Market Trends

Direct and Earned Premiums for Fire

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

The lowest amount of direct premiums written was $297,693,000 in 2015. This steadily increased each year until 2018, when it dropped to $286,707,000. After 2018, direct premiums written increased sharply each year, with the highest amount being $428,483,000 in 2022. This represents an increase of over 44% from 2015 to 2022.

Direct premiums earned followed a similar pattern, starting at $297,746,000 in 2015 and reaching $399,793,000 in 2022. This is a 34% increase over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022 at 14.4% (from $374,804,000 to $428,483,000). The smallest was from 2016 to 2017 at just 0.4% (from $306,281,000 to $307,561,000).

Loss Ratios for Fire

The Fire Insurance loss ratio in Massachusetts displays interesting patterns over the eight-year period from 2015 to 2022. In 2015, the loss ratio was relatively high at 53.91%, but saw a decrease to 45.42% in 2016. A slight upward shift occurred in 2017 and 2018, with loss ratios of 47.77% and 48.01%, respectively.

A significant drop to 30.72% was observed in 2019, the lowest point within this period. However, a recovery to 42.41% was noticed in 2020. The loss ratio further declined to 36.12% in 2021, only to surge again to 52.26% in 2022, coming close to the 2015 levels.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for Allied Lines insurance in Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $208,668,000 in 2015.

This increased each year, with the exception of 2017 which saw a slight decrease to $205,428,000 from $216,284,000 in 2016. The highest direct premiums written was $410,591,000 in 2022, nearly double the 2015 amount. Similarly, direct premiums earned followed the same overall increasing trend, starting at $214,905,000 in 2015 and reaching $387,152,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $41,062,000 or 15.0% (from $274,509,000 to $315,571,000). The smallest increase was just 2.1% from 2016 to 2017. For direct premiums earned, the biggest jump was also from 2019 to 2020, increasing by $34,877,000 or 13.3%.

Loss Ratios for Allied Lines

The Allied Lines loss ratio data in Massachusetts demonstrates substantial variation over the observed years. The most significant loss ratio of 93.51% was recorded in 2015, contrasting sharply with the subsequent year's low of 28.73%. This trend of fluctuation continues, with a peak of 60.96% in 2018 and a decline to 24.22% in 2021.

The years 2019, 2020, and 2022 show comparable loss ratios of 38.82%, 29.46%, and 34.83% respectively, suggesting a period of relative stability in the latter years. Overall, the data reveals a trend of decreasing loss ratios from the high in 2015 to the low in 2021, with intermittent periods of increase in 2017 and 2018.

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 Massachusetts fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $2,590,000 in 2016. The highest amount was $4,949,000 in 2022.

Direct premiums written increased overall from 2015 to 2022, with the exception of a drop from $3,710,000 in 2015 to $2,590,000 in 2016. The direct premiums earned followed a similar pattern, with the lowest amount being $2,329,000 in 2016 and the highest being $4,867,000 in 2022.

Direct premiums earned increased steadily from 2016 to 2022. The largest year-over-year increase in direct premiums written was from 2016 to 2017, when premiums grew by $1,350,000 or 52.1% (from $2,590,000 to $2,940,000). The smallest year-over-year increase was just 1.1% from 2021 to 2022 ($4,942,000 to $4,949,000).

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop in Massachusetts displays notable variations across the specified years.

In 2015 and 2016, the loss ratios were identical at a high of 139.47% and 139.65% respectively, suggesting a period of significant claims payout. A considerable decline is observed in 2017 with a loss ratio of 78.4%, continuing to 59.79% in 2018, and further down to a low of 49.01% in 2019.

However, a reversal of this trend is seen in 2020, with the ratio rising to 84.0%. The upward trend continues in 2021 with a higher loss ratio of 117.33% and escalates to a peak of 148.5% in 2022.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Massachusetts fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $51,149,000 in 2022, down from $67,342,000 in 2018, which was the highest amount. Direct premiums written decreased each year from 2018 to 2022. The largest year-over-year decrease was from 2021 to 2022, when direct premiums written declined by $13,710,000 or 21.1% (from $64,859,000 to $51,149,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a high of $67,182,000 in 2018 to a low of $58,314,000 in 2022. The largest year-over-year decrease in direct premiums earned was also from 2021 to 2022, falling by $8,370,000 or 13.0% (from $64,684,000 to $58,314,000).

