amount being $148,004,000 in 2016 and the highest being $261,826,000 in 2022. This was an increase of over 77% over the period.

The largest year-over-year increase for direct premiums earned was also from 2020 to 2021, growing by $28,649,000 or 14.0% (from $204,397,000 to $233,046,000).

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in Indiana demonstrates intriguing fluctuations over the eight-year span. Specifically, the loss ratios exhibit substantial variability, ranging from a low of 29.53% in 2020 to a high of 66.19% in 2019.

The 2019 peak is a noticeable deviation, suggesting an unusual increase in claims or decrease in earned premiums that year. From 2015 to 2017, there was an upward trend with the loss ratio increasing from 32.31% to 65.2%. However, this trend was interrupted in 2018 when the loss ratio dropped to 45.08%, before bouncing back to 66.19% in 2019. In contrast, the data shows a significant improvement in 2020, where the loss ratio dropped to its lowest at 29.53%.

The years 2021 and 2022, however, exhibit an upward shift again with loss ratios of 42.91% and 60.14% respectively. These patterns may indicate changes in claim frequency, severity, or underwriting practices over these years.

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 Indiana fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $312,001,000 in 2016. The highest was $643,109,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest being $304,761,000 in 2016 and the highest being $651,811,000 in 2022. Overall, there was an upward trend in both direct premiums written and direct premiums earned over the 8 year period. Direct premiums written increased by 85.3% from 2015 to 2022 (from $347,136,000 to $643,109,000). Meanwhile, direct premiums earned grew by 90.0% over the same period (from $343,165,000 to $651,811,000).

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it jumped by $108,623,000 or 20.3% (from $534,486,000 to $643,109,000). The smallest year-over-year increase was just 0.6% between 2020 and 2021 (from $336,448,000 to $534,486,000). For direct premiums earned, the biggest jump was also from 2021 to 2022 at 26.7% (from $514,488,000 to $651,811,000).

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop insurance in Indiana showcases remarkable fluctuations between 2015 and 2022. The highest loss ratio was recorded in 2015 at 111.9%, followed by a significant decline in 2016 to 41.9%. This downward trend continued until 2018, with a low of 28.74%.

However, a sharp increase occurred in 2019, with the loss ratio reaching 110.66%, nearly mirroring the 2015 value. This spike warrants further analysis to understand the underlying factors that contributed to such a dramatic change. The subsequent years saw a notable reduction in loss ratios, with 2020 at 39.19% and 2021 at 18.36%. In 2022, the loss ratio reached its lowest point in the examined period at 14.41%, suggesting a potential improvement in risk management or underwriting practices.

The overall trend showcases a general decrease in loss ratios since 2015, despite the outlier in 2019. The more recent years, particularly 2021 and 2022, display relatively lower and stable loss ratios, indicating a possible stabilization in the claims environment or effective adjustments in underwriting strategies.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Indiana fluctuated between 2015 and 2022. The highest amount of direct premiums written was $17,316,000 in 2015. This then decreased each year until 2018 when it increased slightly to $16,283,000, before decreasing again in 2021 to $16,005,000.

In 2022, direct premiums written dropped significantly to $11,726,000, a 29% decrease from 2021. Direct premiums earned followed a similar pattern to direct premiums written. The highest amount was $17,624,000 in 2015. This decreased each year until 2018 when it increased slightly to $16,241,000. It then remained relatively stable between 2018 and 2021, ranging from $16,241,000 to $15,984,000. In 2022, direct premiums earned jumped to $14,005,000 despite the large drop in direct premiums written. This represents a 12% increase in direct premiums earned compared to 2021, even though direct premiums written decreased by 29% that same year.

The largest year-over-year decrease for direct premiums written was from 2015 to 2016, when it dropped by $891,000 or 5%. The smallest year-over-year decrease was 1% between 2020 and 2021. For direct premiums earned, the largest annual decrease was also between 2015 and 2016 at $718,000 or 4%. The smallest decrease was less than 1% between 2021 and 2022.

