Market Trends

Direct and Earned Premiums for Fire

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

The lowest amount of direct premiums written was $335,691,000 in 2017, while the highest was $520,179,000 in 2022. This represents an increase of 55% over the 8 year period. Direct premiums written increased each year from 2017 to 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $42,968,000 or 10.2% (from $421,392,000 to $462,960,000).

The smallest year-over-year increase was 1.2%, from $372,581,000 in 2015 to $377,213,000 in 2016. The pattern for direct premiums earned is similar. The lowest amount was $346,132,000 in 2017 and the highest was $502,946,000 in 2022, a 45% increase. The largest year-over-year growth in direct premiums earned was 11.9% between 2020 and 2021. The smallest was a 0.9% increase between 2015 and 2016.

Loss Ratios for Fire

The Fire insurance loss ratio in New Jersey exhibits notable variability across the observed years. The loss ratio percentage sees a significant drop from 51.44% in 2015 to 27.63% in 2017, followed by a rise to 44.61% in 2018.

A striking peak is observed in 2019, with the loss ratio reflecting an unusual 122.88%, the highest in the period. This reduces to 66.96% in 2020 and further drops to 50.05% in 2022. The figures for the last two years, 2021 and 2022, indicate a stabilizing trend, with loss ratios of 57.79% and 50.05%, respectively.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for Allied Lines insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $289,526,000 in 2017, while the highest was $443,638,000 in 2022.

Direct premiums written increased each year from 2017 to 2022, with the exception of a slight decrease from $352,036,000 in 2019 to $415,558,000 in 2020. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $23,742,000 or 5.7% (from $415,558,000 to $439,030,000). The smallest year-over-year increase was just 0.8% from 2021 to 2022 ($439,030,000 to $443,638,000).

For direct premiums earned, the lowest amount was $297,027,000 in 2017 and the highest was $440,305,000 in 2022. Like direct premiums written, direct premiums earned also saw a slight decrease from 2019 ($331,810,000) to 2020 ($378,677,000) before increasing again in 2021 and 2022.

Loss Ratios for Allied Lines

A close examination of the loss ratio data for Allied Lines in New Jersey from 2015 to 2022 reveals noteworthy patterns. The loss ratios have shown considerable fluctuation, ranging from a low of 23.51% in 2022 to a striking high of 93.82% in 2021.

Initial years, 2015 and 2016, demonstrate lower loss ratios of 42.69% and 32.59% respectively. There is a significant spike to 75.49% in 2017, followed by a decrease to 53.08% in 2018 and a slight decrease to 50.78% in 2019.

The loss ratio further reduces to 44.18% in 2020, but then dramatically rises to 93.82% in 2021. The data ends with a sharp drop to 23.51% in 2022.

Direct and Earned Premiums for Multi-Peril Crop

The data shows that direct premiums written for Federal Multi-Peril Crop insurance in New Jersey increased overall from 2015 to 2022. The lowest amount of direct premiums written was $2,627,000 in 2015. The highest amount was $7,721,000 in 2022.

This represents an increase of over 194% over the 8 year period. The direct premiums written increased each year from 2015 to 2022, with the exception of 2018 which saw a slight decrease from $4,847,000 in 2017 to $4,439,000 in 2018. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $2,365,000 or 44.1% (from $5,356,000 to $7,721,000).

The smallest year-over-year increase was 6.9%, from $4,510,000 in 2020 to $4,821,000 in 2021. The direct premiums earned follow a similar trend, starting at $5,280,000 in 2015 and ending at $7,261,000 in 2022.

Loss Ratios for Multi-Peril Crop

The loss ratio percentages for the Federal Multi-Peril Crop in New Jersey present an interesting pattern. In 2015, the loss ratio was relatively high at 81.85%, then it surged to a striking 115.82% in 2016. However, a significant dip occurred in 2017, reducing to 53.7%.

