Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $39,660,000 in 2017, while the highest was $68,036,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest amount being $39,504,000 in 2017 and the highest being $64,566,000 in 2022. Looking more closely at the data:

Direct premiums written increased each year from 2017 to 2022, with the exception of a slight dip from $45,478,000 in 2019 to $45,050,000 in 2020. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $12,036,000 or 19.0% (from $63,200,000 to $68,036,000).

Direct premiums earned lagged slightly behind direct premiums written, but followed the same general upward trend over the 2015-2022 period. The largest year-over-year increase for direct premiums earned was also from 2021 to 2022, when it grew by $10,907,000 or 18.3% (from $59,659,000 to $64,566,000).

Loss Ratios for Fire

The Fire insurance loss ratio data for Maine demonstrates notable fluctuations and trends over the years 2015-2022. A key observation is the considerable variation in loss ratios, with the lowest at 2.99% in 2017 and the highest at 66.17% in 2018. Between 2015 and 2016, there was a significant increase in loss ratios from 32.02% to 62.66%, followed by a drastic decline to 2.99% in 2017.

Subsequently, the loss ratio surged to 66.17% in 2018 before dropping to 47.91% in 2019. A declining trend is observed from 2019 to 2021, with loss ratios dropping to 17.69% in 2020 and then slightly increasing to 23.88% in 2021. However, 2022 shows a considerable rise in the loss ratio to 41.76%.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in Maine fluctuated between 2015 and 2022. Direct premiums written ranged from a low of $36,533,000 in 2017 to a high of $62,196,000 in 2022. Direct premiums earned had a low of $37,609,000 in 2018 and a high of $57,819,000 in 2022.

Looking specifically at direct premiums written, there was a general upward trend over the 8 year period, with the amount increasing each year except for a dip from 2015 to 2016 (from $41,209,000 down to $40,517,000) and a larger decrease from 2016 to 2017 (down to $36,533,000). The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $8,620,000 or 16.1% (from $53,576,000 to $62,196,000).

For direct premiums earned, the pattern was slightly different. After peaking at $41,541,000 in 2015, there was a decline each year until 2018 ($37,609,000). Direct premiums earned then increased yearly from 2018 to 2022. The biggest jump was from 2020 to 2021, rising by $6,671,000 or 14.8% (from $45,220,000 to $51,891,000).

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in Maine exhibits notable fluctuations and trends throughout the years 2015 to 2022. In this period, the loss ratios range from a low of 19.6% in 2021 to a high of 44.34% in 2017. A closer examination of the data reveals a general decreasing trend from 2015 to 2021, with the loss ratio percentage dropping from 29.28% in 2015 to 19.6% in 2021.

However, this downward trajectory is interrupted by a significant increase in 2017, reaching 44.34%. After this peak, the loss ratios decline again, with percentages of 26.52% in 2018, 27.43% in 2019, and 24.69% in 2020. In 2022, the loss ratio percentage shows a noticeable uptick, rising to 32.74%.

Direct and Earned Premiums for Multi-Peril Crop

The data shows that direct premiums written for Federal Multi-Peril Crop insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $9,288,000 in 2015. The highest amount was $12,289,000 in 2022.

This represents an increase of over 32% from 2015 to 2022. The direct premiums written increased from 2015 to 2017, going from $9,288,000 to $10,817,000. This was an increase of 16.4% over the 3 year period. The direct premiums written then decreased slightly in 2019 to $10,745,000 before dropping more significantly in 2020 to $9,577,000. This 2020 amount was the lowest since 2016.

Finally, direct premiums written increased sharply in 2022 to the highest value of $12,289,000 over the time period analyzed. The direct premiums earned follow a similar pattern to the direct premiums written, but lag one year behind. The lowest direct premiums earned was $8,053,000 in 2016, while the highest was $11,786,000 in 2022. This represents an increase of 46% from 2016 to 2022. The largest year-over-year increase for direct premiums earned was from 2018 to 2019, when it grew by $1,320,000 or 11.7% (from $11,266,000 to $12,586,000).

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop insurance in Maine shows considerable variability from 2015 to 2022. In 2015, the loss ratio was at 58.57%, which sharply increased to 113.1% in 2016. It then dropped to 70.9% in 2017 and further decreased to 53.47% in 2018. No data is available for 2019.