Loss Ratios for Federal Flood

The loss ratio data for Federal Flood in Indiana displays notable fluctuations across the years. A striking observation is the significant increase in the loss ratio from 22.91% in 2017 to 85.49% in 2018, marking the highest percentage during this period.

This sharp rise may warrant further investigation into potential contributing factors or changes in the flood risk landscape during that year. Post-2018, the loss ratios exhibit a dramatic decrease, plummeting to 15.59% in 2019 and further to a mere 2.78% in 2020, which is the lowest recorded percentage in the given data. This improvement could suggest the implementation of effective risk management or underwriting practices to address the previous year's high loss ratio. In 2021 and 2022, the loss ratios display a relatively stable pattern, with percentages of 17.37% and 3.2%, respectively.

This stabilization may indicate a more consistent claims environment or successful adjustments in underwriting strategies. Despite the marked variability across the years, the overall trend from 2018 to 2022 demonstrates a general decrease in the loss ratios for Federal Flood in Indiana.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $26,566,000 in 2015. This increased to a high of $41,972,000 in 2022, representing an increase of 58% over the 8 year period.

Direct premiums written increased each year from 2015 to 2022, with the exception of 2017 which saw a decrease from $34,515,000 in 2016 to $29,172,000 in 2017. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $6,417,000 or 16.6% (from $38,555,000 to $41,972,000). Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $26,194,000 in 2015 to a high of $41,963,000 in 2022. The largest year-over-year increase for direct premiums earned was also between 2021 and 2022 at 16.5% (from $38,656,000 to $41,963,000).

In summary, the data shows steady growth in both direct premiums written and direct premiums earned for private crop insurance in Indiana between 2015 and 2022, with the exception of a dip in 2017. The largest annual increases occurred in the most recent year of data from 2021 to 2022.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Indiana displays notable variations and trends between 2015 and 2022. In 2015, the loss ratio began at a relatively high level of 82.44%, followed by a significant drop to 48.02% in 2016. Despite this decline, the ratio increased again in 2017 to 81.78%, showcasing a pattern of fluctuation. A remarkable peak is observed in 2018, with the loss ratio reaching 98.8% before slightly declining to 82.08% in 2019.

This downward trend continued into 2020, albeit with a brief increase to 100.75%, marking the highest point in the dataset. Subsequently, a dramatic improvement occurred in 2021, as the loss ratio dropped to 47.54% and further reduced to 41.34% in 2022, the lowest point during this period. Overall, the data reveals a pattern of sharp fluctuations followed by a steady decline in loss ratios from 2020 to 2022. This trend may suggest a potential stabilization in the claims environment or effective adjustments in underwriting strategies for Private Crop insurance in Indiana.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Indiana fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $5,835,000 in 2016. This increased to $9,359,000 in 2017, a 60% increase from the previous year. Direct premiums written continued to increase in 2018 to $9,754,000 before dropping to $6,273,000 in 2019.

There was then an increase to $10,377,000 in 2020 and a large jump to $15,465,000 in 2021. The most recent data for 2022 shows direct premiums written reached $17,978,000, representing a 16% increase from 2021. The direct premiums earned follow a similar pattern but lag behind the direct premiums written, as expected. The lowest amount earned was $2,660,000 in 2016. This increased over 200% to $8,347,000 in 2017. It remained relatively steady in 2018 at $9,331,000 before dropping to $5,338,000 in 2019. It then increased each subsequent year, reaching $16,433,000 in 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $5,088,000 or 49%.

The smallest year-over-year increase was just 2% between 2018 and 2019. For direct premiums earned, the biggest jump was from 2016 to 2017, increasing by $5,687,000 or 214%. The smallest increase was 3% from 2018 to 2019. Overall, the data shows substantial growth in private flood insurance premiums written and earned in Indiana over the 7 year period.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in Indiana showcases intriguing patterns across the years, with a notable degree of fluctuation. The loss ratio decreased sharply from 30.12% in 2016 to a record low of 3.66% in 2017. There was a rebound in 2018 to 13.33%, but it declined again to 3.63% in 2019. The year 2020 witnessed a moderate increase to 8.86%, followed by a rise in 2021 to 14.16%.