The following year, 2018, saw an increase to 84.17%, while 2019 witnessed the highest loss ratio of the period at 155.62%. The trend then lowered to 85.89% in 2020, and a drastic reduction to 43.95% was observed in 2021. Nevertheless, 2022 experienced a rebound to a notable 124.57%.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in New Jersey decreased overall from 2015 to 2022. The highest amount of direct premiums written was $197,323,000 in 2015.

This declined each year to $153,603,000 in 2022, representing a decrease of 22.2% over the 8 year period. Similarly, the highest amount of direct premiums earned was $201,125,000 in 2015, declining to $165,090,000 in 2022, a drop of 18.0%. The largest year-over-year decrease in direct premiums written was from 2021 to 2022, when it declined by 11.7% (from $174,104,000 to $153,603,000).

The smallest decrease was just 0.2% between 2019 and 2020 (from $177,340,000 to $173,508,000). For direct premiums earned, the steepest decline was also between 2021 and 2022 at 4.8% (from $173,003,000 to $165,090,000). The smallest decrease was 0.4% between 2016 and 2017 (from $193,922,000 to $190,324,000).

Loss Ratios for Federal Flood

The Federal Flood loss ratio data in New Jersey reveals significant fluctuations during the years 2015-2022. The loss ratios vary widely, from a low of 0.85% in 2020 to an unprecedented high of 166.12% in 2021. A remarkable surge is evident in 2016 with an 80.91% loss ratio, followed by a steady decline until 2020.

The year 2021 stands out with a drastic increase, the highest loss ratio over the eight years. However, 2022 shows a sharp reduction to 9.88%, significantly lower than the previous year. The overall trend reflects a cyclical pattern of peaks and troughs, with 2016 and 2021 as key points of interest due to their high loss ratios, compared to the relative stability shown in other years.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $11,000 in 2020.

The highest amount was $968,000 in 2016. This represents a difference of over 8,700% from the lowest to the highest year. The direct premiums written increased dramatically from $27,000 in 2015 to $968,000 in 2016. After peaking in 2016, the direct premiums written decreased each year through 2022.

The direct premiums earned followed a similar pattern to the direct premiums written over the period, with the highest amount of $968,000 in 2016 and the lowest amount of $11,000 in 2020. The largest year-over-year decrease in direct premiums written was from 2016 to 2017, when it fell by 98% from $968,000 to $18,000. The smallest year-over-year decrease was just 2% from $40,000 in 2019 to $39,000 in 2020.

Loss Ratios for Private Crop

The Private Crop insurance sector in New Jersey has experienced significant oscillations in loss ratios over recent years. A notable increase was observed from 2016's low of 0.33% to an impressive 292.86% in 2017. However, a steep decline was seen in 2018, dropping to a mere 1.64%.

A resurgence was evident in 2019, with the loss ratio skyrocketing to 121.13%. The most substantial escalation occurred in 2020, reaching an all-time high of 374.7%. Unfortunately, data for 2021 and 2022 is not available; thus, the recent trend cannot be determined.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and direct premiums earned for private flood insurance in New Jersey increased substantially from 2016 to 2022.

The lowest amount of direct premiums written was $17,035,000 in 2016. This steadily increased each year, with the highest amount being $74,996,000 in 2022. This represents an increase of over 340% over the 7 year period. Direct premiums earned follow a similar pattern. The lowest amount was $9,559,000 in 2016, increasing to $71,317,000 in 2022. This is an increase of over 645% in the earnings over the same time frame.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $18,891,000 or 33.7% (from $56,105,000 to $74,996,000). The smallest increase was 6.8%, from $27,177,000 in 2019 to $33,173,000 in 2020. For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $26,693,000 or 59.8% (from $44,624,000 to $71,317,000). The smallest increase was 10.9%, from $25,083,000 in 2019 to $27,415,000 in 2020.

Loss Ratios for Private Flood

The Private Flood loss ratio data for New Jersey demonstrates remarkable fluctuations and trends across the years. In the early years, the loss ratios were relatively low, with 0.98% in 2016, 24.74% in 2017, and 0.77% in 2018. However, a moderate increase occurred in 2019, reaching 10.88%. A significant change transpired in 2021 when the loss ratio surged to an unprecedented 358.09%.

