Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $288,843,000 in 2017, while the highest was $442,253,000 in 2022.

Direct premiums written increased each year from 2017 to 2022, with the largest year-over-year increase occurring between 2021 and 2022 when direct premiums written grew by $56,080,000 or 14.5% (from $386,173,000 to $442,253,000).

Similarly, the lowest amount of direct premiums earned was $289,440,000 in 2017 and the highest was $412,796,000 in 2022. The largest year-over-year increase for direct premiums earned was also between 2021 and 2022, growing by $27,822,000 or 7.2% (from $383,974,000 to $412,796,000).

Loss Ratios for Fire

The loss ratio percentages for Fire insurance in Michigan display notable fluctuations and trends over the eight-year period from 2015 to 2022. The data show a relatively stable loss ratio in the early years, with 29.92% in 2015 and 29.86% in 2016. However, a dramatic increase occurs in 2017, with the loss ratio soaring to 82.14%.

The upward trend continues in 2018, reaching its peak at 109.98%, which is the highest loss ratio percentage in the given time frame. Following this peak, there is a decline in the loss ratio to 75.32% in 2019 and a slight increase to 76.87% in 2020. This period indicates a temporary stabilization in the loss ratios. In the last two years, there has been a decrease to 66.61% in 2021, followed by a significant rise to 116.87% in 2022.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and earned for allied lines insurance in Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $172,071,000 in 2015. This increased each year, with the exception of 2016 which saw a slight decrease to $165,875,000. The highest direct premiums written was $278,359,000 in 2022, representing an overall increase of 61.8% from 2015 to 2022.

Direct premiums earned followed a similar pattern, starting at $175,922,000 in 2015, dipping slightly to $165,136,000 in 2016, and then increasing each year to $262,646,000 in 2022. This was a 49.3% increase over the period. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $22,333,000 or 11.4% (from $196,115,000 to $218,488,000). The smallest year-over-year increase was just 1.9%, from $170,871,000 in 2018 to $174,092,000 in 2019.

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in Michigan illustrates certain prominent shifts and patterns over the given years. A significant rise is observed from 38.04% in 2015 to a peak of 87.09% in 2018.

This highpoint in 2018 however, is followed by a reduction to 52.27% in 2019 and further to 35.39% in 2020. The year 2021 experiences a dramatic surge to 83.97%, a shift that calls for an analysis into the factors leading to this sudden increase. Despite this, 2022 presents a decline to a more stable 51.19%

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 Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $144,997,000 in 2016, while the highest was $318,282,000 in 2022.

Direct premiums written increased overall during the 8 year period, with the largest year-over-year increase occurring between 2020 and 2021, when direct premiums written grew by $63,608,000 or 35.7% (from $178,313,000 to $241,921,000). Direct premiums earned followed a similar pattern to direct premiums written.

The lowest amount was $137,632,000 in 2016, while the highest was $306,780,000 in 2022. The largest year-over-year increase for direct premiums earned was also between 2020 and 2021, when it grew by $69,814,000 or 39.5% (from $176,663,000 to $236,477,000).

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop insurance in Michigan demonstrates notable variations across the years. In 2015, the loss ratio stood at 66.77%, followed by a significant drop to 40.09% in 2016. The subsequent year, 2017, saw an increase to 60.1%, followed by a moderate decline to 50.11% in 2018.

A striking outlier is observed in 2019 when the loss ratio surged to a staggering 175.99%. In contrast, 2020 saw the loss ratio return to a more typical level of 60.21%. The latest years, 2021 and 2022, reveal a downward trend in loss ratios, with figures of 47.85% and 36.72%, respectively.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $11931000 in 2022, while the highest was $17765000 in 2020.

Direct premiums earned followed a similar pattern, with the lowest being $15204000 in 2018 and the highest being $174000000 in 2021. Overall, direct premiums written increased from $16165000 in 2015 to a peak of $17765000 in 2020, before dropping to $11931000 in 2022. This represents an increase of over 10% from 2015 to the peak in 2020.

