Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $184,277,000 in 2016. The highest was $321,761,000 in 2022. This represents an increase of over 74% over the 8 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 $41,484,000 or 14.8% (from $280,277,000 to $321,761,000). The smallest year-over-year increase was 2.7%, from $185,723,000 in 2017 to $199,137,000 in 2018. The direct premiums earned followed a similar trend, with the lowest amount being $181,849,000 in 2016 and the highest being $308,805,000 in 2022.

This was an increase of nearly 70% over the period. As with the direct premiums written, the largest year-over-year increase in direct premiums earned was between 2021 and 2022 at 15.7% (from $266,927,000 to $308,805,000). The smallest increase was 3.6% between 2018 and 2019.

Loss Ratios for Fire

The loss ratio data for Fire insurance in Minnesota displays a considerable degree of fluctuation. In 2015, the loss ratio was 39.93%, showing a slight decrease to 35.49% in 2016. The following year, 2017, saw an increase to 45.09%, which continued to rise in 2018 to 55.15%.

However, the loss ratio slightly decreased to 49.34% in 2019. A noteworthy observation is the drastic spike in 2020, with the loss ratio soaring to 114.91%. In the subsequent years, 2021 and 2022, the loss ratios are more consistent, reporting percentages of 42.94% and 43.81%, respectively.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for Federal Multi-Peril Crop insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $56,946,4000 in 2018, while the highest was $1,152,008,000 in 2022. This represents an increase of over 100% from 2018 to 2022.

Direct premiums written decreased from $635,566,000 in 2015 to $567,476,000 in 2016 before increasing again in 2017 to $621,845,000. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $267,580,000 or 30.3% (from $884,285,000 to $1,152,008,000).

Direct premiums earned followed a similar pattern to direct premiums written over the years. The lowest direct premiums earned was $567,776,000 in 2018, while the highest was $1,139,382,000 in 2022 - an increase of over 100% as well. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $267,148,000 or 30.6% (from $872,234,000 to $1,139,382,000).

Loss Ratios for Allied Lines

The loss ratio percentage for Allied Lines in Minnesota has seen considerable shifts from 2015 to 2022. The lowest ratio was observed in 2016 at 39.03%, while 2022 saw an unprecedented surge to 214.79%. The magnitude of this increase in 2022 is noteworthy and might warrant further investigation.

From 2015 to 2017, there was a significant rise from 45.1% to 72.8%, followed by a drop to 51.44% in 2018. A sharp increase was again experienced in 2019, reaching a peak of 82.77%. The subsequent years, 2020 and 2021, showed relatively lesser fluctuations with loss ratios of 69.19% and 70.97% respectively.

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 Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $56,946,4000 in 2018, while the highest was $1,152,008,000 in 2022. This represents an increase of over 100% from 2018 to 2022.

Direct premiums written decreased from $635,566,000 in 2015 to $567,476,000 in 2016 before increasing again in 2017 to $621,845,000. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $267,580,000 or 30.3% (from $884,285,000 to $1,152,008,000).

Direct premiums earned followed a similar pattern to direct premiums written over the years. The lowest direct premiums earned was $567,776,000 in 2018, while the highest was $1,139,382,000 in 2022 - an increase of over 100% as well. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $267,148,000 or 30.6% (from $872,234,000 to $1,139,382,000).

Loss Ratios for Multi-Peril Crop

The loss ratio percentage for Allied Lines in Minnesota has seen considerable shifts from 2015 to 2022. The lowest ratio was observed in 2016 at 39.03%, while 2022 saw an unprecedented surge to 214.79%. The magnitude of this increase in 2022 is noteworthy and might warrant further investigation.

From 2015 to 2017, there was a significant rise from 45.1% to 72.8%, followed by a drop to 51.44% in 2018. A sharp increase was again experienced in 2019, reaching a peak of 82.77%. The subsequent years, 2020 and 2021, showed relatively lesser fluctuations with loss ratios of 69.19% and 70.97% respectively.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $5,214,000 in 2022, decreasing from $6,198,000 in 2021. The highest amount was $7,436,000 in 2019.