This spike represents the highest value in the dataset and is a drastic contrast to the previous years. Following this increase, the loss ratio declined to 18.87% in 2022, displaying a considerable decrease from 2021 but still higher compared to the 2016-2020 period.

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 New Jersey increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $2,622,000 in 2015. This increased each year, with the highest amount being $4,276,000 in 2022. This represents an overall increase of 63% over the 8 year period. The direct premiums earned followed a similar trend, starting at $2,603,000 in 2015 and reaching $4,203,000 in 2022, a 62% increase.

Looking at year-over-year changes, the largest increase in direct premiums written was from 2020 to 2021, when it grew by $1,113,000 or 32.7% (from $3,408,000 to $3,921,000). The smallest year-over-year increase was just 2.7% from 2018 to 2019 ($3,018,000 to $3,214,000).

Loss Ratios for Farmowners Multiple Peril

An examination of the loss ratio data for Farmowners Multiple Peril insurance in New Jersey reveals notable variations between 2015 and 2022.

The loss ratios oscillate, with the highest value of 73.14% in 2022 and the lowest of 10.63% in 2017. A few key trends can be observed in these figures. First, there is a marked decrease in loss ratios from 2015 (55.22%) to 2017 (10.63%). However, the subsequent year, 2018, sees a resurgence with a loss ratio of 44.23%.

The following two years, 2019 and 2020, demonstrate relatively stable loss ratios at 23.91% and 23.98%, respectively. In 2021, a slight increase to 29.62% occurs before a significant jump to 73.14% in 2022. This value is the highest loss ratio observed in the dataset, representing a substantial change compared to previous years.

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 New Jersey increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $255,608,9000 in 2015. This increased each year, reaching a high of $342,564,2000 in 2022. This represents an overall increase of 34% over the 8 year period.

Similarly, direct premiums earned grew from $248,964,8000 in 2015 to $326,471,5000 in 2022, a 31% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $30,291,4000 or 9.7% (from $311,729,8000 to $342,564,2000). The smallest year-over-year increase was 2.2%, from $268,746,2000 in 2017 to $276,752,4000 in 2018.

For direct premiums earned, the largest annual increase was also between 2021 and 2022, growing by $24,420,8000 or 8.1% (from $302,507,3000 to $326,471,5000). The smallest increase was 1.9%, from $259,412,9000 in 2016 to $264,936,1000 in 2017.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in New Jersey presents some interesting patterns and variations over the years.

The loss ratios exhibit noticeable fluctuations, with the lowest recorded at 38.78% in 2017 and the highest at 68.95% in 2021. Between 2015 and 2017, there was a consistent decrease in loss ratios, from 50.23% in 2015 to 41.56% in 2016, and finally to 38.78% in 2017. However, this downward trend reversed in 2018, with a significant increase to 55.42%.

The subsequent years, 2019 and 2020, saw a slight drop and another increase, settling at 49.69% and 57.42% respectively. Most recently, there was a notable surge in the loss ratio in 2021, reaching 68.95%. In contrast, the year 2022 experienced a decrease to 53.81%.

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 New Jersey increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $1,424,250,000 in 2015.

This increased each year, reaching $1,938,287,000 in 2022 - representing an overall increase of 36% over the 8 year period. Similarly, direct premiums earned grew from $1,411,152,000 in 2015 to $1,881,269,000 in 2022 - a 33% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $160,888,000 or 9.1% (from $1,773,988,000 to $1,938,287,000).

The smallest increase was 2.1% between 2016 and 2017. For direct premiums earned, the biggest jump was also between 2021 and 2022 at 9.6% (from $1,715,055,000 to $1,881,269,000). The smallest increase was 1.4% from 2018 to 2019.