However, in 2020, the loss ratio spiked again to 104.65%, before slightly decreasing to 96.26% in 2021. The data for 2022 shows a considerable drop to 51.07%. This fluctuation could suggest volatility in the agricultural sector, but further investigation is needed for definitive conclusions.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $6,198,000 in 2022, down 18% from $7,558,000 in 2021.

The highest amount was $8,160,000 in 2019. Direct premiums written increased from $7,514,000 in 2015 to a peak of $8,160,000 in 2019, before declining to $6,198,000 in 2022. The largest year-over-year increase was from 2018 to 2019, when direct premiums written grew by $404,000 or 5.2% (from $7,760,000 to $8,160,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $6,967,000 in 2022 to a high of $7,991,000 in 2019. The largest year-over-year increase in direct premiums earned was from 2015 to 2016, growing by $590,000 or 7.3% (from $8,101,000 to $8,691,000).

Loss Ratios for Federal Flood

A close examination of the Federal Flood loss ratio data for Maine from 2015 to 2022 reveals notable variations and patterns across these years. The loss ratios display considerable fluctuations, with the lowest value recorded at 0.85% in 2020 and the highest at 32.26% in 2018. Notably, the years 2015 and 2016 show incomplete data, denoted by the asterisks.

From 2017 onwards, the loss ratios generally exhibit a downward trend, starting from 7.61% in 2017 to the lowest point in 2020. However, there is a significant spike in 2018, reaching 32.26%, which is an anomaly compared to the other years. Post-2020, the loss ratios begin to increase again but remain relatively low, with 1.75% in 2021 and 7.82% in 2022.

Direct and Earned Premiums for Private Crop

Data for direct premiums written and earned for private crop insurance in Maine is unavailable.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Maine is also unavailable.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Maine fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $1,449,000 in 2016.

This increased to $1,826,000 in 2018, before dropping to $1,511,000 in 2019. The highest amount of direct premiums written was $3,064,000 in 2021. Overall, there was an upward trend, with direct premiums written more than doubling from 2016 to 2021.

Direct premiums earned followed a similar pattern. The lowest amount was $762,000 in 2016. This increased each year until peaking at $2,552,000 in 2021. The highest year-over-year increase for direct premiums earned was from $1,428,000 in 2019 to $1,756,000 in 2020, an increase of 23%.

Loss Ratios for Private Flood

The Private Flood insurance sector in Maine manifests intriguing variations in loss ratio percentages from 2016 to 2022. The data reveals a fluctuation from a low of 2.33% in 2019 to a high of 12.41% in 2020. The year 2016 records a loss ratio of 8.19%, significantly dropping to 3.28% in 2017. There is no available data for 2018 and 2021. The loss ratio noticeably surged in 2020, reaching 12.41% before reducing to 5.24% in 2022.

Direct and Earned Premiums for Farmowners Multiple Peril

The data shows that direct premiums written for farmowners multiple peril insurance in Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $4,607,000 in 2015. The highest amount was $6,893,000 in 2022.

This represents an increase of nearly 50% over the 8 year period. The direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $1,081,000 or 17.6% (from $6,130,000 to $6,491,000). The smallest year-over-year increase was 6.8%, from $5,167,000 in 2017 to $5,669,000 in 2018.

Similarly, the direct premiums earned also increased steadily over the period. It grew from $4,385,000 in 2015 to $6,685,000 in 2022, representing an increase of over 52%. The pattern of increases matched the direct premiums written, with the highest growth of 17.4% occurring from 2020 to 2021 (from $5,961,000 to $6,299,000) and the lowest growth of 6.9% from 2017 to 2018.

Loss Ratios for Farmowners Multiple Peril

Analyzing the loss ratio data for Farmowners Multiple Peril in Maine offers an intriguing perspective. The loss ratios fluctuate considerably, starting at 34.72% in 2015, dropping to 30.31% in 2016, then escalating dramatically to 76.88% in 2017. This sharp increase continues in 2018 with the highest value of 77.47%, marginally declining to 75.56% in 2019.

A significant drop is observed in 2020 with a loss ratio of just 20.55%, the lowest in the observed period. Subsequent years show a moderate rise to 36.46% in 2021, followed by a decrease to 21.35% in 2022.

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 Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $387,943,000 in 2015. This increased each year, with the highest amount being $541,700,000 in 2022. This represents an overall increase of 39.7% from 2015 to 2022.