Loss Ratios for Federal Flood

Loss Ratio data for Massachusetts for this line of business is unavailable.

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 Massachusetts increased significantly from 2016 to 2022. The lowest amount of direct premiums written was $8,980,000 in 2016. This steadily increased each year, with the highest amount being $32,668,000 in 2022. This represents an overall increase of 264% over the 7 year period. Direct premiums earned follow a similar trend, starting at $4,756,000 in 2016 and reaching $30,268,000 in 2022, a 537% increase.

Looking year-over-year, the largest increase in direct premiums written was from 2020 to 2021, when it grew by 65% from $17,018,000 to $28,124,000. The smallest year-over-year increase was just 3% between 2018 and 2019. For direct premiums earned, the biggest jump was between 2016 and 2017, increasing 197% from $4,756,000 to $14,136,000. The smallest increase was 6% from 2019 to 2020.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in Massachusetts demonstrates distinctive fluctuations across the examined years. In 2016, the loss ratio was remarkably high at 168.45%. There is no data available for 2017 and 2018, but in 2019, the ratio dropped dramatically to a mere 6.18%.

A staggering surge is observed in 2020, with the loss ratio skyrocketing to 1696.75%, an unprecedented figure in this line of business. This surge was followed by an extreme decline to 0.34% in 2021.

Direct and Earned Premiums for Farmowners Multiple Peril

The data shows that direct premiums written and direct premiums earned for farmowners multiple peril insurance in Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $3,257,000 in 2015. This grew to $4,990,000 in 2022, representing an increase of over 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 2021 to 2022, when direct premiums written grew by $462,000 or 10.2% (from $4,528,000 to $4,990,000). The smallest year-over-year increase was 2.1%, from $3,845,000 in 2018 to $3,992,000 in 2019.

The direct premiums earned followed a similar trajectory, growing from $3,094,000 in 2015 to $4,742,000 in 2022. However, the direct premiums earned lagged slightly behind the direct premiums written each year, which is to be expected as some premiums written may not be fully earned within the same calendar year. The largest gap between direct premiums written and earned was in 2022, with a difference of $248,000 between the two figures.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Massachusetts presents a descending trend from 2015 to 2020, with dramatic variability. In 2015, the loss ratio percentage was 53.58%, which surged significantly to 152.7% in 2016 and remained high at 144.69% in 2017.

However, there was a sharp decline to 30.9% in 2018, which slightly increased to 37.09% in 2019. The downward trend continued, with the loss ratio plummeting to a mere 7.63% in 2020. The data for 2021 is not available, but in 2022 the loss ratio showed a slight rise, at 10.22%.

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 Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $21,555,380,000 in 2015.

This increased each year, reaching $30,670,770,000 in 2022 - an increase of over 42% over the 8 year period. Similarly, direct premiums earned grew from $20,972,030,000 in 2015 to $29,028,470,000 in 2022, a 38% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $5,590,740,000 or 19.9% (from $28,080,370,000 to $30,670,770,000). The smallest year-over-year increase for direct premiums written was 3.8%, from $22,785,620,000 in 2016 to $23,666,340,000 in 2017.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in Massachusetts demonstrates notable variations and trends across the observed years. A striking peak in the loss ratio is evident in 2015, with a value of 109.08%, significantly higher than any other year in the dataset. Following this peak, the loss ratios drastically decline to 36.53% in 2016 and reach their lowest point at 31.7% in 2017.

From 2018 onwards, the data show a gradual upward trend in the loss ratios, with 44.45% in 2018, a slight dip to 36.1% in 2019, and a near-identical value of 36.06% in 2020. The most recent years, 2021 and 2022, continue this upward trajectory, with loss ratios of 38.23% and 41.42%, respectively.