Loss Ratios for Commercial Multiple Peril

The Commercial Multiple Peril loss ratio in New Jersey exhibits dynamic shifts over the years. In 2015, the loss ratio started at 52.55%, then slightly decreased to 48.37% in 2016.

A notable increase to a high of 57.56% occurred in 2017, demonstrating the most substantial fluctuation within this period. The loss ratio again decreased to 53.13% in 2018, maintaining a similar downward trend with a decrease to 49.98% in 2019 and a slight decline to 49.38% in 2020.

However, in 2021, the loss ratio increased significantly to 56.25%, just below the peak of 2017. The most recent year, 2022, shows a sharp decrease to 43.2%, the lowest rate in the observed timeframe.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in New Jersey increased overall from 2015 to 2022, with some fluctuations. The lowest amount of direct premiums written was $153,542,000 in 2015. This increased to $176,959,000 in 2021, before dropping slightly to $165,972,000 in 2022.

Overall, this represents an increase of 8.1% from 2015 to 2022. For direct premiums earned, the lowest amount was $143,175,000 in 2015. This steadily increased each year, reaching a peak of $178,226,000 in 2021.

In 2022 it dropped slightly to $171,803,000, still representing a 19.9% increase from 2015. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $9,477,000 or 5.7% (from $165,983,000 to $175,580,000). The smallest year-over-year change was a decrease of 1.6% from $176,959,000 in 2021 to $165,972,000 in 2022.

Loss Ratios for Mortgage Guaranty

Analyzing the Mortgage Guaranty's loss ratio data for New Jersey, fluctuations are evident over the examined years. The loss ratios have varied considerably, with a peak of 84.11% in 2015 and a low of 9.01% in 2021. There was a consistent decrease from 84.11% in 2015 to 23.37% in 2019, followed by a surge to 61.0% in 2020.

However, a significant drop was observed the next year, reaching 9.01% in 2021. The year 2016 saw a decline to 72.05% from the previous year's high, continuing the downward trend with 58.52% in 2017 and a significant drop to 29.29% in 2018. Though the data for 2022 is not available, the pattern suggests potential variability.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in New Jersey increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $135,249,000 in 2015. The highest was $210,374,000 in 2022. This represents an increase of over 55% 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 $31,934,000 or 18.9% (from $168,747,000 to $198,681,000). The smallest year-over-year increase was 1.1%, from $155,480,000 in 2018 to $157,562,000 in 2019. The direct premiums earned followed a similar trend, with the lowest amount being $140,484,000 in 2015 and the highest being $205,877,000 in 2022. This was an increase of over 46% over the period.

As with the direct premiums written, the direct premiums earned increased each year. The largest year-over-year increase was 17.4%, from $163,070,000 in 2020 to $190,029,000 in 2021. The smallest was 0.6%, from $155,797,000 in 2018 to $156,397,000 in 2019.

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for New Jersey reveals interesting patterns. The loss ratios exhibit substantial variation, from a low of 39.24% in 2015 to a staggering high of 126.49% in 2022.

The year 2016 noted a significant jump to 54.76% from the previous year. A further increase was observed in 2017, reaching 72.08%. However, a slight dip occurred in 2018 and 2019, with loss ratios of 65.43% and 63.66%, respectively.

A gradual increase was again observed in 2020, with the ratio reaching 68.16%. The loss ratio witnessed a sharp rise in 2021 at 80.25%. The most striking increase was in 2022, when the ratio exceeded 100%, landing at 126.49%.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in New Jersey increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $550,979,000 in 2015. This increased each year, with the highest amount being $1,039,135,000 in 2022 - nearly double the 2015 amount.

Direct premiums earned followed a similar trajectory, growing from $537,475,000 in 2015 to $998,954,000 in 2022. The largest year-over-year increase for direct premiums written was from 2021 to 2022, when it grew by $151,916,000 or 17.1% (from $888,219,000 to $1,039,135,000). The smallest year-over-year increase was 6.8%, from $679,771,000 in 2017 to $752,216,000 in 2018.