Similarly, direct premiums earned started at $378,742,000 in 2015 and increased to $516,937,000 in 2022. This is a 36.5% increase over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $44,784,000 or 9.0% (from $496,916,000 to $541,700,000). The smallest year-over-year increase for direct premiums written was from 2016 to 2017, when it grew by $12,443,000 or 3.1% (from $406,168,000 to $418,611,000).

Loss Ratios for Homeowners Multiple Peril

The Homeowners Multiple Peril loss ratio data for Maine demonstrates several noteworthy patterns and variations spanning from 2015 to 2022. The loss ratios fluctuated considerably, with the lowest value of 32.91% in 2021 and the highest of 48.15% in 2017.

The period between 2015 and 2017 witnessed an initial decrease in the loss ratio from 46.04% to 33.08% in 2016, followed by a sharp rise to 48.15% in 2017. Subsequently, a downward trend was observed from 2017 to 2021, with loss ratios dropping to 38.09% in 2018, 36.81% in 2019, 37.1% in 2020, and reaching its lowest point at 32.91% in 2021.

However, the loss ratio rebounded to 45.83% in 2022, indicating an increase in claims compared to premiums. The data highlights the volatile nature of the Homeowners Multiple Peril loss ratios in Maine throughout the specified years, with significant fluctuations and no apparent stable trend emerging.

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 Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $226,195,000 in 2015.

The highest amount was $318,713,000 in 2022. This represents an increase of over 40% 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 $28,400,000 or 9.8% (from $290,313,000 to $318,713,000).

The smallest year-over-year increase was 2.2%, from $239,932,000 in 2017 to $246,840,000 in 2018. The trends were similar for direct premiums earned. The lowest amount was $221,053,000 in 2015 and the highest was $306,130,000 in 2022, an increase of over 38%. The largest year-over-year increase was 10.4% from 2021 to 2022 (from $280,454,000 to $306,130,000) and the smallest was 2.3% from 2016 to 2017 (from $229,839,000 to $236,002,000).

Loss Ratios for Commercial Multiple Peril

Analysis of the loss ratio percentages for Commercial Multiple Peril in Maine from 2015 to 2022 reveals intriguing patterns. From 2015 to 2016, there was a decrease from 36.13% to 31.91%, followed by a slight increase in 2017 to 35.54%. However, in 2018, the loss ratio dipped slightly to 34.59%.

A significant rise is observed in 2019, with the loss ratio peaking at 43.23%. This upward trend did not continue, with a drop to 41.15% in 2020. Conversely, 2021 saw the lowest ratio of the period at 34.06%. Interestingly, the data for 2022 shows a notable increase to 42.76%.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $16,948,000 in 2015. This increased to a high of $19,550,000 in 2020 before decreasing slightly to $18,812,000 in 2022.

For direct premiums earned, the lowest amount was $15,921,000 in 2015. This steadily increased each year, reaching a peak of $20,142,000 in 2021. The largest year-over-year increase in direct premiums earned was from 2019 to 2020, when it grew by $4,712,000 or 23.6% (from $19,928,000 to $21,640,000).

Overall, direct premiums written increased by 11.1% from 2015 to 2022, while direct premiums earned increased by 26.4% during the same period.

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio percentages in Maine have experienced significant swings over the past few years.

The data shows a decline from 53.95% in 2015 to a mere 3.55% in 2019. This downward trend was interrupted in 2016 with a drastic drop to 11.04%, and further decreased to 9.56% in 2017, which then saw a slight rise to 16.44% in 2018. However, the loss ratio rebounded substantially in 2020, reaching 32.93%.

This indicates a noteworthy variability within the loss ratio data. The figures for 2021 and 2022 are not available, which restricts a comprehensive understanding of the ongoing trend.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $26,244,000 in 2015. The highest amount was $41,914,000 in 2022.

This represents an increase of almost 60% over the 8 year period. The direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $7,540,000 or 23.5% (from $32,084,000 to $39,624,000). The smallest year-over-year increase was 2.2%, from $26,548,000 in 2016 to $27,108,000 in 2017. The direct premiums earned followed a similar trend, increasing each year from 2015 to 2022.