Notably, the year 2022 marked the lowest point in the series, with the loss ratio dropping to 2.94%. The data indicates a general downward trend from 2016 to 2022, despite the periods of increase in 2018 and 2021. This fluctuation could point to varying effectiveness of risk management strategies or changes in the claims environment over these years. The record low loss ratio in 2022 suggests a potentially strong performance in underwriting and claims management for that year.

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 Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $201698000 in 2015. The highest amount was $225402000 in 2022. This represents an increase of approximately 12% 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 $10,177,000 or 4.8% (from $211225000 to $225402000). The smallest year-over-year increase was 0.8%, from $195940000 in 2017 to $197375000 in 2018. The direct premiums earned followed a similar trend, increasing each year from 2015 to 2022.

It ranged from a low of $197916000 in 2015 to a high of $219034000 in 2022, representing an increase of approximately 11% over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 5.9% (from $206831000 to $219034000). The smallest increase was 0.9% from 2016 to 2017.

Loss Ratios for Farmowners Multiple Peril

Analyzing the loss ratio data for the line of business, Farmowners Multiple Peril in Indiana, significant variations are visible across the years. In 2015, the loss ratio percentage was at a low of 35.97%, but saw a considerable increase to 68.73% in 2017.  However, in 2018, the ratio declined to 41.49%, indicating improved risk management or changes in underwriting.

From 2019 to 2022, a generally upward trend is observed. The ratio increased from 55.52% in 2019 to 61.24% in 2022, with minor fluctuations in 2020 and 2021. These years exhibited loss ratios of 47.33% and 49.96% respectively.

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 Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $185,169,6000 in 2015. The highest amount was $252,217,1000 in 2022. This represents an increase of over 36% over the 8 year period. The direct premiums written and direct premiums earned 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 $21,137,000 or 9.2% (from $230,843,6000 to $252,217,1000). The smallest year-over-year increase was 2.1%, from $190,399,6000 in 2017 to $194,028,1000 in 2018.

For direct premiums earned, the largest year-over-year increase was also from 2021 to 2022, growing by $18,902,000 or 8.5% (from $221,621,1000 to $240,640,8000). The smallest increase was 1.4%, from $186,824,0000 in 2016 to $188,542,3000 in 2017.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in Indiana reveals a notable trend over the years. In 2015, the loss ratio stood at 44.71%, increasing to 53.73% in 2016, and further to 57.55% in 2017.

A slight dip was observed in 2018 with a loss ratio of 47.52%, but this was followed by an upward surge to 57.9% in 2019. The upward trend continued in subsequent years, with 2020 recording a loss ratio of 61.03%, and 2021 witnessing the highest loss ratio of 64.53%. However, a slight decrease was observed in 2022, with a loss ratio of 64.18%.

Direct and Earned Premiums for Commercial Multiple Peril

The data shows that direct premiums written and direct premiums earned for homeowners multiple peril insurance in Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $185,169,6000 in 2015. The highest amount was $252,217,1000 in 2022. This represents an increase of over 36% over the 8 year period.

The direct premiums written and direct premiums earned 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 $21,137,000 or 9.2% (from $230,843,6000 to $252,217,1000). The smallest year-over-year increase was 2.1%, from $190,399,6000 in 2017 to $194,028,1000 in 2018. For direct premiums earned, the largest year-over-year increase was also from 2021 to 2022, growing by $18,902,000 or 8.5% (from $221,621,1000 to $240,640,8000). The smallest increase was 1.4%, from $186,824,0000 in 2016 to $188,542,3000 in 2017. 

Loss Ratios for Commercial Multiple Peril

The Commercial Multiple Peril loss ratio data in Indiana displays interesting patterns and variations throughout the years. Between 2015 and 2018, there was a moderate increase in loss ratios, moving from 42.17% in 2015 to a peak of 49.78% in 2016 before slightly declining to 47.08% in 2018. A significant deviation occurred in 2019, with the loss ratio surging to 63.68%, the highest point in the observed period.

Following 2019, the loss ratio decreased to 52.52% in 2020 and then maintained a relatively consistent level through 2021 and 2022, with 51.51% and 54.93%, respectively. 