Direct premiums earned were more stable, ranging from $15204000 in 2018 to $174000000 in 2021. Looking year-over-year, the largest increase in direct premiums written was from 2019 to 2020, when it grew by $20144000 or 12%. The largest decrease was from 2021 to 2022, dropping by $5651000 or 32%. For direct premiums earned, the biggest increase was from 2018 to 2019, rising by $5804000 or 9.5%.

Loss Ratios for Federal Flood

The Federal Flood loss ratio data for Michigan presents some distinct patterns and shifts over the observed period. The loss ratios remained relatively low in 2015 and 2016, at 2.98% and 3.57% respectively, but saw a significant jump to 46.09% in 2017. The trend continued to climb, reaching its peak at 72.65% in 2018, before falling to 36.59% in 2019.

A remarkable surge occurred in 2020, with the loss ratio skyrocketing to 169.09%, markedly higher than any previous year. However, the years following 2020 saw a remarkable downturn. From 169.09%, the loss ratio plummeted to 15.98% in 2021 and further dropped to a low of 2.03% in 2022.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $7,206,000 in 2018, while the highest was $9,327,000 in 2020.

Direct premiums written increased from $7,721,000 in 2015 to $9,327,000 in 2020, before decreasing to $8,776,000 in 2022. Direct premiums earned followed a similar pattern to direct premiums written over the period. The lowest amount was $7,607,000 in 2015, while the highest was $9,333,000 in 2020.

The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $1,489,000 or 19%. The smallest year-over-year increase was just 1.1% from 2021 to 2022. In most years, direct premiums earned were slightly lower than direct premiums written. The difference ranged from $114,000 in 2015 to $6,000 in 2020.

Loss Ratios for Private Crop

Examining the loss ratio data for Private Crop insurance in Michigan from 2015 to 2022, distinct trends emerge. The loss ratios fluctuate, with the lowest being 29.59% in 2015 and the highest peak at 123.2% in 2019. This extreme surge in 2019 is an irregularity, suggesting possible anomalous events or conditions.

Post-2019, the loss ratio significantly recovers to 62.31% in 2020. Despite this reduction, 2020's value is still higher than the years preceding 2018, indicating a shift in the loss landscape.

In the most recent years, 2021 and 2022, the loss ratios are 42.37% and 33.87%, respectively, demonstrating a downward trajectory from the 2020 recovery. This trend suggests a return to more typical loss ratios, akin to the data seen in 2015-2017.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Michigan increased substantially from 2016 to 2022. The lowest amount of direct premiums written was $3,112,000 in 2016. This steadily increased each year, with the highest amount being $14,813,000 in 2022. This represents an increase of over 375% over the 7 year period.

Direct premiums earned followed a similar trajectory, starting at $1,889,000 in 2016 and reaching $13,420,000 in 2022. This is an increase of over 600% over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $2,816,000 or 25.7% (from $10,961,000 to $11,877,000).

The smallest year-over-year increase was 15.8%, from $7,287,000 in 2018 to $8,445,000 in 2019. For direct premiums earned, the biggest jump was from 2020 to 2021, increasing by $1,388,000 or 14.5% (from $9,542,000 to $10,930,000). The smallest increase was 11.7%, from $6,726,000 in 2019 to $7,512,000 in 2020.

Loss Ratios for Private Flood

The loss ratio percentages for Private Flood insurance in Michigan present noteworthy shifts over the years. The year 2016 registered an extraordinarily high loss ratio of 106.63%, suggesting a heavy year for claims.

However, there was a remarkable decrease in loss ratios over 2017 and 2018, down to 13.29% and 11.44%, respectively. A significant escalation was observed again in 2020, with the loss ratio jumping to 84.54%. The loss ratio continued to climb in 2021, reaching 100.86%.