The lowest amount was $25,660,000 in 2015 and the highest was $40,553,000 in 2022, a 58% increase. The largest year-over-year increase in direct premiums earned was from 2021 to 2022 at 10.7% (from $36,656,000 to $40,553,000). The smallest was from 2016 to 2017 at 5.2% (from $26,308,000 to $27,670,000).

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for Maine reveals a dynamic pattern across the years. The loss ratios exhibit considerable fluctuation, with the lowest recorded in 2016 at 34.57% and the highest in 2021 at 58.85%. There was a noticeable decrease from 56.59% in 2015 to 34.57% in 2016, followed by a marginal rise to 35.77% in 2017.

The following year, 2018, saw a significant jump to 45.13%, which further rose to 51.14% in 2019. However, there was a decline to 42.95% in 2020. Interestingly, the two most recent years, 2021 and 2022, show a surge, with both years logging nearly identical loss ratios of 58.85% and 58.74% respectively.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written for inland marine insurance in Maine increased steadily from 2016 to 2022. The lowest amount of direct premiums written was $71,201,000 in 2016. The highest amount was $129,549,000 in 2022. This represents an increase of over 80% over the 7 year period.

The direct premiums written increased each year from 2016 to 2022. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $20,340,000 or 18.6% (from $109,209,000 to $129,549,000). The smallest year-over-year increase was 6.8%, from $90,278,000 in 2019 to $96,838,000 in 2020. Similarly, direct premiums earned also increased steadily over the period.

The lowest amount was $70,677,000 in 2016 and the highest was $122,421,000 in 2022, representing an increase of over 70%. The largest year-over-year increase in premiums earned was 19.7% from 2021 to 2022 (from $100,085,000 to $122,421,000). The smallest increase was 2.3% between 2019 and 2020.

Loss Ratios for Inland Marine

The Inland Marine loss ratio in Maine showed interesting patterns from 2016 to 2022. In 2016, the loss ratio stood at 48.88%, decreasing to 38.14% and 38.07% in 2017 and 2018 respectively. The figures then rose to 44.32% in 2019, hinting at an upward trend.

Remarkably, 2020 saw a significant surge with a loss ratio of 102.72%, more than doubling from the previous year. Despite the high peak in 2020, there was a subsequent drop to 66.3% in 2021, and a further slight reduction to 60.35% in 2022.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Maine fluctuated between 2015 and 2022. The direct premiums written ranged from a low of $110,000 in 2020 to a high of $890,000 in 2021. The direct premiums earned had a wider range, from a low of $220,000 in 2021 to a high of $2,144,000 in 2015.

Looking specifically at the direct premiums written, there was a general downward trend from 2015 to 2020, with the amount dropping from $356,000 in 2015 to just $110,000 in 2020 - a decrease of nearly 70%. However, in 2021 there was a large spike, with direct premiums written increasing over 700% to $890,000.

This was followed by a decrease again in 2022 to $505,000. The pattern for direct premiums earned differs, with the highest amount of $2,144,000 occurring in 2015. There was then a steady decline from 2016 through 2021, with the lowest amount of $220,000 in 2021. This represents a decrease of nearly 90% over those 6 years. The amount then increased slightly to $142,000 in 2022.

Loss Ratios for Commercial Financial Guaranty

The loss ratio data for Financial Guaranty in Maine 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 Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $40,170,000 in 2018, while the highest was $52,816,000 in 2022.

For direct premiums earned, the lowest amount was $42,664,000 in 2015 and the highest was $52,469,000 in 2022. Overall, direct premiums written increased from $46,581,000 in 2015 to $52,816,000 in 2022, representing a 13.5% increase over the 8 year period. Direct premiums earned grew at a faster rate, increasing 23.1% from $42,664,000 in 2015 to $52,469,000 in 2022. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $18,093,000 or 34.7% (from $52,042,000 to $50,135,000).

The smallest increase was just 1.1% from 2016 to 2017 ($45,221,000 to $45,095,000). For direct premiums earned, the biggest jump was 15.9% from 2020 to 2021, increasing from $47,392,000 to $50,389,000. The smallest increase was 0.3% from 2017 to 2018 ($45,186,000 to $45,832,000).

Loss Ratios for Medical Professional Liability

The loss ratio data for Medical Professional Liability in Maine shows intriguing fluctuations over the years. In particular, the loss ratios vary significantly, from a low of 30.22% in 2019 to a peak of 82.63% in 2017.