Direct premiums written increased from $6,652,000 in 2015 to a peak of $7,436,000 in 2019, before decreasing to $5,214,000 in 2022. The largest year-over-year increase was from 2018 to 2019, when direct premiums written grew by $1,487,000 or 24.9% (from $5,949,000 to $7,436,000).

Direct premiums earned followed a similar pattern, ranging from $5,762,000 in 2022 to a peak of $7,174,000 in 2020. The largest year-over-year increase for direct premiums earned was from 2019 to 2020, growing by $1,261,000 or 18.2% (from $6,913,000 to $7,174,000).

Loss Ratios for Federal Flood

The Federal Flood loss ratio data for Minnesota from 2015 to 2022 displays considerable fluctuations, with the most significant changes occurring between 2016 and 2019. In 2015, the loss ratio was at a low of 2.08%, which then surged to 37.31% in 2016, marking an increase of over 35 percentage points.

Afterward, the ratio declined to 6.04% in 2017 and maintained a similar level at 7.0% in 2018. However, 2019 witnessed another substantial increase in the loss ratio, reaching 42.39%, which then dropped to 13.01% in 2020. Interestingly, the loss ratio reached its lowest point at 1.13% in 2021, before rising again to 11.97% in 2022. Throughout the observed years, 2016 and 2019 stand out as periods with the highest loss ratios, while 2015 and 2021 represent the lowest. The data suggests a pattern of alternating periods of high and low loss ratios, with a general trend of decreasing loss ratios post-2019.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $106,536,000 in 2016, while the highest was $160,166,000 in 2022.

Direct premiums written increased each year from 2016 to 2022, with the exception of 2018 which saw a slight decrease from $113,456,000 in 2017 to $112,693,000 in 2018. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $27,055,000 or 20.3% (from $133,111,000 to $160,166,000). The smallest year-over-year increase was just 1.3%, from $112,693,000 in 2018 to $114,901,000 in 2019.

Direct premiums earned followed a similar pattern to direct premiums written over the years. The lowest amount was $103,574,000 in 2016, while the highest was $159,798,000 in 2022. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $26,630,000 or 20% (from $133,168,000 to $159,798,000).

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Minnesota displays significant variation over the observed years. The loss ratio surged to its peak at 137.25% in 2020 from a moderate 96.86% in 2015. The year 2016 also witnessed an abrupt spike to 118.05%, which exceeds the 100% threshold, indicating that payouts exceeded premiums.

Interestingly, from 2017 to 2018, the loss ratio remained relatively stable, around 87%. However, this stability was followed by an extreme increase in 2019 and 2020, with ratios of 132.3% and 137.25%, respectively. More recently, 2021 and 2022 show a dramatic reduction in loss ratios to 86.52% and 45.11% respectively. This sudden drop in 2022 is the lowest of all the observed years.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Minnesota fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $4,382,000 in 2016. This increased to $6,034,000 in 2017, representing a 37.8% year-over-year increase.

Direct premiums written continued to rise in 2018 to $6,072,000 before dropping to $4,558,000 in 2019. There was then another significant increase to $6,681,000 in 2020 and $7,407,000 in 2021. The highest amount of direct premiums written was $8,430,000 in 2022. Looking at direct premiums earned, the lowest amount was $2,484,000 in 2016.

This rose to $5,736,000 in 2017, representing a 131% increase. Premiums earned continued increasing each year after that, reaching $6,923,000 in 2021. The highest amount of direct premiums earned was $8,337,000 in 2022.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in Minnesota exhibits noteworthy trends and fluctuations across the years. In 2016, the loss ratio was remarkably low at 1.32%, followed by a moderate increase to 5.65% in 2017. However, there was a significant drop to 0.65% in 2018.

The most striking observation is the substantial spike in 2019, with the loss ratio reaching 44.12%. Unfortunately, data for 2020 is not available. In 2021 and 2022, the loss ratios were 8.1% and 11.79%, respectively, showing a decline from the 2019 peak. 

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 Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $145,046,000 in 2015. The highest was $191,955,000 in 2022. This represents an increase of over 32% 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 $16,135,000 or 9.2% (from $175,820,000 to $191,955,000). The smallest year-over-year increase was 1.4%, from $155,277,000 in 2018 to $157,978,000 in 2019.