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 Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $142,183,000 in 2015. The highest amount was $161,823,000 in 2022. This represents an increase of nearly 14% 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 $7,895,000 or 5.2% (from $150,812,000 to $158,707,000). The smallest year-over-year increase was 1.0%, from $146,947,000 in 2019 to $148,707,000 in 2020. The direct premiums earned followed a similar trend, increasing steadily from $140,807,000 in 2015 to $161,748,000 in 2022.

The largest year-over-year increase was also from 2020 to 2021, when direct premiums earned grew by $6,556,000 or 4.4% (from $149,038,000 to $154,594,000). The smallest increase was 0.8%, from $145,376,000 in 2017 to $146,628,000 in 2018.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Michigan shows notable fluctuations over the years. The highest loss ratio was recorded in 2021 at 90.26%, while the lowest occurred in 2016 with 42.92%. The data exhibits a significant increase from 2016 to 2017, with the loss ratio jumping from 42.92% to 56.27%.

A slight decline is observed in 2018, with a loss ratio of 51.0%. The following year, 2019, saw an increase to 57.26%, and the trend continued in 2020 with a loss ratio of 71.98%. The most prominent spike is evident in 2021, reaching 90.26%. In contrast, 2022 shows a considerable reduction in the loss ratio to 59.89%

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 Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $265,845,1000 in 2015. The highest amount was $345,900,4000 in 2022. This represents an increase of over 30% 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 $14,574,456,000 or 45.6% (from $319,654,8000 to $345,900,4000). The smallest year-over-year increase was 6.4%, from $271,450,8000 in 2016 to $288,434,4000 in 2017. The trends were similar for direct premiums earned.

The lowest amount was $260,147,2000 in 2015 and the highest was $331,830,6000 in 2022. This was an increase of 27.6% over the period. The largest year-over-year increase was 14.2% from 2021 to 2022 (from $309,565,1000 to $331,830,6000). The smallest was 2.0% from 2016 to 2017.

Loss Ratios for Homeowners Multiple Peril

The data from Michigan's Homeowners Multiple Peril loss ratios reveals insightful patterns over the years. The loss ratios fluctuated between 43.26% in 2016 and 73.39% in 2021. There was a noticeable drop from 53.06% in 2015 to 43.26% in 2016. However, there was a substantial increase in 2017, hitting 53.91%, before settling at around 50.51% in 2018.

The following years of 2019 and 2020 saw a moderate increase in loss ratios, reaching 59.35% and 57.05%, respectively. The most striking increase occurred in 2021, with the loss ratio soaring to 73.39%, the highest over the observed period. This peak calls for a deeper analysis of the factors that led to this drastic surge. The data for 2022 shows a decrease to 65.8%

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 Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $106,669,200 in 2015. The highest amount was $140,238,100 in 2022. This represents an increase of over 31% over the 8 year period.

The direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $13,354,700 or 10.4% (from $128,696,300 to $140,238,100). The smallest year-over-year increase was 1.0%, from $108,676,300 in 2017 to $109,713,000 in 2018.

The direct premiums earned followed a similar trend, increasing each year from 2015 to 2022. It rose from $106,087,200 in 2015 to $135,588,000 in 2022, an increase of over 28%. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 8.5% (from $125,009,200 to $135,588,000). The smallest increase was 0.9% from 2016 to 2017.

Loss Ratios for Commercial Multiple Peril

The loss ratio for Commercial Multiple Peril in Michigan shows an overall upward trend from 43.31% in 2015 to 61.43% in 2022. There is a slight fluctuation in the figures, with an initial slow growth from 43.31% in 2015 to 44.14% in 2016, and then a more significant increase to 48.11% in 2017.

The highest jump occurred from 2017 to 2018, where the loss ratio increased by over 7%. The rate then dropped to 51.8% in 2019, before further declining to 46.32% in 2020. However, the loss ratio then increased dramatically in 2021 to 62.95%, marking the highest point in the given period. This was followed by a slight decrease to 61.43% in 2022.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $168,946,000 in 2017. The highest was $183,325,000 in 2021.