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Indiana increased overall from 2015 to 2022, with some fluctuations.

The lowest amount of direct premiums written was $102,094,000 in 2015. This increased to a high of $115,498,000 in 2019, before dropping to $112,751,000 in 2021. In 2022, direct premiums written were $113,265,000. Direct premiums earned followed a similar pattern. The lowest amount was $97,412,000 in 2015, increasing to a peak of $119,817,000 in 2019. It then declined to $117,702,000 in 2021 before rising slightly to $116,721,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2018 to 2019, when it grew by $8,363,000 or 7.8% (from $107,135,000 to $115,498,000). The largest year-over-year increase in direct premiums earned was also from 2018 to 2019, when it increased by $8,026,000 or 7.3% (from $109,791,000 to $117,817,000).

The only year-over-year declines were seen in direct premiums written from 2019 to 2020 (-1.2%) and from 2020 to 2021 (-3.7%), and in direct premiums earned from 2019 to 2020 (-2.8%) and 2020 to 2021 (-5.6%). All other years saw increases in both metrics.

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio data for Indiana displays several notable trends and shifts across the years. Between 2015 and 2017, the loss ratios demonstrate a steady decline, dropping from 17.54% in 2015 to 9.56% in 2017.

This downward trend continues in 2018, reaching a low of 2.53%, potentially indicating effective risk management or underwriting practices during this period. However, in 2019, the loss ratio experiences a slight increase to 4.76%, followed by a substantial jump to 20.21% in 2020. This significant rise may warrant further investigation to identify the factors contributing to this sudden escalation.

Following this spike, the loss ratio in 2021 reverts to a lower value of 4.97%, suggesting a possible stabilization in the claims environment or adjustments in underwriting strategies. For 2022, it is crucial to observe the data trends to determine if the loss ratio remains consistent with the lower values seen in recent years or if it experiences another upsurge.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $24,402,000 in 2017, while the highest was $37,951,000 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 $6,731,000 or 21.2% (from $31,720,000 to $37,951,000).

Direct premiums earned followed a similar trend, ranging from a low of $25,383,000 in 2018 to a high of $32,597,000 in 2022. The largest year-over-year increase in direct premiums earned was also between 2021 and 2022, growing by $3,182,000 or 10.5% (from $30,415,000 to $32,597,000).

In most years, direct premiums earned lagged slightly behind direct premiums written, which is to be expected as premiums are generally earned over the term of the policy rather than all at once when written. The data shows a healthy ocean marine insurance market in Indiana over the 8 year period, with steady growth in both direct premiums written and earned.

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine insurance in Indiana displays significant fluctuations across the years. In 2015, the loss ratio was at its lowest point, reaching 3.74%. A considerable increase followed in 2016, with the loss ratio jumping to 49.67%, and continued to climb to 54.82% in 2017.

However, a sharp decline occurred in 2018, with the loss ratio falling to 17.2%. This trend reversed in 2019, when the loss ratio climbed back to 34.8%. The subsequent years saw further increases, with the loss ratio reaching 62.18% in 2020 and peaking at 87.97% in 2021. In 2022, the loss ratio slightly decreased to 68.13%, yet remained elevated compared to earlier years. 

The most significant year-over-year change occurred between 2015 and 2016, with an increase of 45.93 percentage points. Additionally, the data reveals a general upward trend from 2018 to 2021, with an overall increase of 70.77 percentage points. 

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $312,147,000 in 2015. This increased each year, with the exception of 2020 which saw a slight decrease to $409,949,000 from $414,411,000 in 2019.

The highest direct premiums written was $529,223,000 in 2022, representing an increase of 69.5% from 2015. Similarly, direct premiums earned started at $310,764,000 in 2015 and increased each year except 2020 when it decreased to $407,894,000 from $402,844,000 in 2019. The highest direct premiums earned was $502,053,000 in 2022, an increase of 61.4% over the period.