The trend reveals a notable increase from 2015's 43.13% to 2017's 82.63%, followed by a decrease to 30.22% in 2019. However, in the years following 2019, the loss ratios have shown a relative consistency, with 2020, 2021, and 2022 recording 51.47%, 45.16%, and 51.41% respectively.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and earned for earthquake insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,884,000 in 2019. The highest was $3,272,000 in 2021. This represents an increase of over 70% from the lowest to the highest year. Direct premiums written increased overall from 2015 to 2022, with the exception of a dip in 2016 and 2019.

The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $1,117,000 or 51.9% (from $2,155,000 to $3,272,000). Direct premiums earned generally lagged behind direct premiums written, as expected based on accounting practices. The lowest direct premiums earned was $1,898,000 in 2017. The highest was $3,289,000 in 2022. This represents an increase of over 70% between the lowest and highest years.

The biggest difference between direct premiums written and earned came in 2022. Direct premiums written were $2,782,000 while direct premiums earned were much higher at $3,289,000. This indicates that policies written in 2021 and 2022 contributed significantly to 2022 earned premiums.

Loss Ratios for Earthquake

The loss ratio percentages for Earthquake coverage in Maine exhibit remarkable variations over the years.

The data ranges from a low of 0.62% in 2019 to a peak of 2.16% in 2022. In 2016, the percentage was relatively low at 0.77%, nearly doubling to 1.67% in 2017. The following year, 2018, saw another increase to 1.92%.

However, a sharp decline occurred in 2019, with the ratio dropping to 0.62%, and only slightly increasing to 0.64% in 2020. No data was available for 2021, but 2022 shows the highest loss ratio at 2.16%.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and earned for workers compensation insurance in Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $220,659,000 in 2015. This steadily increased each year, with the highest amount being $280,333,000 in 2022.

This represents an overall increase of 27% over the 8 year period. Similarly, the lowest amount of direct premiums earned was $213,224,000 in 2015. This also increased each year, with the highest amount being $277,835,000 in 2022. This is an overall increase of 30% over the 8 years.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $24,412,000 or 9.5% (from $255,921,000 to $280,333,000). The smallest year-over-year increase was 1.2%, from $228,129,000 in 2017 to $229,808,000 in 2018. For direct premiums earned, the largest increase was also from 2021 to 2022, growing by $31,395,000 or 12.7% (from $246,440,000 to $277,835,000). The smallest increase was 0.3% from 2016 to 2017 (from $222,844,000 to $227,945,000).

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data for Maine shows significant trends and fluctuations from 2015 to 2022. Loss ratios varied, with the lowest at 37.27% in 2022 and the highest at 64.59% in 2019. Initially, the loss ratio slightly increased from 59.28% in 2015 to 64.53% in 2016, then marginally decreased to 63.69% in 2017.

In 2018, it dropped to 56.42%, but surged to 64.59% in 2019. From 2019 to 2021, the loss ratio gently declined, reaching 63.97% in 2021. However, 2022 saw a significant reduction to 37.27%, marking the most notable deviation from the trend.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $7,640,000 in 2018. The highest amount was $13,153,000 in 2022.

This represents an increase of over 72% from the low in 2018 to the high in 2022. The direct premiums written increased each year from 2018 to 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $3,823,000 or 41.4% (from $9,229,000 to $12,052,000). The smallest year-over-year increase was 6.7%, from $7,929,000 in 2017 to $8,464,000 in 2018.

The direct premiums earned followed a similar pattern to the direct premiums written, with the lowest amount of $7,665,000 in 2018 and the highest amount of $12,805,000 in 2022. This was an increase of over 67% from 2018 to 2022. The largest year-over-year increase in direct premiums earned was from 2020 to 2021 at 20.8% (from $8,955,000 to $10,821,000). The smallest increase was 1.3% from 2017 to 2018.

Loss Ratios for Product Liability

The Products Liability loss ratio data for Maine unfolds interesting patterns over several years. The loss ratios demonstrate significant disparities, with the lowest at 8.97% in 2020 and the highest at 66.83% in 2015. The data for 2016, 2017, and 2019 are undisclosed, leading to gaps in the trend analysis.