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 Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $112,497,300 in 2015. The highest amount was $165,967,800 in 2022. This represents an increase of over 47% 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 $16,579,600 or 11% (from $151,148,200 to $165,967,800). The smallest year-over-year increase was 6.8%, from $125,365,800 in 2018 to $133,515,000 in 2019.

The trends were similar for direct premiums earned. The lowest amount was $111,298,300 in 2015 and the highest was $159,081,200 in 2022, a 43% increase. The largest year-over-year increase was 10.1% between 2021 and 2022 (from $145,198,400 to $159,081,200). The smallest was 5.4% between 2016 and 2017 (from $113,762,300 to $114,762,700).

Loss Ratios for Commercial Multiple Peril

The loss ratio data for Commercial Multiple Peril in Massachusetts exhibits several noteworthy trends and fluctuations from 2015 to 2022. The highest loss ratio occurred in 2015 at 58.44%, followed by a sharp decline to 40.39% in 2016. A further decrease was observed in 2017, reaching 38.38%, which marks the lowest point in the dataset.

From 2017 to 2018, there was a slight increase in the loss ratio to 44.32%, but it dropped again in 2019, settling at 39.43%. The years 2020 and 2021 show relatively stable loss ratios, with 37.0% and 37.76% respectively. Lastly, the data for 2022 reveals a moderate increase to 41.5%.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Massachusetts fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $114,437,000 in 2022, while the highest was $126,977,000 in 2019.

Direct premiums written increased from 2015 to 2019, going from $131,418,000 to $126,977,000. However, they have declined since 2019, dropping to $118,173,000 in 2021 and $114,437,000 in 2022. Direct premiums earned follow a similar pattern, with the lowest amount being $119,053,000 in 2015 and the highest being $143,633,000 in 2020.

Premiums earned grew steadily from 2015 to 2020 before declining to $129,468,000 in 2021 and $120,612,000 in 2022. The largest year-over-year increase in direct premiums written was from 2018 to 2019, when they grew by $4,540,000 or 3.7% (from $122,437,000 to $126,977,000). The largest decline was from 2021 to 2022, when direct premiums written fell by $3,736,000 or 3.2% (from $118,173,000 to $114,437,000).

Loss Ratios for Mortgage Guaranty

The loss ratio data for Mortgage Guaranty in Massachusetts highlights notable trends and fluctuations during the years 2015-2022. A striking observation is the dramatic decrease in loss ratios from 23.75% in 2015 to 2.98% in 2016, followed by a moderate increase to 7.97% in 2017. The loss ratios then dipped to a low of 3.3% in 2018.

Unfortunately, data for 2019, 2021, and 2022 are unavailable, limiting our analysis for these years. Nevertheless, the data for 2020 reveals a significant surge in loss ratios, reaching 35.39%. This indicates considerable variability in the Mortgage Guaranty market in Massachusetts over the observed years.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $86,661,000 in 2015. The highest amount was $145,445,000 in 2022. This represents an increase of over 67% 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 $18,568,000 or 14.7% (from $125,974,000 to $145,442,000). The smallest year-over-year increase was 1.4%, from $95,854,000 in 2018 to $97,061,000 in 2019.

The direct premiums earned followed a similar upward trend over the period, with the lowest amount being $85,676,000 in 2015 and the highest being $141,803,000 in 2022. This was an increase of over 65% from 2015 to 2022. As with direct premiums written, the largest year-over-year increase in direct premiums earned was from 2020 to 2021 at 10.7% (from $122,507,000 to $135,356,000). The smallest increase was 2.6%, from $88,298,000 in 2017 to $90,608,000 in 2018.

Loss Ratios for Ocean Marine

The Ocean Marine insurance line in Massachusetts demonstrates significant variability in loss ratio percentages from 2015 to 2022. The lowest loss ratio occurred in 2016 with a figure of 38.28%, whereas the highest was in 2019 at 67.09%. The period from 2017 to 2019 saw an upward trend, culminating in the aforementioned peak.

However, a noticeable drop is evident in 2020, with the loss ratio falling to 41.96%. The years 2021 and 2022 saw a slight rebound with ratios of 48.92% and 44.13% respectively. It is crucial to note that despite fluctuations, the loss ratio for 2022 remains marginally higher than the starting point in 2015, which stood at 43.09%.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $455,437,000 in 2015.