Direct premiums written increased overall from 2015 to 2021, with a slight dip in 2022 to $177,187,000. Direct premiums earned followed a similar pattern, with the lowest amount being $151,058,000 in 2017 and the highest being $210,168,000 in 2020.

The largest year-over-year increase in direct premiums written was from 2017 to 2018, when it grew by $19,605,000 or 11.6% (from $168,946,000 to $171,551,000). The largest year-over-year increase for direct premiums earned was from 2016 to 2017, when it grew by $63,656,000 or 31.3% (from $203,405,000 to $210,168,000).

Loss Ratios for Mortgage Guaranty

The loss ratio data for Mortgage Guaranty in Michigan demonstrates considerable fluctuations over the years, with distinct patterns emerging. From 2015 to 2018, there was a consistent decrease in loss ratios, with the most significant drop occurring between 2017 and 2018, from 10.77% to 1.69%.

In contrast, the loss ratio saw a sharp increase in 2020, reaching 22.8%, more than triple the 6.16% observed in 2019. This sudden spike may warrant further examination of any contributing factors or market conditions that led to the higher loss ratio. However, the loss ratio improved again in 2021, dropping to 4.66%

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $50,722,000 in 2016. The highest was $133,013,000 in 2022. This represents an increase of over 160% from the low in 2016 to the high in 2022.

Direct premiums written decreased from $65,390,000 in 2015 to $50,722,000 in 2016, a 22% drop. After 2016, direct premiums written increased each year through 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums jumped by $10,117,000 or 9.8% (from $114,571,000 to $125,758,000).

Direct premiums earned followed a similar pattern to direct premiums written over the years. The lowest direct premiums earned was $57,078,000 in 2015 and the highest was $131,172,000 in 2022 - a 130% increase. The biggest year-over-year jump in direct premiums earned was also from 2020 to 2021, increasing by $10,795,000 or 10.7% (from $111,834,000 to $122,629,000).

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for Michigan displays several noteworthy trends and fluctuations across the years. From 2015 to 2017, there was a gradual increase in loss ratios, rising from 35.95% in 2015 to 48.76% in 2017.

This could signify a growing claims environment during this period. A significant jump in loss ratios occurred between 2017 and 2018, with an increase from 48.76% to 79.51%. This trend continued into 2019, with the loss ratio reaching its peak at 80.29%. These two years stand out as potential outliers and might require further examination to understand the underlying reasons behind such a substantial escalation.

Following the peak in 2019, the loss ratios began to decline, with 2020 recording a 46.81% loss ratio, nearly halving the previous year's percentage. The downward trend persisted into 2021 and 2022, registering 40.49% and 35.25% loss ratios, respectively. This pattern suggests a return to pre-2018 levels and may indicate stabilizing factors in the Ocean Marine line of business for Michigan during these years.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written for inland marine insurance in Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $519,758,000 in 2015. The highest amount was $777,978,000 in 2022. This represents 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 2020 to 2021, when direct premiums written grew by $89,067,000 or 14.9% (from $598,204,000 to $687,271,000).

The smallest year-over-year increase was in 2016 to 2017, when direct premiums written grew by $6,829,000 or 1.4% (from $474,400,000 to $542,690,000). The direct premiums earned followed a similar trend, starting at $509,834,000 in 2015 and reaching $749,509,000 in 2022. This was an increase of over 47% over the period. The year-over-year growth ranged from 0.9% (2016-2017) to 15.1% (2020-2021). In most years, the direct premiums earned were slightly lower than the direct premiums written.

Loss Ratios for Commercial Inland Marine

The Loss Ratio for Inland Marine insurance in Michigan showcases several notable trends. In 2016, the loss ratio peaked at 80.41%, signifying a year of high claim payouts compared to premiums earned. However, following this peak, there was a notable decrease in loss ratio for 2017 and 2018, falling to 47.87% and 43.98%, respectively.