From 2015 to 2018, there was a slight decline in the loss ratio, dropping from 66.83% to 65.42%. A dramatic fall was then observed in 2020, with the ratio plummeting to a mere 8.97%. The years 2021 and 2022 revealed a modest but steady upward trend, with the ratios at 11.07% and 18.16%, 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 Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $653,142,000 in 2015.

The highest was $883,426,000 in 2022, representing an increase of over 35% over the 8 year period. Direct premiums written increased each year from 2015 to 2022, with the exception of 2020 which saw a slight decrease from $785,584,000 in 2019 to $782,381,000 in 2020. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $53,962,000 or 6.5% (from $829,464,000 to $883,426,000). The trends for direct premiums earned are similar.

The lowest amount was $639,962,000 in 2015 and the highest was $860,108,000 in 2022, an increase of over 34%. The only year-over-year decrease was also in 2020, when direct premiums earned decreased from $778,761,000 in 2019 to $779,138,000 in 2020.

Loss Ratios for Private Passenger Auto

The Private Passenger Auto Total line of business in Maine witnessed interesting variations in its loss ratio percentages from 2015 to 2022. The loss ratios experienced minor oscillations between 2015 and 2019, with the highest recorded in 2017 at 61.09% and the lowest in 2018 at 58.53%.

A significant dip was observed in 2020, where the ratio dropped to 54.28%, the lowest over the eight-year period. This decline was short-lived as the following year, 2021, saw a jump to 61.44%. The most noteworthy change occurred in 2022, with the loss ratio escalating to 70.78%, marking the highest percentage in the given span.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Maine increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $133,359,000 in 2015. This increased each year, reaching a high of $204,123,000 in 2022. This represents an overall increase of 53% over the 8 year period.

The direct premiums earned followed a similar trajectory, starting at $129,370,000 in 2015 and reaching $198,670,000 in 2022, for an overall increase of 54%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $19,461,000 or 11.1% (from $175,008,000 to $190,469,000). The smallest increase was from 2015 to 2016 at 4.5% (from $133,359,000 to $139,320,000).

For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing by $11,434,000 or 6.6% (from $172,204,000 to $183,678,000). The smallest increase was from 2016 to 2017 at 4.8% (from $136,426,000 to $142,908,000).

Loss Ratios for Commercial Auto

The Loss Ratio Percentage for Commercial Auto Total in Maine presents interesting patterns from 2015 to 2022. In 2015, the loss ratio stood at 56.95%, followed by a drop to 49.38% in 2016. It then rose to 58.54% in 2017, marking the highest point in this time period.

In the subsequent year of 2018, a decline to 51.32% was noted, before rebounding to 56.55% in 2019. The loss ratio then fell to 48.87% in 2020, slightly lower than the 2016 figure. There was a slight increase to 49.16% in 2021 and a larger rise to 51.64% in 2022.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and earned for aircraft insurance in Maine increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $3,312,000 in 2015.

This steadily increased each year, with the highest amount being $8,339,000 in 2021, representing an increase of over 150% from 2015. Direct premiums earned followed a similar upward trend, starting at $3,367,000 in 2015 and reaching $7,641,000 in 2021. The largest year-over-year increase for direct premiums written was from 2019 to 2020, when it grew by $1,736,000 or 36%.

The smallest increase was just 2.3% from 2016 to 2017. In 2022, direct premiums written decreased to $7,733,000, a 7.2% drop from the 2021 peak. However, direct premiums earned continued increasing in 2022, reaching $8,304,000. This was the highest amount of direct premiums earned in the dataset, 9% higher than 2021.

Loss Ratios for Aircraft

The Aircraft business's loss ratio in Maine fluctuated considerably between 2015 and 2022. In the initial years, the loss ratios were relatively low, with a slight decrease from 21.3% in 2015 to 19.06% in 2016.

However, a dramatic spike occurred in 2017, jumping to 113.66%, and further escalated to the highest point of 157.13% in 2018. This surge was followed by a significant drop to 78.24% in 2019. The downward trend continued into 2020, with the loss ratio falling to 50.31%.

The subsequent years, 2021 and 2022, experienced further decline and relative consistency, recording loss ratios of 28.81% and 39.8%, respectively. This data suggests a period of volatility in the Aircraft business's loss ratio in Maine from 2017 to 2018, followed by an overall decline in the succeeding years.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,923,000 in 2016. The highest amount was $5,327,000 in 2022.