The trends for direct premiums earned are similar. The lowest amount was $140,964,000 in 2015 and the highest was $184,289,000 in 2022, an increase of over 30% over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase was 10.4%, from $170,061,000 in 2021 to $184,289,000 in 2022. The smallest was 1.5%, from $148,959,000 in 2017 to $151,812,000 in 2018.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Minnesota displays considerable fluctuations across the years. The loss ratios vary from a low of 41.15% in 2015 to a substantial high of 205.57% in 2022. A noticeable spike occurs in 2019, with a loss ratio of 91.56%, followed by a moderate decline to 62.89% in 2020.

However, the loss ratio surges again in 2021, reaching 86.12%. Between 2015 and 2017, there is a steady increase in loss ratios, moving from 41.15% to 62.59%. This trend is briefly interrupted in 2018, with a slight decline to 56.8%. The most striking observation is the exceptional figure in 2022, more than doubling the previous year's loss ratio.

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 Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $201,373,6000 in 2015. The highest amount was $297,412,1000 in 2022. This represents an increase of over 47% 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 $32,952,099 or 12.5% (from $264,608,2000 in 2021 to $297,412,1000 in 2022). The smallest year-over-year increase was 6.0%, from $218,841,7000 in 2018 to $231,433,3000 in 2019.

Similarly, direct premiums earned also increased steadily each year from 2015 to 2022. The lowest amount was $196,777,7000 in 2015 and the highest was $279,728,9000 in 2022, representing a 42% increase. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 12.0% (from $252,081,4000 to $279,728,9000). The smallest increase was 5.8% from 2016 to 2017.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in Minnesota displays remarkable fluctuations across the years. The loss ratios vary substantially, with a minimum of 44.05% in 2016 and a maximum of 158.39% in 2022. The years 2017, 2019, and 2020 witnessed relatively high loss ratios, at 89.35%, 82.85%, and 82.93%, respectively.

A significant increase occurred between 2016 and 2017, with the loss ratio more than doubling from 44.05% to 89.35%. There was a decrease to 58.37% in 2018. The loss ratio then increased again in 2019 and remained high in 2020, followed by a slight decline to 74.1% in 2021. The most notable observation is the substantial surge to 158.39% in 2022, a level significantly higher than previous years.

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 Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $707,248,000 in 2015.

The highest amount was $942,030,000 in 2022. This represents an increase of over 33% 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 $102,105,000 or 12.2% (from $840,325,000 to $942,030,000). The smallest year-over-year increase was 2.4%, from $715,665,000 in 2016 to $718,714,000 in 2017.

The direct premiums earned followed a similar trend, increasing each year from 2015 to 2022. It was lowest at $702,295,000 in 2015 and highest at $893,410,000 in 2022. The largest year-over-year increase in direct premiums earned was 13.1% between 2021 and 2022 (from $820,594,000 to $893,410,000). The smallest increase was 0.9% between 2016 and 2017.

Loss Ratios for Commercial Multiple Peril

The loss ratio data for Commercial Multiple Peril in Minnesota presents several notable trends. The data shows a gradual decline from 48.02% in 2015 to 46.81% in 2016. However, there's a dramatic rise in 2017 to 75.54%.

In 2018, the ratio drops back to 49.14%, but the following years see an upward trend, reaching 67.62% in 2019 and a peak of 83.53% in 2020. The loss ratio decreases to 62.31% in 2021, but then 2022 shows a remarkable increase, with the ratio exceeding 100% at 106.32%.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $142,170,000 in 2015. This increased to $182,549,000 in 2017 before decreasing to $148,591,000 in 2022.

Direct premiums earned followed a similar pattern, with the lowest amount being $132,710,000 in 2015 and the highest being $196,102,000 in 2020. The largest year-over-year increase in direct premiums written was from 2016 to 2017, when it grew by $33,605,000 or 22.6% (from $148,944,000 to $182,549,000). The largest year-over-year decrease was from 2017 to 2018, when direct premiums written fell by $15,782,000 or -8.6% (from $182,549,000 to $166,767,000).

For direct premiums earned, the biggest year-over-year increase was from 2019 to 2020, when it grew by $11,466,000 or 6.2% (from $185,636,000 to $196,102,000). The largest decrease was much more significant - from 2017 to 2018 direct premiums earned dropped by $60,398,000 or -49.8% (from $121,294,000 to $177,196,000).