The loss ratio remained relatively stable in 2019 at 43.23%, but rose again in 2020 to 55.4%. 2021 saw a further increase, reaching 68.75%, before dropping to 40.9% in 2022. The years 2021 and 2022 exhibit a stark contrast.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $845,000 in 2019. The highest was $14,861,000 in 2018. This represents an over 17-fold increase from the lowest to highest year.

Direct premiums written increased from $2,064,000 in 2015 to a peak of $14,861,000 in 2018, before dropping to $845,000 in 2019. It then increased again to $5,179,000 in 2022. The largest year-over-year increase was from 2017 to 2018, when direct premiums written grew by $13,326,000 or 868%.

Direct premiums earned followed a similar pattern, with the lowest amount being $7,364,000 in 2021 and the highest being $60,313,000 in 2015. This was a very large decrease of 88% from 2015 to 2021. Direct premiums earned dropped sharply from $60,313,000 in 2015 to $39,184,000 in 2016. It hit its lowest point in 2021 before increasing to $5,382,000 in 2022. The largest changes were the 868% increase in direct premiums written from 2017 to 2018 and the 88% decrease in direct premiums earned from 2015 to 2021.

Loss Ratios for Commercial Financial Guaranty

Examining the loss ratio data for Financial Guaranty in Michigan reveals striking trends over the years. Loss ratios fluctuated significantly, starting at a low of 31.09% in 2015 and spiking to 92.74% in 2016. No data is available for 2017, but a further surge is evident in 2018, with the loss ratio reaching 142.32%.

This was followed by a decrease to 76.79% in 2019. However, the most dramatic increases were recorded in 2020 and 2021, with loss ratios soaring to 266.17% and 262.7% respectively. The trend continued into 2022, with the highest recorded loss ratio of 342.21%.

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 Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $190,342,000 in 2015. This increased each year, with the exception of 2016 which saw a slight decrease to $186,117,000.

The highest direct premiums written was $251,152,000 in 2022, representing an increase of over 32% from 2015. Similarly, the lowest direct premiums earned was $191,257,000 in 2015. This increased steadily each year to $249,965,000 in 2022, a 31% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $25,367,000 or 11.8% (from $214,967,000 to $240,334,000). The smallest increase was just 0.6% from 2017 to 2018 ($185,699,000 to $188,019,000).

For direct premiums earned, the largest increase was also from 2020 to 2021, growing by $29,307,000 or 14.3% (from $205,400,000 to $234,707,000). The smallest increase was 0.9% from 2016 to 2017 ($188,821,000 to $184,545,000).

Loss Ratios for Medical Professional Liability

The analysis of the loss ratio data for Medical Professional Liability in Michigan reveals some interesting patterns. The data shows a considerable fluctuation in loss ratios across the years, with the highest observed in 2017 at 101.31%. This spike is contrasted by the lowest loss ratio in 2019 at just 14.98%, suggesting a year of successful risk management.

The data for 2016 is missing, which may hinder a complete understanding of the trends. In 2018, the loss ratio rebounded to 34.78%, and further increased significantly in 2020 to 62.71%. However, there appeared to be some recovery in 2021 with a drop to 37.83%. In 2022, the loss ratio rose again to an intermediate level of 51.16%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $6,368,000 in 2017. The highest was $12,479,000 in 2021. This represents an increase of over 95% from the low in 2017 to the high in 2021.

Direct premiums written increased overall from 2015 to 2022, with the exception of a dip from $8,340,000 in 2015 to $6,838,000 in 2016. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $3,212,000 or 34.7% (from $9,267,000 to $12,479,000).