The largest year-over-year increase in direct premiums written was from 2021 to 2022 at 12.6% (from $469,946,000 to $529,223,000). The smallest was from 2019 to 2020 at -1.0%. For direct premiums earned, the largest increase was 15.2% from 2021 to 2022 and the smallest was -1.3% from 2019 to 2020.

Loss Ratios for Commercial Inland Marine

The loss ratio data for Inland Marine in Indiana displays considerable fluctuations over the years. Loss ratios range from a low of 32.75% in 2022 to a high of 92.52% in 2020, indicating significant variability in the claims environment.

Between 2015 and 2018, there is a general downward trend, with loss ratios decreasing from 41.69% to 36.26%. However, an increase is observed in 2019, reaching 44.55%. The most notable spike occurs in 2020, with a loss ratio of 92.52%, which stands out as an outlier compared to other years. This exceptional increase warrants further analysis to understand the contributing factors.

In contrast, 2021 shows an improvement, with the loss ratio dropping to 55.9%. The most recent data point, 2022, reveals the lowest loss ratio of 32.75%, suggesting possible stabilization in the claims environment or effective underwriting adjustments.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,043,000 in 2017, while the highest was $3,645,000 in 2021. This represents an over 3.5x increase from the low point in 2017 to the high in 2021. Direct premiums earned followed a steady downward trend from 2015 to 2022.

The highest amount was $11,177,000 in 2015, decreasing to just $1,900,000 in 2021. This represents an over 83% decline over that period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $1,919,000 or 111% (from $1,726,000 to $3,645,000). The largest year-over-year decrease was from 2018 to 2019, when direct premiums earned fell by $774,000 or 15% (from $5,229,000 to $4,519,000).

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data for Indiana is 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 Indiana increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $116,197,000 in 2015. This increased each year, reaching $165,161,000 in 2022 - an overall increase of 42.2% over the 8 year period. Similarly, direct premiums earned started at $117,509,000 in 2015 and grew to $157,338,000 in 2022, a 33.9% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $19,382,000 or 14.1% (from $137,303,000 to $156,685,000).

The smallest increase was just 2.3% between 2017 and 2018. For direct premiums earned, the biggest jump was also from 2020 to 2021 at 9.5% growth, while the smallest was from 2016 to 2017 at just 0.3% growth.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for Indiana reveals a period of fluctuation from 2015 to 2022. The loss ratios have varied, with the lowest being 10.68% in 2017 and the highest reaching 42.16% in 2019.

This wide range indicates notable shifts in either the claims environment or underwriting practices during these years. Most notably, there was a significant drop from 31.77% in 2016 to 10.68% in 2017, suggesting a potential improvement in risk management or a decrease in claims. However, this was followed by a surge to 38.56% in 2018 and further to 42.16% in 2019, indicating a potential increase in claims or changes in underwriting strategies.

From 2020 onwards, the loss ratios appear to stabilize between 29.93% and 39.96%, suggesting a more consistent claims environment or effective adjustments in underwriting strategies. Despite the fluctuations, the overall trend from 2015 to 2022 does not indicate a steady increase or decrease, but rather a period of variability in loss ratios.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Indiana increased overall from 2015 to 2022. The lowest amount of direct premiums written was $36,466,000 in 2015. This increased each year, with the exception of a slight dip from $36,832,000 in 2016 to $36,913,000 in 2017.

The highest direct premiums written was $54,601,000 in 2022, representing a 49.7% increase from 2015. Similarly, direct premiums earned started at $37,291,000 in 2015 and increased steadily to $52,814,000 in 2022, a 41.5% increase. The largest year-over-year increase for direct premiums written was from 2020 to 2021, when it grew by $5,717,000 or 12.3% (from $46,543,000 to $52,360,000).

The smallest year-over-year increase was just 0.2% from $36,913,000 in 2017 to $36,835,000 in 2018. Overall, the data shows consistent growth in both direct premiums written and earned for earthquake insurance in Indiana over the 8 year period.

Loss Ratios for Earthquake

The earthquake loss ratio data for Indiana presents a fascinating pattern over the years, with notable fluctuations in percentages. The loss ratio sees an initial increase from 0.14% in 2015 to 3.4% in 2016, followed by a decrease to 2.36% in 2017. In 2018, the loss ratio dips further to 1.13%, indicating a downward trend.