Loss Ratios for Mortgage Guaranty

The loss ratio data for Mortgage Guaranty in Minnesota displays notable variations across the years. In the earlier years, 2015 to 2017, the loss ratios remained somewhat stable, ranging between 16.75% and 24.64%. A sharp decrease was observed in 2018, with a loss ratio of 2.85%, followed by a moderate increase to 5.15% in 2019.

The most striking fluctuation can be seen in 2020, where the loss ratio spiked to 27.66%. In contrast, 2021 witnessed a significant improvement with a loss ratio of 4.87%. In 2022 data is not available.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $24,997,000 in 2015. This increased each year, with the highest amount being $43,637,000 in 2022.

This represents an increase of over 74% in direct premiums written over the 8 year period. Similarly, direct premiums earned also increased each year from $25,849,000 in 2015 to $42,596,000 in 2022. This is an increase of over 64% in direct premiums earned. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $4,028,000 or 10.2% (from $39,609,000 to $43,637,000).

The smallest increase was 1.6% from 2016 to 2017 (from $25,823,000 to $26,417,000). For direct premiums earned, the biggest jump was from 2020 to 2021, increasing by $14,423,000 or 15.7% (from $32,865,000 to $37,288,000). The smallest increase was 0.6% from 2016 to 2017 (from $25,704,000 to $26,185,000).

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for Minnesota over the years offers some noteworthy observations. The loss ratio in 2015 was 40.71%, slightly rising to 44.24% in 2017.

However, a more substantial increase was observed in 2018 with a loss ratio of 51.36%. This was followed by a slight decrease in 2019 and 2020, with loss ratios of 47.19% and 44.91% respectively. Interestingly, the years 2021 and 2022 witnessed a significant jump, with the loss ratios reaching 60.07% and 60.68% respectively.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $362,785,000 in 2015. This increased each year, with the highest amount being $535,501,000 in 2022.

This represents an increase of 47.6% over the 8 year period. The direct premiums earned follow a similar pattern, starting at $352,251,000 in 2015 and reaching $513,217,000 in 2022, a 45.7% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $60,369,000 or 14.6% (from $412,808,000 to $474,377,000).

The smallest increase was 2.9% from 2016 to 2017 ($342,933,000 to $374,788,000). For direct premiums earned, the biggest jump was 15.3% from 2021 to 2022 ($453,711,000 to $513,217,000) and the smallest was 1.4% from 2016 to 2017 ($342,145,000 to $373,796,000).

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine insurance in Minnesota over the eight years from 2015 to 2022 show noteworthy fluctuations. The loss ratios vary significantly, with a low of 38.12% in 2021 and a high of 67.73% in 2016. Subsequent years, 2017 and 2018, saw decreased loss ratios, 47.19% and 44.58% respectively.

However, 2019 experienced another spike with a loss ratio of 66.6%, which then dropped to 55.03% in 2020. In the most recent years, 2021 and 2022, the loss ratios have shown a downward trend, with 38.12% and 45.18% respectively.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Minnesota decreased significantly from 2015 to 2022.

The highest amount of direct premiums written was $4,795,000 in 2015. This dropped to $644,000 in 2022, representing an decrease of over 86% over the 8 year period. Similarly, direct premiums earned peaked at $12,727,000 in 2015 before falling to $1,002,000 in 2022, a decline of over 92%.

The direct premiums written and direct premiums earned decreased each year from 2015 to 2022, with the exception of 2020 which saw a slight increase in direct premiums earned from $3,521,000 in 2019 to $6,081,000 in 2020. The largest year-over-year decrease for direct premiums written was from 2017 to 2018, when it dropped by $1,247,000 or 36.5% (from $3,418,000 to $2,271,000). The smallest year-over-year decrease was just 2.8%, from $1,736,000 in 2019 to $1,505,000 in 2020.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data is unavailable, making it challenging to draw conclusions on the overall trends or potential stabilization in the claims environment.

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 Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $78,305,000 in 2015. The highest amount was $103,419,000 in 2022.

This represents an increase of over 32% 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 $9,537,000 or 11%. The smallest year-over-year increase was 1% from 2016 to 2017 ($786,270,000 to $780,820,000).