Direct premiums earned followed a similar pattern to direct premiums written, with the lowest amount being $6,293,000 in 2017 and the highest being $11,524,000 in 2021. This was an increase of over 80% from 2017 to 2021. The largest year-over-year increase in direct premiums earned was from 2020 to 2021 at $2,269,000 or 24.5% (from $9,255,000 to $11,524,000).

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in Michigan presents some notable observations over the years. In 2015 and 2016, as well as in 2020, the loss ratios are not available. In contrast, the loss ratios in 2017, 2018, and 2019 show a gradual increase, with loss ratios of 1.47%, 3.29%, and 3.69%, respectively.

A significant deviation in the pattern occurs in 2021 when the loss ratio surges to 13.68%, more than triple the previous year's figure, before dropping back down to 3.5% in 2022. 

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Michigan decreased overall from 2015 to 2021. The highest amount of direct premiums written was $1,197085,000 in 2015. This decreased each year to $949,474,000 in 2021, representing a total decrease of 20.7% over the 7 year period.

The direct premiums earned followed a similar pattern, starting at $1,196,704,000 in 2015 and ending at $958,819,000 in 2021, a decrease of 19.9%. The largest year-over-year decrease in direct premiums written was from 2016 to 2017, when it dropped by $134,483,000 or 11.7% (from $1,150,349,000 to $1,096,866,000).

The smallest decrease was just 0.2% from 2020 to 2021 ($949,604,000 to $949,474,000). In 2022, direct premiums written increased significantly to $1,036,807,000, representing a 9.2% increase from 2021. This reversed the downward trend seen in the previous years. The direct premiums earned also increased in 2022 to $1,038,503,000.

Loss Ratios for Workers Compensation

The loss ratio data for Workers Compensation in Michigan demonstrates notable trends and fluctuations from 2015 to 2022. The loss ratios display considerable variability, with the lowest recorded at 30.57% in 2019 and the highest at 45.25% in 2021. Between 2015 and 2018, the loss ratios displayed a general downward trend, decreasing from 43.67% in 2015 to 33.61% in 2018.

However, 2019 marked the lowest loss ratio at 30.57%. In contrast, the loss ratios increased in 2020 and 2021, reaching 36.23% and 45.25%, respectively, before slightly dropping again to 37.93% in 2022.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Michigan increased overall from 2015 to 2022. The lowest amount of direct premiums written was $88,284,000 in 2018, while the highest was $123,385,000 in 2022. This represents an increase of 40% over the 8 year period.

Direct premiums written increased each year from 2015 to 2022, with the exception of 2018 which saw a decrease from $91,144,000 in 2017 to $88,284,000 in 2018. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $9,929,000 or 8.8% (from $113,456,000 to $123,385,000).

Similarly, direct premiums earned also increased overall between 2015 and 2022. The lowest amount was $89,353,000 in 2018 and the highest was $122,089,000 in 2022. This represents a 37% increase over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $17,926,000 or 17.2% (from $104,163,000 to $122,089,000).

Loss Ratios for Product Liability

Analysis of the loss ratio data for Products Liability in Michigan uncovers several notable trends. The initial period from 2015 to 2016 saw a moderate increase in loss ratios from 41.15% to 49.01%. However, a dramatic drop to 0.68% in 2017 marks an anomaly in the data worth examining.

There is a lack of data for 2018, but by 2019, the loss ratio had escalated back to 49.29%. This was followed by a further increase in 2020, peaking at 58.53%, the highest point within the examined period. The subsequent years, 2021 and 2022, witnessed a decline in loss ratios, falling to 33.78% and 18.89% 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 Michigan increased steadily from 2015 to 2019, before declining in 2020 and 2021. The lowest amount of direct premiums written was $8,076,514,000 in 2015. This increased each year, reaching a peak of $9,931,542,000 in 2019, representing growth of 23% over this 5 year period. The highest amount of direct premiums earned was also in 2019 at $9,778,089000. This was up 22% from $7,991,276,000 in 2015.