However, the data for 2019 and 2021 are unavailable, making it challenging to draw a comprehensive conclusion about the pattern during these years. In 2020, the loss ratio increases to 2.23%, suggesting some variance in the claims environment or underwriting practices. Interestingly, the loss ratio sees a significant drop to 0.68% in 2022.

Despite the missing data points, the overall trend demonstrates a general decline in loss ratios for Indiana's earthquake line of business from 2015 to 2022, with minor fluctuations throughout the years. 

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $75,060,000 in 2020, while the highest was $839,865,000 in 2022.

Direct premiums written decreased each year from 2015 to 2020, with the exception of a slight increase from $825,803,000 in 2017 to $801,834,000 in 2018. The largest year-over-year decrease was from 2019 to 2020, when direct premiums written declined by $48,292,000 or 6.0% (from $799,356,000 to $750,064,000). After hitting the low point in 2020, direct premiums written increased by $24,252,000 or 3.2% from 2020 to 2021 (from $750,064,000 to $775,316,000).

Then from 2021 to 2022, direct premiums written spiked by $64,549,000 or 8.3% to reach the 10-year high of $839,865,000. The trends for direct premiums earned are very similar, as they closely track the direct premiums written. The lowest direct premiums earned was $758,260,000 in 2020 and the highest was $830,815,000 in 2022.

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data in Indiana from 2015 to 2022 reveals some intriguing patterns. In the earlier years, the loss ratios are relatively stable, with a slight increase from 54.26% in 2015 to 54.72% in 2016. However, there is a noticeable drop to 43.8% in 2017, which stands out as a deviation from the previous years' consistency. Following 2017, the loss ratios rebound to 50.55% in 2018 and exhibit some fluctuations between 44.43% and 50.51% from 2019 to 2020.

This oscillation suggests that there might have been some changes in the claims environment or underwriting practices during this period. In the most recent years, 2021 and 2022, the loss ratios seem to stabilize at 47.93% and 48.59%, respectively.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Indiana increased overall from 2015 to 2022.

The lowest amount of direct premiums written was $82,981,000 in 2015. This increased each year to $93,416,000 in 2020. The highest amount was $131,304,000 in 2022, representing a substantial increase of 58.3% from 2020 to 2022. Direct premiums earned followed a similar trajectory, starting at $81,258,000 in 2015 and reaching $116,705,000 in 2022. The largest year-over-year increase for direct premiums earned was 15.1% from 2021 to 2022 ($91,647,000 to $116,705,000). In summary, both direct premiums written and direct premiums earned for products liability insurance in Indiana experienced steady growth from 2015 through 2020, followed by a significant jump from 2020 to 2022.

This indicates expanding business and/or rising premium rates in this line of insurance over the 8 year period analyzed. The most notable increase was in 2022, when direct premiums written grew by over 40% compared to 2021.

Loss Ratios for Product Liability

The Products Liability loss ratio data in Indiana exhibited notable variations over the years. In 2015, the loss ratio stood at 52.0%, which drastically dropped to 13.44% in 2016, marking the lowest point in the observed period. In the following year, 2017, the ratio rose to 31.9%. A significant peak was observed in 2018, with a loss ratio of 61.13%, representing the highest value in the dataset. Post-2018, a downward trend is apparent, with the loss ratio decreasing to 43.96% in 2019 and further to 37.97% in 2020. The rates in 2021 and 2022 were relatively stable, recorded at 38.92% and 33.02%, respectively. 

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 Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $3,283,068,000 in 2015. This increased each year, reaching a high of $4,415,010,000 in 2022 - representing an overall increase of 34.5% over the 8 year period. Direct premiums earned followed a similar trajectory, starting at $3,214,837,000 in 2015 and ending at $4,301,065,000 in 2022 - a 33.7% increase.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by 8.7% (from $4,007,822,000 to $4,154,964,000). The smallest increase was just 2.4% between 2019 and 2020 ($4,018,753,000 to $4,007,822,000).