Similarly, direct premiums earned also increased each year from 2015 to 2022. It rose from $78,381,000 in 2015 to $101,059,000 in 2022, an increase of over 29%. The largest jump was from 2020 to 2021 at 10% ($84,308,000 to $92,431,000). The smallest increase was 1.4% from 2017 to 2018 ($76,874,000 to $78,066,000).

Loss Ratios for Medical Professional Liability

The loss ratio data for Medical Professional Liability in Minnesota displays notable variability across the years. In 2015, the loss ratio was at a relatively low point of 18.04%. However, a dramatic shift occurred in 2016 with the loss ratio skyrocketing to 84.04%. The year following this peak, 2017, saw a sharp decline to 20.31%.

The years 2018, 2019, and 2020 witnessed a more stable loss ratio performance, hovering around 60% (65.48%, 59.4%, and 59.84%, respectively). However, in 2021, the loss ratio decreased significantly to 29.81%. The data for 2022 shows a moderate increase to 45.42%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $4,456,000 in 2017. The highest amount was $8,410,000 in 2021. This represents an increase of over 88% from the low point in 2017 to the high point in 2021.

Direct premiums written decreased from $6,850,000 in 2015 to $4,456,000 in 2017, before increasing each year to reach the high of $8,410,000 in 2021. The premiums then dropped to $6,128,000 in 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $1,776,000 or 23.3% (from $7,634,000 to $8,410,000).

Direct premiums earned followed a similar pattern, starting at $6,875,000 in 2015, dropping to $4,197,000 in 2017, and then increasing each year to $9,111,000 in 2021 before decreasing to $6,082,000 in 2022. The biggest year-over-year jump in direct premiums earned was also from 2020 to 2021, increasing by $2,187,000 or 31.6% (from $6,924,000 to $9,111,000).

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in Minnesota over the years presents distinct variations. Initially, the loss ratios observed were remarkably low at 0.17% in 2015 and 0.38% in 2016.

However, a significant rise was registered in 2017 to 5.9%, which remained almost consistent in 2018 at 5.87%. In the subsequent year, 2019, the loss ratio fell significantly to 1.91%. The year 2020 saw a slight increase to 3.02%. For 2021, the data is not available, hence an assessment is not possible for this year.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $933317000 in 2020. The highest was $994192000 in 2022.

Direct premiums written increased from 2015 to 2016, going from $998846000 to $1036071000 (a 3.7% increase). They then decreased in 2017 to $969909000 (a 6.4% decrease from 2016) before decreasing again in 2018 to $954031000 (a 1.6% decrease). In 2019 they increased slightly to $961783000, before dropping again in 2020 to the period low.

Finally, direct premiums written increased in 2021 to $951466000 and then sharply increased in 2022 to the period high of $994192000. The pattern for direct premiums earned is similar, with the low of $913354000 in 2020 and a high of $1004399000 in 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums earned grew by 4.4% (from $913354000 to $952407000).

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data in Minnesota demonstrates notable changes over the years. The loss ratio in 2015 was at a peak of 58.31%, which then saw a gradual decrease until 2018, hitting a low of 44.85%.

However, the loss ratio began to rise again in 2019, reaching 56.02% in 2020, almost back to its 2015 level. Interestingly, the data shows a sharp drop in 2021 to 37.73%, continuing to decrease slightly in 2022 to 36.35%.

Direct and Earned Premiums for Product Liability

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

The lowest amount of direct premiums written was $87711000 in 2015. The highest amount was $115990000 in 2022. This represents an increase of over 32% 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 $11524000 or 10.8% (from $106466000 to $115990000). The smallest year-over-year increase was 1.0%, from $86782000 in 2017 to $91147000 in 2018.

The direct premiums earned followed a similar trend, with the lowest amount being $87205000 in 2015 and the highest being $112848000 in 2022. This was an increase of over 29% over the period. As with direct premiums written, the largest year-over-year increase in direct premiums earned was between 2021 and 2022 at 11.4% (from $101504000 to $112848000). The smallest increase was 0.7% between 2016 and 2017 (from $86660000 to $86717000).