The highest amount was $818,268,000 in 2022. This represents an increase of over 79% 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 $124,039,000 or 17.9% (from $694,229,000 to $818,268,000). The smallest year-over-year increase was 6.9%, from $549,781,000 in 2018 to $591,207,000 in 2019.

The direct premiums earned followed a similar trend, with the lowest amount being $443,229,000 in 2015 and the highest being $784,419,000 in 2022. This was an increase of over 77% over the period. The largest year-over-year increase in direct premiums earned was 17.3% from 2021 to 2022 (from $652,666,000 to $784,419,000). The smallest increase was 4.1% between 2016 and 2017.

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine insurance in Massachusetts displays notable fluctuations across the years. In 2015, the loss ratio stood at 60.32%, which then declined significantly to 49.67% in 2016 and further to a low of 44.61% in 2017.

A slight increase was observed in 2018 with a loss ratio of 46.43%, followed by a continued rise to 49.86% in 2019. A more substantial increase occurred in 2020, with the loss ratio reaching 53.17%.

However, this upward trend was briefly interrupted in 2021, as the loss ratio dropped to 46.94%. The data for 2022 shows a resurgence, with the loss ratio climbing to 55.41%.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Massachusetts fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,277,000 in 2021. The highest was $7,463,000 in 2020. For direct premiums earned, the lowest was $4,247,000 in 2021 and the highest was $34,308,000 in 2015.

Overall, direct premiums written increased from $4,337,000 in 2015 to $4,496,000 in 2022. However, there were decreases in 2016, 2017, 2018, and 2021 compared to the prior years. The largest year-over-year decrease in direct premiums written was from 2016 to 2017, dropping by $2,378,000 or 42%.

Direct premiums earned showed a steady decline over the period, going from $34,308,000 in 2015 down to $3,354,000 in 2022. The steepest annual decline was from 2016 to 2017, when direct premiums earned decreased by $8,591,000 or 42%.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data for Massachusetts presents notable trends and fluctuations throughout the years 2015 to 2022. The data shows significant variability, with the highest loss ratio recorded at 308.8% in 2016 and the lowest at 4.22% in 2015. Notably, there were three years with unavailable data (*), namely 2017, 2019, and 2020. Despite these gaps, the overall trend suggests an initial spike in 2016, followed by a decline in subsequent years.

In 2018, the loss ratio reached 267.63%, which, while lower than the 2016 peak, remained considerably high. After a lack of data in 2019 and 2020, the loss ratio in 2021 dropped to 178.9%, indicating a continued downward trend. This trend persists into 2022, with the loss ratio further decreasing to 84.59%.

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 Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $300,740,000 in 2015.

The highest amount was $363,551,000 in 2022. This represents an increase of over 20% 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 $4,137,000 or 1.2% (from $340,186,000 to $353,932,000). The smallest year-over-year increase was 0.8%, from $319,635,000 in 2018 to $339,693,000 in 2019.

The direct premiums earned followed a similar trend, increasing each year from 2015 to 2022. It ranged from a low of $303,810,000 in 2015 to a high of $356,429,000 in 2022. The largest year-over-year increase in direct premiums earned was from 2021 to 2022 at 2.1% (from $349,665,000 to $356,429,000). The smallest increase was 0.5%, from $320,161,000 in 2016 to $315,770,000 in 2017.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for Massachusetts displays intriguing patterns and fluctuations across the years 2015 to 2022. The loss ratios exhibit considerable variability, with the lowest figure of 13.72% in 2018 and the highest of 58.96% in 2019. Between 2015 and 2016, there was a slight decrease in the loss ratio from 40.95% to 37.6%. However, a significant increase occurred in 2017, with the loss ratio reaching 55.98%.