For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing by 2.9% (from $4,004,900,000 to $4,119,916,000). The smallest increase was only 1.2% from 2016 to 2017 ($3,421,618,000 to $3,681,871,000).

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Indiana reveals interesting patterns over the years. From 2015 to 2016, the loss ratios slightly increased from 65.67% to 66.76% respectively.

A decrease is evident in the following years, with the loss ratio falling to 59.53% in 2018. This downward trend is interrupted in 2019 with a minor increase to 60.9%. However, a significant drop appears in 2020, with the loss ratio dipping to 51.49%. The data from 2021 and 2022 shows a dramatic change in trend, with the loss ratio surging to 65.89% and then 74.77% respectively.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Indiana increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $624,357,000 in 2015. This increased each year, with the highest amount being $1,157,900,000 in 2022.

This represents an increase of over 85% over the 8 year period. Similarly, the lowest amount of direct premiums earned was $608,778,000 in 2015, increasing to $1,117,663,000 in 2022. This is an increase of nearly 84% over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $162,941,000 or 18.2% (from $895,392,000 to $1,058,333,000). The smallest increase was just 2.1% from 2016 to 2017 ($65,169,500 to $688,460,000). For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing by $130,681,000 or 15.2% (from $861,813,000 to $992,494,000).

The smallest increase was 1.9% from 2017 to 2018 ($673,168,000 to $737,198,000). Overall, the data shows steady and substantial growth in commercial auto insurance premiums written and earned in Indiana over the 8 year period from 2015 to 2022. The largest increases came in the most recent years, indicating this growth trend may continue.

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Indiana presents several noteworthy observations across the years. Between 2015 and 2016, there was a slight increase in the loss ratio, moving from 67.74% to 68.45%.

A more substantial decrease occurred in 2017, with the loss ratio dropping to 59.75%, marking the lowest point in the examined period. The years 2018 and 2019 saw the loss ratios rebound to 67.17% and 65.48%, respectively, indicating a return to the levels observed in 2015 and 2016. A decline ensued in 2020, with the loss ratio falling to 56.44%, reflecting an improvement in that year. Following this dip, the loss ratio increased again in 2021 and 2022, reaching 58.73% and 64.47%, respectively. 

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $18,374,000 in 2017, while the highest was $40,460,000 in 2022. This represents an increase of 120% over the 8 year period.

Direct premiums written increased each year from 2017 to 2022, with the exception of 2016 which saw a decrease from $21,460,000 in 2015 to $18,662,000 in 2016. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $6,298,000 or 18.4% (from $34,162,000 to $40,460,000). Similarly, direct premiums earned also increased overall between 2015 and 2022. The lowest amount was $18,172,000 in 2017 and the highest was $37,884,000 in 2022. This is a 108% increase over the period.

The trend for direct premiums earned follows the same pattern as direct premiums written, with a dip in 2016 and then steady increases thereafter. The biggest year-over-year jump was also from 2021 to 2022, when direct premiums earned grew by $5,835,000 or 18.2% (from $32,049,000 to $37,884,000).

Loss Ratios for Aircraft

An analysis of the loss ratio data for Aircraft insurance in Indiana from 2015 to 2022 reveals notable fluctuations. The loss ratios range from a low of 25.42% in 2019 to a striking high of 184.42% in 2018. This dramatic increase in 2018 stands out as an outlier that merits further investigation into underlying factors.

The years before and after 2018 show a more moderate loss ratio pattern. From 2015 to 2017, the loss ratios experienced a decrease, moving from 74.53% in 2015 to 42.16% in 2017. A similar trend is observed from 2019 to 2022, with loss ratios gradually increasing from the aforementioned low in 2019 to 45.6% in 2022. In the most recent years, 2021 and 2022, the loss ratios appear relatively stable, at 42.11% and 45.6%, respectively.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $18,141,000 in 2020. The highest was $20,639,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest being $18,217,000 in 2015 and the highest being $20,295,000 in 2022. Overall, direct premiums written increased from $18,801,000 in 2015 to $20,639,000 in 2022, representing a growth of 9.7% over the 8 year period.