Loss Ratios for Product Liability

The loss ratio data for Products Liability in Minnesota exhibits significant shifts over the observed period. The loss ratio dropped from 38.03% in 2015 to a noteworthy low of 8.38% in 2016.

An upward trend is seen in the subsequent years, with a peak of 37.54% in 2018, followed by a slight decrease to 29.99% in 2019, and a minor increase to 33.59% in 2020. The ratio again increased to 37.42% in 2021, just shy of the 2015 figure. However, there was a drastic reduction to 14.64% 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 total insurance in Minnesota increased overall from 2015 to 2022. The lowest amount of direct premiums written was $324,192,000 in 2015. The highest was $430,905,000 in 2022. This represents an increase of over 33% over the 8 year period.

Direct premiums written increased each year from 2015 to 2019, with the largest increase of $490,500,000 or 14.2% occurring from 2015 to 2016 (from $324,192,000 to $341,246,000). Premiums written then decreased slightly in 2020 to $385,834,000 before increasing again in 2021 to $399,231,000 and in 2022 to the peak of $430,905,000.

The direct premiums earned followed a similar pattern to premiums written, with the lowest amount of $319,256,000 in 2015 and the highest of $417,220,000 in 2022. This was an increase of over 30% over the period. The largest year-over-year increase in premiums earned was 13.9%, from $335,862,000 in 2016 to $383,243,000 in 2017.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Minnesota displays several interesting trends and variations across the years. From 2015 to 2017, there is a steady increase in the loss ratios, with 59.51% in 2015, 62.09% in 2016, and 63.6% in 2017.

However, in 2018, the loss ratio slightly decreased to 60.32%, followed by a peak of 65.04% in 2019. In 2020, there was a significant improvement in the loss ratio, dropping to 53.96%. The loss ratio then increased to 62.18% in 2021, showing a return to the previous trend. Interestingly, in 2022, the loss ratio surged to a high of 83.29%, which is a notable outlier and warrants further investigation.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto insurance in Minnesota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $539,437,000 in 2015. This increased each year, reaching a high of $860,289,000 in 2022 - a 59.4% increase over the period. Direct premiums earned followed a similar trajectory, starting at $523,362,000 in 2015 and reaching $840,063,000 in 2022, a 60.5% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $82,462,000 or 10.3% (from $801,827,000 to $860,289,000). The smallest increase was 1.1% from 2016 to 2017 ($545,393,000 to $583,210,000). For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $77,572,000 or 10.1% (from $767,491,000 to $840,063,000). The smallest increase was 1.2% from 2016 to 2017 ($545,328,000 to $569,023,000).

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Minnesota demonstrates several key findings from 2015 to 2022. Initially, the loss ratios showed a gradual increase from 51.68% in 2015 to 60.98% in 2017.

A slight decrease occurred in 2018, with a loss ratio of 56.9%, but this was followed by a peak of 61.63% in 2019. In 2020, the loss ratio improved to 52.57%. However, this was short-lived, as the loss ratios increased again in 2021 and 2022, reaching 55.26% and 67.56%, respectively.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Minnesota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $28,714,000 in 2015. The highest amount was $49,769,000 in 2022. This represents an increase of over 73% 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 $7,758,000 or 20.2% (from $38,357,000 to $46,115,000). The smallest year-over-year increase was 1.2%, from $28,545,000 in 2017 to $28,818,000 in 2018.

Similarly, direct premiums earned also increased each year from 2015 to 2022. The largest year-over-year increase in direct premiums earned was from 2020 to 2021, when it grew by $6,671,000 or 17.9% (from $37,362,000 to $44,033,000). The smallest increase was 0.7%, from $28,137,000 in 2015 to $28,315,000 in 2016.

Loss Ratios for Aircraft

The loss ratio for the Aircraft line of business in Minnesota has exhibited interesting trends from 2015 to 2022. The lowest point was observed in 2015, at 13.79%, followed by a steady increase reaching a peak of 56.84% in 2018. After 2018, there was a slight decrease to 49.54% by 2020.

However, the situation drastically changed in 2022, with the loss ratio skyrocketing to 99.28%, which is noticeably higher than any previous year. In 2021, there was a significant drop to 24.67%, nearly half of the preceding year's figure.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $25,961,000 in 2019. The highest was $30,264,000 in 2022.