The most substantial drop in the data was observed between 2017 and 2018, with the loss ratio plummeting to 13.72%. This decline was followed by a sharp increase in 2019, as the loss ratio soared to 58.96% and remained relatively high in 2020 at 58.56%. In the last two years, 2021 and 2022, the loss ratios have shown some stabilization, with values of 48.23% and 51.03%, respectively.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Massachusetts increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $20,926,000 in 2015. The highest amount was $42,252,000 in 2022. This represents an increase of over 100% 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 $5,571,000 or 15.2% (from $36,681,000 to $42,252,000). The smallest year-over-year increase was 1.8%, from $22,336,000 in 2017 to $25,507,000 in 2018. The trends were similar for direct premiums earned.

The lowest amount was $21,332,000 in 2015 and the highest was $40,194,000 in 2022, representing an 88% increase. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 13.5% (from $35,384,000 to $40,194,000). The smallest increase was 0.5% from 2016 to 2017.

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in Massachusetts exhibits interesting patterns and fluctuations for the years under study. The loss ratios show substantial variability, from a meager 0.86% in 2015 to a high of 12.43% in 2022. However, the data for 2016, 2019, and 2021 are missing, limiting a complete trend analysis.

An observable trend is the increase of loss ratio from 0.86% in 2015 to 4.68% in 2017. This is then followed by a dip to 2.3% in 2018, before rising again to 3.64% in 2020. The most significant jump is seen in 2022, where the loss ratio spikes to 12.43%.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Massachusetts fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $1,150,611,000 in 2015. This increased to $1,227,921,000 in 2020 before dropping to $1,199,740,000 in 2021. The highest amount was $1,350,910,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest amount being $1,124,149,000 in 2015 and the highest being $1,309,589,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $151,170,000 or 12.6% (from $1,199,740,000 to $1,350,910,000). The smallest year-over-year increase was just 0.5% from 2019 to 2020 (from $1,278,260,000 to $1,227,921,000).

Loss Ratios for Workers Compensation

The Workers Compensation Loss Ratio data for Massachusetts over recent years reveals notable trends. The loss ratios fluctuated significantly, diving from a peak of 70.73% in 2015 to a low of 56.45% in 2018. The intervening years 2016 and 2017 saw a gradual decrease in the loss ratios, recorded at 64.95% and 62.08%, respectively.

However, 2019 marked an upturn, with an increase to 59.61%. The loss ratio for 2020 was nearly level with the previous year at 59.37%, showing a slight stabilization. An unexpected rise was observed in 2021, with the loss ratio reaching 61.31%.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Massachusetts increased overall from 2015 to 2022. The lowest amount of direct premiums written was $96,708,000 in 2018, while the highest was $151,017,000 in 2022.

Direct premiums written increased each year from 2015 to 2017, with the largest year-over-year increase occurring between 2016 and 2017 when premiums grew by $11,812,000 or 11.8% (from $101,034,000 to $111,825,000). After a dip in 2018, direct premiums written resumed an upward trajectory through 2022. The smallest year-over-year increase was 2.8%, from $125,901,000 in 2020 to $133,324,000 in 2021.

The trends for direct premiums earned are similar, starting at $102,322,000 in 2015, dropping to $97,133,000 in 2018, and reaching $148,257,000 in 2022. The largest year-over-year increase was between 2019 and 2020 when direct premiums earned grew by $3,641,000 or 3.0% (from $119,805,000 to $123,621,000).

Loss Ratios for Product Liability

The loss ratio data for Products Liability in Massachusetts shows marked fluctuations across the studied period. The ratios varied dramatically, hitting a low of 9.77% in 2016 and soaring to a high of 74.99% in 2018, indicating significant volatility.

The year 2015 began with a moderate ratio of 58.2%, but the subsequent year saw a drastic decline to 9.77%. The figures moderately rebounded in 2017 with a ratio of 17.05%, but skyrocketed in 2018 to 74.99%.

This surge was short-lived, as 2019 marked the lowest ratio of the period at 8.6%. From 2020 onwards, the loss ratios show a rising trend, starting at 25.75%, peaking at 53.1% in 2021, and slightly receding to 41.47% in 2022.

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 Massachusetts increased overall from 2015 to 2022. The lowest amount of direct premiums written was $465,613,000 in 2015. The highest was $570,153,600 in 2022, representing an increase of 22.5% over the 8 year period.