Both direct premiums written and direct premiums earned declined from 2019 to 2020, with direct premiums written dropping 6.3% (from $9.93 billion to $9.3 billion) and direct premiums earned falling 1.6% (from $9.78 billion to $9.62 billion). In 2021, direct premiums written declined a further 2% to $9.11 billion, while direct premiums earned remained relatively flat at $9.1 billion.

In 2022, there was a slight rebound in direct premiums written to $9.23 billion, a 1.3% increase from 2021. However, direct premiums earned continued to decline slightly to $9.13 billion.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Michigan showcases notable trends and variations over the years. From 2015 to 2018, the loss ratios remained relatively high, with 80.78% in 2015, 89.15% in 2016, 82.66% in 2017, and 84.57% in 2018.

A significant improvement is observed in 2019, with the loss ratio dropping to 60.01%, followed by a further decrease to 58.65% in 2020. However, the loss ratios increased again in 2021 and 2022, reaching 70.48% and 88.25%, respectively. The 2022 figure is particularly noteworthy, as it is the second-highest loss ratio during the observed period

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $901,285,000 in 2015. The highest amount was $1,406,229,000 in 2022. This represents an increase of over 56% 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 $131,283,000 or 10.3% (from $1,274,946,000 to $1,406,229,000). The smallest year-over-year increase was 6.5%, from $901,285,000 in 2015 to $959,811,000 in 2016. The direct premiums earned followed a similar pattern, with the lowest amount being $884,196,000 in 2015 and the highest being $1,372,237,000 in 2022.

This was an increase of over 55% over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase was 11.1% from 2021 to 2022 (from $1,240,222,000 to $1,372,237,000) and the smallest was 6.8% from 2015 to 2016.

Loss Ratios for Commercial Auto

The Commercial Auto Total loss ratios in Michigan demonstrated significant fluctuations between 2015 and 2022. The highest loss ratio was recorded in 2016 at 77.35%, declining slightly to 75.32% in 2017. A more substantial reduction was seen in 2018, with the rate dropping to 62.32%.

This downward trend continued into 2019 and 2020, with loss ratios decreasing to 58.57% and 55.39% respectively. However, the decline halted in 2021, with a minor increase to 56.33%. This upward trend persisted into 2022, with the loss ratio slightly rising to 58.8%.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Michigan increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $26,382,000 in 2015. The highest amount was $47,616,000 in 2022. This represents an increase of over 80% over the 8 year period.

The direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $5,786,000 or 14.9% (from $38,760,000 to $43,646,000).

The smallest year-over-year increase was 1.8%, from $25,787,000 in 2016 to $26,038,000 in 2017. Similarly, direct premiums earned also increased steadily over the period. It grew from $26,355,000 in 2015 to $45,983,000 in 2022, an increase of 74.5%. The largest year-over-year increase in direct premiums earned was from 2020 to 2021 at 14.8% (from $36,572,000 to $41,922,000). The smallest was 0.9% from 2016 to 2017.

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in Michigan reveals significant fluctuations across the years. A notable peak is observed in 2017, with a loss ratio of 186.84%, which stands out as an outlier in comparison to other years.

In contrast, the years 2019, 2021, and 2022 exhibit relatively low and consistent loss ratios of 29.91%, 29.02%, and 29.35%, respectively. There is an overall trend of decreasing loss ratios from 2015 (50.49%) to 2016 (49.73%), followed by a sharp increase in 2017, and then a decline to 52.08% in 2018. The loss ratio increases again in 2020 (62.21%) before stabilizing around 29% in the subsequent years.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Michigan fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $31,331,000 in 2017, while the highest was $36,409,000 in 2022.

Direct premiums earned followed a similar pattern, with the lowest amount being $31,817,000 in 2017 and the highest being $35,906,000 in 2022. Overall, direct premiums written increased 24.5% from $32,852,000 in 2015 to $36,409,000 in 2022.