Direct premiums earned grew from $18,217,000 to $20,295,000 over the same timeframe, an increase of 11.4%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $2,271,000 or 12.5% (from $18,141,000 to $20,412,000). The smallest year-over-year change was a decrease of 1.4% from 2019 to 2020 ($18,286,000 to $18,141,000). For direct premiums earned, the biggest year-over-year jump was also from 2020 to 2021, increasing by $2,111,000 or 11.4% (from $18,584,000 to $19,295,000). The smallest change was a 0.6% decrease from 2018 to 2019 ($18,514,000 to $18,377,000).

Loss Ratios for Fidelity

The Fidelity loss ratio data for Indiana shows intriguing movements over the period from 2015 to 2022. The loss ratios demonstrate significant variability, with the lowest at 10.49% in 2021 and peaking at 91.22% in 2020.

The 2020 figure is an anomaly. Prior to that, the data suggest a general decrease in the loss ratio from 69.19% in 2015 to 23.43% in 2018, followed by a slight increase to 27.14% in 2019. However, post-2020, there was a drastic reduction to 10.49% in 2021, the lowest in the recorded period, followed by an uptick to 25.92% in 2022.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Indiana increased overall from 2015 to 2022. The lowest amount of direct premiums written was $74,002,000 in 2015. The highest amount was $130,340,000 in 2022.

This represents an increase of over 76% over the 8 year period. The direct premiums written increased each year from 2015 to 2022, with the exception of 2017 which saw a slight decrease from $87,425,000 in 2016 to $78,411,000 in 2017. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $19,236,000 or 17.4% (from $110,510,000 to $109,346,000). The direct premiums earned followed a similar pattern, with the lowest amount being $71,504,000 in 2015 and the highest being $115,930,000 in 2022. This was an increase of over 62% over the period. The largest year-over-year increase in direct premiums earned was from 2021 to 2022, when it grew by $15,220,000 or 14.1% (from $107,710,000 to $115,930,000).

Loss Ratios for Surety

The loss ratio percentages for Surety in Indiana provide interesting insights over the specified years. The data shows considerable variability, with the lowest loss ratio of 6.04% in 2019 and the highest at 23.29% in 2020.

The sharp increase in 2020, up from 6.04% in the previous year, is a notable deviation that requires further exploration. Interestingly, there was a significant reduction in the loss ratio in 2021 to 9.0%, which continued to decline to 7.43% in 2022.

The years 2015, 2016, and 2017 demonstrated fairly consistent loss ratios, hovering around 20%, but a significant drop occurred in 2018 to 9.18%. Despite the fluctuations, the overall trend from 2018 to 2022 seems to be a decrease in loss ratios.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Indiana fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $35,895,000 in 2015. This increased to $46,913,000 in 2022, representing an overall increase of 30.7% over the 8 year period. Direct premiums earned followed a similar trend, starting at $34,171,000 in 2015 and reaching $42,113,000 in 2022, a 23.2% increase.

Looking year-over-year, the largest increase in direct premiums written was from 2021 to 2022, when it grew by $3,666,000 or 8.5% (from $43,247,000 to $46,913,000). The smallest year-over-year increase was just 0.8% between 2016 and 2017 (from $38,564,000 to $36,906,000). For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $6,992,000 or 18.8% (from $37,121,000 to $42,113,000). The smallest increase was 3.1% from 2018 to 2019 (from $31,069,000 to $34,744,000).

Loss Ratios for Warranty

The loss ratio data for Warranty in Indiana shows interesting trends and fluctuations from 2015 to 2022. The loss ratios demonstrated notable variability, with the lowest ratio of 49.25% in 2022 and the highest of 77.63% in 2019. This peak in 2019 is an exceptional increase, demanding further analysis of the contributing factors. However, the loss ratio saw a significant improvement in 2020, dropping to 65.5%, implying effective risk management or underwriting practices.

In the most recent years, 2021 and 2022, the loss ratios show a decrease to 59.77% and 49.25% respectively. The overall trend indicates a rise from 2015 to 2019, followed by a decline in subsequent years.