For direct premiums earned, the lowest was $26,805,000 also in 2019, while the highest was $29,176,000 in 2021. Overall, direct premiums written increased from $29,089,000 in 2015 to $30,264,000 in 2022, representing a 4.1% increase. Direct premiums earned grew slightly less over the period, from $28,618,000 in 2015 to $30,100,000 in 2022, a 5.2% increase.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by 4.4% from $28,407,000 to $29,654,000. The smallest increase was just 0.5% between 2015 and 2016. For direct premiums earned, the biggest jump was 6.9% from 2016 to 2017, while the smallest was 0.3% from 2018 to 2019.

Loss Ratios for Fidelity

The loss ratio data for Fidelity in Minnesota showcases notable fluctuations and trends over the given years. A significant increase is observed from a low of 3.58% in 2015 to a high of 41.21% in 2016, with a further rise to 50.21% in 2017.

The loss ratio then decreased to 37.78% in 2018. However, 2019 experienced an exceptional spike in the loss ratio, reaching 85.22%.

Following the peak in 2019, the loss ratio reduced to 59.37% in 2020. Notably, the most recent years, 2021 and 2022, display a dramatic decline in loss ratios to 20.35% and 19.48%, respectively. 

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $84,147,000 in 2017, while the highest was $94,229,000 in 2022.

Direct premiums earned followed a similar pattern, with the lowest amount being $83,560,000 in 2018 and the highest being $91,298,000 in 2022. Overall, direct premiums written increased from $86,685,000 in 2015 to $94,229,000 in 2022, representing an 8.7% increase over the 8 year period.

Direct premiums earned grew at a slightly slower pace, from $90,707,000 in 2015 to $91,298,000 in 2022, a 0.6% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when premiums grew by 8.7% from $86,752,000 to $94,229,000. The smallest year-over-year change was a decrease of 1.6% between 2016 and 2017. For direct premiums earned, the biggest increase was 6.8% from 2018 to 2019, and the largest decrease was 1.9% from 2016 to 2017.

Loss Ratios for Surety

The Surety loss ratio in Minnesota displays significant variation over the period from 2015 to 2022. The loss ratio reached its peak in 2016 at 39.32%, a notable leap from the previous year's 11.58%. However, data for 2017 is unavailable, making it difficult to trace trends between 2016 and 2018.

A substantial decline is observed in 2018, with the ratio plummeting to 8.72%, followed by a moderate rise to 12.17% in 2019. The most dramatic reduction happens in 2020, with the loss ratio falling to a marginal 0.31%, the lowest in the observed period. The ratio then spiked to 16.9% in 2021 before dropping again to 1.97% in 2022.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Minnesota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $21,885,000 in 2022, while the highest was $41,807,000 in 2016.

Direct premiums written increased from $32,223,000 in 2015 to a peak of $41,807,000 in 2016, before decreasing to $29,532,000 in 2017. There was then an increase to $36,198,000 in 2018, followed by a drop to $23,858,000 in 2019. From 2020 to 2021, direct premiums written grew from $25,308,000 to $27,557,000. The largest year-over-year increase in direct premiums written was 26% between 2015 and 2016. The largest year-over-year decrease was 20% between 2016 and 2017. For direct premiums earned, the lowest amount was $17,357,000 in 2015 and the highest was $29,902,000 in 2022.

Direct premiums earned generally increased over the period, with the exception of a drop from $29,390,000 in 2016 to $23,528,000 in 2017. The largest year-over-year increase in direct premiums earned was 69% between 2015 and 2016.

Loss Ratios for Warranty

The Warranty Loss Ratio data for Minnesota between 2015 and 2022 displays distinct variations, with values oscillating throughout the years. Loss ratios experienced a decline from 74.27% in 2015 to 55.42% in 2016, before surging to 76.74% in 2017. The subsequent year, 2018, saw a slight decrease to 70.5%, while 2019 witnessed the highest loss ratio of the period at 79.19%.

In 2020, there was a marginal reduction to 78.22%, followed by a more noticeable decline to 71.7% in 2021. The loss ratio in 2022 increased slightly to 74.6%, remaining within the same range as the majority of the observed years. The data suggests a general trend of higher loss ratios, with the exception of the notable dip in 2016.