Loss Ratios for Inland Marine

The Loss Ratio Percentage for Inland Marine in New Jersey demonstrates an interesting pattern over the span of eight years.

A notable anomaly is the sharp drop to 2.64% in 2016, deviating from the otherwise consistent range of 40-60%. Post the 2016 dip, the loss ratio rebounds to 43.52% in 2017, approximating the 2015 figure of 44.65%.

The highest loss ratio transpires in 2020 at 59.57%, marking a significant increase from 43.12% in 2019. The subsequent year, 2021, experiences a slight decrease to 55.55%, while 2022 witnesses a more significant fall to 39.8%, which is the lowest since 2016.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,784,000 in 2019. The highest was $23,016,000 in 2015. For direct premiums earned, the lowest amount was $11,982,000 in 2020 and the highest was $34,276,000 in 2015.

In general, direct premiums written decreased over the period, with the exception of increases in 2016 and 2020. The largest year-over-year decrease in direct premiums written was from 2015 to 2016, when it dropped by $15,246,000 or 66%. The smallest decrease was 3% from $5,955,000 in 2021 to $5,466,000 in 2022.

Direct premiums earned followed a similar downward trend, with the highest amount in 2015 and the lowest in 2020. The steepest decline was from 2015 to 2016, when direct premiums earned fell by $3,796,000 or 11%. The smallest year-over-year decrease was just 2% between 2021 and 2022.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio percentage in New Jersey has shown significant fluctuations over the years. In 2015, the data is not available. However, in 2016, it was remarkably low at 0.04. It experienced a sudden surge in 2017, reaching 0.19, showing a four-fold increase within a year.

The loss ratio dropped to 0.07 in 2018, demonstrating a significant decrease. However, an unexpected peak is observed in 2019, with the loss ratio soaring to 0.48, which is the highest point during this period. In 2020, the ratio eased down to 0.32, indicating a decrease of around 33% from the previous year's highest point.

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 New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $397,196,000 in 2018. This was down 6.2% from $423,483,000 in 2015. The highest amount was $522,667,000 in 2022. This represents an increase of over 23% from the 2015 amount.

Direct premiums written increased each year from 2018 to 2022. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $75,688,000 or 17.4% (from $433,606,000 to $509,294,000).

The trends for direct premiums earned are similar. The lowest amount was $406,137,000 in 2018, down 7.7% from 2015. The highest was $516,608,000 in 2022, an increase of 17.4% from 2015. The largest year-over-year increase for direct premiums earned was 16.1%, from $425,387,000 in 2020 to $478,302,000 in 2021.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for New Jersey presents notable patterns and variations during the years 2015 to 2022.

The loss ratios experience substantial fluctuations, with the lowest value at 29.68% in 2017 and the highest at 61.94% in 2021. The data exhibits an initial increase from 52.37% in 2015 to 57.87% in 2016, followed by a sharp decline to 29.68% in 2017. This downward trend continues with a slight drop to 34.0% in 2018.

However, a resurgence is observed as the loss ratio climbs to 52.35% in 2019, marginally lower than the 2015 value. Subsequent years witness a steady rise, with the loss ratio reaching 53.59% in 2020 and peaking at 61.94% in 2021. A slight decrease occurs in 2022, settling at 54.15%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in New Jersey fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $19,597,000 in 2015. This increased to $21,438,000 in 2016 before dropping slightly to $19,905,000 in 2017. Direct premiums written then increased steadily from 2018 to 2022, with the highest amount being $46,115,000 in 2022. This represents an increase of over 135% from 2015 to 2022.

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $19,497,000 in 2015 to a high of $46,141,000 in 2022. The largest year-over-year increase for direct premiums written was from 2021 to 2022, when it grew by $19,631,000 or 74%. The smallest year-over-year increase was just 1.6% between 2015 and 2016.

Loss Ratios for Earthquake

An examination of the loss ratio data for Earthquake insurance in New Jersey reveals notable trends and fluctuations over the years. There is a general increase in loss ratios from 2016 to 2018, with percentages rising from a negligible 0.02% in 2016 to a more significant 3.74% in 2018.