Direct premiums written increased each year from 2015 to 2019, with the largest year-over-year increase of $61,984,000 or 11.1% occurring from 2015 to 2016 (from $465,613,000 to $492,473,600). The only year-over-year decline was from 2019 to 2020, when direct premiums written decreased by $13,117,000 or 2.4% (from $557,016,700 to $541,849,000).

Similarly, direct premiums earned followed an overall increasing trend, rising from $457,135,800 in 2015 to $562,384,300 in 2022 - a 23.0% increase. The pattern of year-over-year changes was identical to that of direct premiums written. The largest increase was 10.9% from 2015 to 2016, and the only decline was 2.3% between 2019 and 2020.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Massachusetts displays interesting patterns and variations over the years. The loss ratios exhibit considerable fluctuations, with the lowest value at 49.17% in 2020 and the highest at 72.36% in 2022.

Between 2015 and 2018, there is a noticeable downward trend in loss ratios, starting at 65.83% in 2015 and declining to 60.28% in 2018. However, this trend reverses in 2019 with a slight increase to 62.18%.

The most significant drop in loss ratio occurs between 2019 and 2020, decreasing by 13.01 percentage points. In recent years, the loss ratios have been more volatile. A considerable increase from 49.17% in 2020 to 59.38% in 2021 is observed, followed by a sharp rise to 72.36% in 2022.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Massachusetts increased overall from 2015 to 2022. The lowest amount of direct premiums written was $778,676,000 in 2015. The highest was $1,172,110,000 in 2022. This represents an increase of over 50% over the 8 year period.

Direct premiums written increased each year from 2015 to 2019, with the largest year-over-year increase of $97,999,000 or 10.5% occurring from 2018 to 2019 (from $946,265,000 to $1,035,256,000). The only year-over-year decrease was in 2020, when direct premiums written dropped by $69,959,000 or 6.8% (from $1,035,256,000 in 2019 to $966,297,000 in 2020). This was likely due to the COVID-19 pandemic. Direct premiums written then rebounded with a 14.0% increase in 2021 over 2020 and a 6.4% increase in 2022 over 2021. The pattern for direct premiums earned is similar, though the amounts are slightly lower each year than the direct premiums written.

The lowest direct premiums earned was $753,506,000 in 2015 and the highest was $1,139,147,000 in 2022, an increase of over 50%. The largest year-over-year increase was 10.3% from 2018 to 2019 (from $914,537,000 to $974,386,000). There was a 1.1% decrease from 2019 to 2020, followed by increases of 11.4% in 2021 over 2020 and 6.0% in 2022 over 2021.

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 direct premiums earned for aircraft insurance in Massachusetts increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $13,568,000 in 2015. The highest amount was $47,821,000 in 2022.

This represents an increase of over 250% 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 $6,174,000 or 19.3% (from $31,906,000 to $38,080,000). The smallest year-over-year increase was 6.8%, from $16,448,000 in 2018 to $17,538,000 in 2019.

The direct premiums earned followed a similar trend, with the lowest amount being $13,509,000 in 2015 and the highest being $43,178,000 in 2022. This is an increase of over 220% over the period. The largest year-over-year increase in direct premiums earned was from 2020 to 2021 at 42.2% (from $25,305,000 to $35,947,000). The smallest increase was 3.7% from 2018 to 2019 (from $16,891,000 to $18,148,000).

Loss Ratios for Aircraft

The Aircraft line of business in Massachusetts exhibits a volatile loss ratio from 2015 to 2022. 2016 and 2018 show similar loss ratios of around 50%, while a significant drop appears in 2017 at 16.68%.

The loss ratio spikes dramatically in 2019 to 115.51%, nearly doubling from the previous year. Following this peak, 2020 sees a reduction to 51.97%, roughly on par with the 2016 and 2018 figures.