Direct premiums earned increased 25.4% over the same period, from $33,156,000 to $35,906,000. The largest year-over-year increase in direct premiums written was 11.1% between 2021 ($34,348,000) and 2022 ($36,409,000). For direct premiums earned, the biggest increase was 10.4% between 2017 ($31,817,000) and 2018 ($32,451,000). The only decreases were seen in direct premiums written from 2016 ($34,529,000) to 2017 ($31,331,000), a drop of 9.2%, and in direct premiums earned from 2016 ($33,650,000) to 2017 ($31,817,000), a decrease of 5.5%.

Loss Ratios for Fidelity

The Fidelity loss ratio percentage in Michigan indicates substantial fluctuations across the years. Notably, the loss ratio dipped to a low of 7.27% in 2017, followed by a marginal increase to 19.96% in 2018, and a more significant increase to 36.3% in 2019.

A sharp increase is observed in 2020, with the loss ratio spiking to 71.08%, the highest during the period evaluated. However, the subsequent years, 2021 and 2022, show a drastic reduction to 15.47% and 15.05%, respectively. These years show stable, yet low loss ratios compared to the earlier years.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and earned for surety insurance in Michigan increased overall from 2015 to 2022. The lowest amount of direct premiums written was $88,290,000 in 2015. This steadily increased each year, with the exception of 2019 which saw a slight decrease to $102,211,000 from $106,586,000 in 2018. The highest direct premiums written was $141,367,000 in 2022, representing an increase of over 60% from 2015.

Direct premiums earned followed a similar trend, starting at $83,796,000 in 2015 and reaching $121,249,000 in 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022 at 24.2% (from $113,654,000 to $141,367,000). The smallest year-over-year increase was just 0.9% between 2015 and 2016.

In most years, direct premiums earned lagged slightly behind direct premiums written. The largest difference was in 2018 when direct premiums written were $106,586,000 and direct premiums earned were $94,714,000 - a difference of 11.2%.

Loss Ratios for Surety

The loss ratio data for Surety in Michigan showcases notable variations and trends across the years from 2015 to 2022. In particular, the loss ratios exhibit a wide range, starting from a minimal 0.7% in 2015, escalating to 29.74% in 2016, and then dropping to 2.47% in 2017.

From 2018 to 2020, the loss ratios display a more gradual increase and subsequent decrease, with 7.54% in 2018, 12.31% in 2019, and 9.14% in 2020. This pattern could imply a relative stabilization in the market or the implementation of more effective risk management measures during this period.

In the most recent years, 2021 and 2022, the loss ratios remain fairly consistent at 10.31% and 3.1%, respectively. The overall trend indicates a general decrease from the peak in 2016, followed by a period of relative stability and slight fluctuations in subsequent years.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Michigan increased overall from 2015 to 2022. The lowest amount of direct premiums written was $544,363,000 in 2015. This increased each year, with the highest amount being $608,582,000 in 2021. However, 2022 saw a slight decrease to $578,421,000.

For direct premiums earned, the lowest amount was $454,350,000 in 2015. This steadily increased each year, reaching its peak of $565,852,000 in 2021. In 2022, direct premiums earned continued to grow, reaching $580,052,000. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $14,540,000 or 2.4% (from $595,657,000 to $611,197,000). The smallest increase was just 0.3% from 2016 to 2017 ($552,116,000 to $567,780,000).

Loss Ratios for Warranty

The Loss Ratio Percentage for the Warranty line of business in Michigan shows interesting patterns from 2015 to 2022. The data reveals a gradual decrease from 47.79% in 2015 to 41.33% in 2017.

However, this trend reversed in 2018 with a rise to 48.4%. This upward trend continued until 2019, when the loss ratio peaked at 54.97%; the highest over the given period. In 2020, a slight decrease to 53.13% was observed, followed by a minor drop to 52.47% in 2021. Yet, the loss ratio rose again in 2022 to 57.24%, the second-highest in this timeline.