However, data for 2015, 2019, and 2021 are missing, which could impact the overall interpretation of the trend. In 2020, there is a decrease in the loss ratio to 1.32%, which is considerably lower than the peak in 2018.

Interestingly, 2022 shows a dramatic increase in the loss ratio to 15.79%, the highest value among the available data points. To summarize, the overall trend indicates an increase in loss ratios from 2016 to 2018, followed by a decrease in 2020, and a sharp rise 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 New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $218,813,6000 in 2020. The highest was $258,637,6000 in 2022.

Direct premiums written increased each year from 2015 to 2017, going from $243,455,2000 in 2015 to $249,482,5000 in 2016 (a 2.4% increase) and $244,253,8000 in 2017 (a 2.1% decrease from 2016). There was a slight decrease from 2017 to 2018 before increasing again in 2019. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $10,081,332 or 4.6% (from $218,813,6000 to $228,946,8000). The smallest year-over-year increase was just 0.3% from 2018 ($245,543,2000) to 2019 ($243,666,9000).

The trends for direct premiums earned are similar, though the amounts are slightly lower than the direct premiums written in most years. The biggest difference is in 2022 - direct premiums written were $258,637,6000 while direct premiums earned were $253,480,4000, a difference of $5,157,200.

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data for New Jersey reveals notable trends and fluctuations from 2015 to 2022. The loss ratios display a general downward trend, with an initial decrease from 62.83% in 2015 to 46.21% in 2022, indicating an overall decline in the proportion of claims paid out to premiums earned.

However, the data also shows some variability, with a slight rebound from a low of 48.26% in 2018 to 54.33% in 2019, before declining again to 53.49% in 2020. The loss ratios in the years 2021 and 2022 display a more consistent pattern, with the percentages being 48.87% and 46.21%, respectively.

In comparison, the largest difference in loss ratios occurs between 2015 and 2022, with a 16.62 percentage point decrease. The smallest difference is observed between 2016 and 2017, where the loss ratios dropped by only 3.33 percentage points from 57.83% to 54.5%.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $178,006,000 in 2018, while the highest was $219,356,000 in 2022.

Direct premiums written decreased from $205,513,000 in 2015 to $178,006,000 in 2018, representing a 13% drop over that period. After 2018, direct premiums written increased each year, with the largest year-over-year increase occurring between 2021 and 2022 when direct premiums written grew by $14,894,000 or 7.2% (from $207,462,000 to $219,356,000). Similarly, direct premiums earned were lowest in 2018 at $179,799,000 and highest in 2022 at $217,600,000.

Direct premiums earned followed a similar pattern to direct premiums written over the 2015-2022 period, decreasing between 2015 and 2018, and then increasing steadily after 2018. The largest year-over-year increase in direct premiums earned was between 2021 and 2022, when it grew by $7,667,000 or 3.8% (from $200,933,000 to $217,600,000).

Loss Ratios for Product Liability

Analysis of the Products Liability loss ratio percentages in New Jersey from 2015 to 2022 shows noteworthy dynamics. The loss ratios exhibit substantial variation, from a low of 32.61% in 2022 to a peak of 85.86% in 2019.

Over the years, the loss ratio shows an upward trend until 2019, with a significant jump from 50.26% in 2018 to 85.86% in 2019. However, this is followed by a decline to 73.46% in 2020 and a slight decrease to 73.06% in 2021. The most recent year, 2022, shows a dramatic decrease, with the loss ratio dropping to 32.61%.

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 New Jersey increased overall from 2015 to 2022. The lowest amount of direct premiums written was $7,088,869,000 in 2015. This steadily increased each year to $8,440,731,000 in 2022, the highest amount, representing an increase of over 19% during the 8 year period.