However, in 2021, the loss ratio rises to 77.5%, indicating an upward trend. This trend continues into 2022, with the loss ratio reaching its highest point in the observed period at 122.63%.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Massachusetts increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $41,042,000 in 2015. This increased each year, with the exception of 2018 which saw a slight decrease to $43,784,000 from $45,525,000 in 2017. The highest amount of direct premiums written was $58,543,000 in 2022. This represents an overall increase of 42.7% from 2015 to 2022. Similarly, the lowest amount of direct premiums earned was $41,330,000 in 2015. This increased steadily each year to $55,508,000 in 2022.

This is an increase of 34.4% over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $4,541,000 or 8.4% (from $54,102,000 to $58,543,000). The smallest year-over-year increase was just 1.2%, from $45,525,000 in 2017 to $46,183,000 in 2018.

Loss Ratios for Fidelity

Examining the Fidelity line of business in Massachusetts from 2015 to 2022 reveals distinct variations in loss ratio percentages. The lowest loss ratio of 15.11% occurred in 2016, with the figures rising to a peak of 28.03% in 2019. This spike was followed by a slight dip to 24.71% in 2020, still higher than the preceding years.

More recent data from 2021 indicates a reduction in loss ratios to 18.6%, comparable to the 2015 figure of 19.95%. However, the loss ratio percentage for 2022 shows an upturn, reaching 26.07%. Thus, the years 2019 and 2022 stand out with significantly higher loss ratios than other years.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and earned for surety insurance in Massachusetts increased overall from 2015 to 2022. The lowest amount of direct premiums written was $129,998,000 in 2016.

The highest was $182,289,000 in 2022. This represents an increase of over 40% over the 8 year period. Direct premiums written increased each year from 2016 to 2022, with the exception of a slight decrease from $164,106,000 in 2020 to $163,188,000 in 2021. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $19,101,000 or 11.7% (from $163,188,000 to $182,289,000).

Direct premiums earned followed a similar trend, with the lowest amount being $132,715,000 in 2016 and the highest being $170,909,000 in 2022. This was an increase of over 28% over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $9,535,000 or 5.9% (from $161,374,000 to $170,909,000).

Loss Ratios for Surety

The Surety loss ratio in Massachusetts has depicted diverse patterns over the years 2015 to 2022. The loss ratios have shown considerable variation, plummeting from 17.34% in 2015 to an all-time low of 0.73% in 2016. However, a dramatic spike was observed in 2017, with the loss ratio climbing to 24.95%.

There was a decrease to 15.98% in 2018, but a sharp rise to 29.04% occurred in 2019, the highest point in the observed period. A striking decrease happened in 2020, with the loss ratio dropping to a mere 0.9%. The subsequent years of 2021 and 2022 saw modest loss ratios of 12.75% and 0.56%, respectively.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Massachusetts fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $15,160,000 in 2015. This increased significantly to $38,278,000 in 2016 before dropping to $16,726,000 in 2017.

Direct premiums written then remained relatively steady between $14,775,000 and $18,985,000 from 2018 to 2020, before increasing sharply to $37,795,000 in 2021 and $43,734,000 in 2022. Direct premiums earned followed a similar pattern but lagged behind direct premiums written, as expected. The lowest direct premiums earned was $12,186,000 in 2015, increasing to a peak of $30,609,000 in 2017, before declining to $18,295,000 in 2020. It then rose to $19,461,000 in 2021 and $23,345,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2015 to 2016, when it grew by $23,118,000 or 152%. The smallest year-over-year increase was just 2.9% from 2018 to 2019. For direct premiums earned, the biggest jump was from 2015 to 2017, increasing by $18,423,000 or 151%. The smallest increase was 0.4% from 2019 to 2020.

Loss Ratios for Warranty

The Warranty Loss Ratio in Massachusetts has displayed noteworthy variability from 2015 to 2022. Starting at 51.38% in 2015, it reached an initial peak of 58% in 2016, before declining to 49.85% in 2017.

This was followed by an increase to 52.18% in 2018, and a subsequent rise to 57.6% in 2019. Interestingly, 2020 saw a decrease to 48.17%, contrasting with the previous upward trend. However, loss ratios then climbed in the following years, hitting 58.13% in 2021 and reaching a seven-year high of 60.76% in 2022.