Direct premiums written increased each year from 2016 to 2022, with the exception of 2021 which saw a slight decrease from $4,646,000 in 2020 to $4,602,000 in 2021. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $725,000 or 15.7% (from $4,602,000 to $5,327,000). The smallest year-over-year increase was 1.9%, from $4,201,000 in 2017 to $4,270,000 in 2018. For direct premiums earned, the lowest amount was $3,856,000 in 2015.

The highest was $4,888,000 in 2022. Direct premiums earned followed a similar pattern to direct premiums written, with steady increases each year except for a slight dip from 2020 to 2021. The largest year-over-year increase in direct premiums earned was from 2021 to 2022 at 5.1% (from $4,650,000 to $4,888,000).

Loss Ratios for Fidelity

The Fidelity loss ratio data for Maine presents interesting patterns across the observed years. Most notably, the data reveals substantial fluctuations, with the lowest loss ratio recorded in 2016 at 6.35%, and the highest seen in 2021 at 50.58%. The loss ratio in 2017 exhibits a significant increase to 38.51% from the previous year's 6.35%.

This upward trend continues until 2021, with minor variations in 2019 and 2020 at 42.99% and 45.17%, respectively. However, the loss ratio drastically drops to 1.53% in 2022, showing a stark contrast to the preceding years. It's important to note that data for 2015 and 2018 were not available.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $16,296,000 in 2016. The highest was $33,015,000 in 2021.

This represents an increase of over 100% from the low in 2016 to the high in 2021. Direct premiums written increased overall from 2015 to 2022, with the exception of a dip from $16,679,000 in 2015 to $16,296,000 in 2016. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $11,907,000 or 56.4% (from $21,108,000 to $33,015,000).

Direct premiums earned followed a similar pattern, with the lowest amount being $15,726,000 in 2015 and the highest being $26,322,000 in 2022. This was an increase of over 67% from 2015 to 2022. The largest year-over-year increase for direct premiums earned was from 2020 to 2021, growing by $21,097,000 or 96.8% ($21,755,000 to $26,322,000).

Loss Ratios for Surety

The Surety loss ratio percentage in Maine has shown considerable variation from 2015 to 2022. In 2015, the loss ratio was at a modest 15.55%, which slightly increased to 18.89% in 2016. However, data for 2017 and 2019 are not available. A significant drop is observed in 2018, with the loss ratio plummeting to 4.27%.

The loss ratio remained nearly constant at 4.23% in 2020. Starting from 2021, there was a noticeable rise, with the loss ratio climbing to 10.46%. This upward trend continued into 2022, where the loss ratio reached 13.78%. The general trend over these years indicates a decrease from 2016 to 2020, followed by a surge in subsequent years.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written for warranty insurance in Maine fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,398,000 in 2018. The highest amount was $6,491,000 in 2021.

This represents an increase of over 90% from the low in 2018 to the high in 2021. Looking at direct premiums earned, the lowest amount was $3,695,000 in 2018. The highest was $4,832,000 in 2021. This is an increase of over 30% between 2018 and 2021. The direct premiums written decreased from $3,986,000 in 2015 to $3,965,000 in 2016, before dropping more significantly to $3,467,000 in 2017. It reached the low of $3,398,000 in 2018 before rebounding to $4,407,000 in 2019.

The largest year-over-year increase for direct premiums written was from 2020 to 2021, when it grew by $1,199,000 or 22.6% (from $5,292,000 to $6,491,000). For direct premiums earned, the pattern was similar. It declined from 2015 to 2018, reaching a low of $3,695,000. It then increased each year from 2019 to 2021. The biggest year-over-year jump was from $4,071,000 in 2020 to $4,832,000 in 2021, an increase of 18.7%.

Loss Ratios for Warranty

The loss ratio percentages for the Warranty line of business in Maine reveal fascinating patterns between 2015 and 2022. The data shows a wide range, with a minimum loss ratio of 47.54% in 2021 and a maximum of 62.48% in 2022. The years 2015 to 2017 saw a slight reduction in loss ratios, from 54.44% to 50.61%.

This trend was disrupted in 2018, with a surge to 60.14%, which further escalated to 61.13% in 2019. However, 2020 witnessed a dip to 54.58%, before plummeting further to its lowest in 2021. Interestingly, the loss ratio jumped significantly to its peak in 2022.