The direct premiums earned followed a similar trajectory, starting at $7,042,586,000 in 2015 and reaching $8,289,298,000 in 2022, an increase of nearly 18%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew from $7,729,155,000 to $8,076,877,000. The smallest increase was from 2018 to 2019 ($7,980,830,000 to $8,138,058,000).

For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing from $7,824,156,000 to $8,042,189,000. The smallest increase was from 2016 to 2017 ($7,275,043,000 to $7,581,074,000).

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in New Jersey presents several key findings from 2015 to 2022. The loss ratios exhibit a general downward trend from 2015 to 2020, with a decrease from 65.26% in 2015 to 54.46% in 2020. However, the trends reverse dramatically from 2020 to 2022, with a substantial increase in loss ratios, reaching 71.49% in 2021 and peaking at 77.89% in 2022.

Notably, the highest loss ratio during this period occurs in 2022, at 77.89%, while the lowest loss ratio is observed in 2020, at 54.46%. The years 2016 and 2017 exhibit relatively stable loss ratios, with percentages of 66.9% and 64.98%, respectively.

Direct and Earned Premiums for Commercial Auto

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

The lowest amount of direct premiums written was $124,879,300 in 2015. This increased each year, with the highest amount being $220,757,000 in 2022. This represents an increase of over 76% over the 8 year period. The direct premiums earned followed a similar trajectory, starting at $120,666,000 in 2015 and reaching $211,453,000 in 2022, an increase of over 75%.

The largest year-over-year increase in direct premiums written was from 2018 to 2019, when it grew by $12,239,000 or 7.7% (from $158,921,800 to $173,013,100). The smallest increase was just 2.5% from 2020 to 2021 ($169,705,500 to $202,140,300). For direct premiums earned, the biggest jump was also from 2018 to 2019, increasing by $8,202,200 or 5.4% (from $153,247,300 to $167,257,500). The smallest increase was 1.2% from 2016 to 2017 ($128,499,500 to $135,232,100).

Loss Ratios for Commercial Auto

The Commercial Auto Total loss ratio data for New Jersey between 2015 and 2022 exhibits some noteworthy patterns. Over this period, the loss ratios have experienced moderate fluctuations, with a peak of 77.2% in 2018 and a low of 66.91% in 2020. The data demonstrates that the loss ratios were relatively stable from 2015 to 2018, ranging from 74.1% to 77.2%.

However, a noticeable decline occurred in 2019 and 2020, with the loss ratio dropping to 74.19% and 66.91%, respectively. In 2021, the loss ratio increased again to 70.61%, followed by a further increase in 2022 to 76.58%.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $14,269,000 in 2016. The highest was $32,671,000 in 2022. This represents an increase of over 129% from the lowest to the highest year.

Direct premiums written decreased from $22,479,000 in 2015 to $14,269,000 in 2016, a 36% drop. After 2016, direct premiums written increased each year through 2022. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $5,798,000 or 21.6% (from $26,873,000 to $32,671,000).

Direct premiums earned followed a similar pattern, with the lowest amount being $16,352,000 in 2016 and the highest being $30,189,000 in 2022. This was an increase of over 84% from lowest to highest. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $3,843,000 or 14.6% (from $26,346,000 to $30,189,000).

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in New Jersey shows significant fluctuations across the years. In 2015, the loss ratio was relatively low at 7.51%, but it rose steadily to 51.53% in 2017. A drastic increase was observed in 2018, with the loss ratio soaring to 297.94%, followed by a decrease to 194.84% in 2019.

In 2020, there was a sharp drop in the loss ratio to 22.07%, presenting the lowest value since 2015. However, this was followed by an increase to 57.93% in 2021. In 2022, the loss ratio dropped slightly to 45.25%.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written for fidelity insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $42,647,000 in 2019. The highest amount was $48,165,000 in 2021.

The direct premiums written decreased from $45,759,000 in 2015 to $42,647,000 in 2019, a drop of 6.8%. Then premiums written increased to $48,165,000 in 2021, representing a growth of 13.0% from 2019. The direct premiums earned followed a similar pattern, ranging from a low of $43,382,000 in 2019 to a high of $47,534,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when premiums grew by $4,776,000 or 11.0% (from $43,389,000 to $48,165,000). The largest decline was from 2018 to 2019, dropping by $1,322,000 or 3.0% (from $43,969,000 to $42,647,000).

Loss Ratios for Fidelity

The loss ratio data for Fidelity in New Jersey presents notable fluctuations and trends across the years. A decline in loss ratios is evident from 13.01% in 2015 to a low of 7.61% in 2016. However, a sharp increase to 17.87% occurs in 2017, followed by a drop to 8.53% in 2018. A significant surge is observed in 2019, with the loss ratio reaching 40.24%, and then slightly decreasing to 31.99% in 2020.

The year 2021 marks the lowest loss ratio at 3.53%, but the data shows a remarkable rise to 53.93% in 2022, the highest value in the analyzed period. In summary, the Fidelity loss ratios in New Jersey exhibit a high degree of variability, with the lowest value at 3.53% in 2021 and the peak at 53.93% in 2022.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in New Jersey increased overall from 2015 to 2022. The lowest amount of direct premiums written was $161,294,000 in 2015.

This steadily increased each year, with the exception of a slight dip from $162,158,000 in 2017 to $160,537,000 in 2018. The highest direct premiums written was $209,883,000 in 2022, representing an increase of over 30% from 2015. Similarly, direct premiums earned started at $161,761,000 in 2015 and ended at $200,435,000 in 2022, an increase of nearly 24%.

The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $27,000,000 or 14%. The smallest year-over-year increase was only 1% between 2016 and 2017. For direct premiums earned, the biggest jump was from 2019 to 2020 at 4%, while 2018 to 2019 saw a decline of 2.9%.

Loss Ratios for Surety

The loss ratio data for Surety in New Jersey reveals notable variations over the years 2015 to 2022. Loss ratios display considerable fluctuations, with the highest loss ratio of 32.65% in 2020 and the lowest of 9.48% in 2022. A general downward trend in loss ratios can be observed from 2015 (29.99%) to 2017 (9.51%). However, 2018 saw an increase to 22.17%, only to drop again in 2019 to 15.95%.

The most significant year-over-year change occurred between 2019 and 2020, with a 16.7% increase in loss ratio. Following this spike, loss ratios decreased in 2021 (17.07%) and further in 2022 (9.48%). The years 2017 and 2022 share similar loss ratio percentages, both below 10%, indicating a possible pattern of decreased loss ratios every five years.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written for warranty insurance in New Jersey fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $24,392,000 in 2020. The highest amount was $46,285,000 in 2022.

This represents an increase of almost 90% from the low in 2020 to the high in 2022. Looking at direct premiums written, there was a general downward trend from 2015 to 2020, with the amount decreasing from $28,787,000 in 2015 to $24,392,000 in 2020. However, there was a large jump up to $28,178,000 in 2021, followed by an even larger increase to $46,285,000 in 2022.

The direct premiums earned followed a similar pattern, with the lowest amount being $22,338,000 in 2021 and the highest being $27,224,000 in 2015. The largest year-over-year decrease for direct premiums earned was from 2020 to 2021, when it dropped by about 19% (from $27,616,000 to $22,338,000).

Loss Ratios for Warranty

The Warranty loss ratio data for New Jersey over the period 2015 to 2022 displays some distinct patterns and fluctuations. The loss ratio varied from a low of 41.41% in 2019 to a peak of 64.37% in 2022. The years 2015 and 2017 recorded similar loss ratios, 48.02% and 45.65%, indicating a relatively stable phase. However, there was a noticeable increase to 54.46% in 2016.

A substantial fluctuation occurred between 2018 and 2019, with the loss ratio rising to 51.94%, then dropping to its lowest point in 2019. The years 2020 to 2022 witnessed a steady increase, with 2021 reporting a loss ratio of 56.0%, escalating to the highest recorded ratio in 2022, suggesting a possible upward trend in recent years.