Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in New Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $38,929,000 in 2015. The highest amount was $68,171,000 in 2022.

This represents an increase of over 75% 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 $6,314,000 or 10.2% (from $61,857,000 to $68,171,000). The smallest year-over-year increase was 2.8%, from $39,935,000 in 2018 to $40,603,000 in 2019.

The direct premiums earned followed a similar upward trend as the direct premiums written, but lagged behind somewhat. The lowest direct premiums earned was $38,408,000 in 2015 and the highest was $64,356,000 in 2022, representing a 67.5% increase. The largest year-over-year increase in direct premiums earned was 16.8%, from $48,302,000 in 2019 to $54,555,000 in 2020. The smallest was a 0.6% decrease from $39,243,000 in 2016 to $37,338,000 in 2017.

Loss Ratios for Fire

The Loss Ratio Percentage for Fire insurance in New Mexico shows notable variations across the years. The ratio experienced a steady rise from 33.97% in 2015 to 44.86% in 2017. A dramatic surge occurred in 2018, reaching a peak of 87.69%.

The following year, 2019, witnessed a considerable decrease to 60.0%. This downward trend continued into 2020, where the loss ratio further decreased to 34.95%, the lowest point since 2015. However, 2021 saw the lowest loss ratio of 28.29% during this period. The year 2022 brought a drastic upturn to 78.05%, the second-highest loss ratio recorded during this period.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and earned for allied lines insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $38,206,000 in 2017, while the highest was $67,118,000 in 2022. This represents an increase of over 75% from the low point in 2017 to the high point in 2022.

Direct premiums written decreased from $42,186,000 in 2015 to $38,206,000 in 2017, before rebounding to $41,719,000 in 2018. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $8,446,000 or 14.8% (from $56,954,000 to $65,400,000). Direct premiums earned followed a similar pattern to direct premiums written over the period, with the low of $38,320,000 occurring in 2017 and the high of $64,954,000 reached in 2022.

This was an increase of over 69% from the low point to the high point. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, growing by $7,941,000 or 14.9% (from $53,228,000 to $61,169,000).

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in New Mexico displays considerable fluctuations over the years. In 2016, the loss ratio surged to 96.48%, followed by an even higher value of 135.14% in 2017.

However, a significant improvement occurred in 2019, with the loss ratio dropping to 57.1% from the previous year's 123.53%. Notably, 2020 marked the lowest loss ratio of 40.1%. In 2021, the loss ratio increased again to 75.14%, but 2022 saw a decline to 53.4%.

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 New Mexico increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $25,729,000 in 2015. This steadily increased each year, with the highest amount being $117,058,000 in 2022.

This represents an overall increase of 355% over the 8 year period. Similarly, direct premiums earned started at $22,907,000 in 2015 and rose to $120,557,000 in 2022, an increase of 426%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $23,110,000 or 26%.

The smallest year-over-year increase was just 2% between 2019 and 2020. For direct premiums earned, the biggest jump was from 2019 to 2020, increasing by $9,727,000 or 16%. The smallest increase was 3% from 2016 to 2017.

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop insurance in New Mexico presents some noteworthy trends. Starting at 49.46% in 2015, there is a steady increase, peaking at 94.92% in 2018.

The year 2019 marks a slight dip to 80.66%, but this is followed by a drastic surge in 2020 to 148.84%. Interestingly, this high trend continues with 152.87% in 2021, and a slight decrease to 137.03% in 2022, which is still significantly higher than previous years.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written for federal flood insurance in New Mexico fluctuated between 2011 and 2022. The lowest amount of direct premiums written was $6,555,000 in 2022. The highest amount was $8,369,000 in 2021. The direct premiums written increased from $8,593,000 in 2015 to a peak of $8,369,000 in 2021, before dropping to $6,555,000 in 2022.

The largest year-over-year increase was from 2019 to 2020, when direct premiums written grew by $423,000 or 5.1% (from $8,331,000 to $8,254,000). The only year-over-year decrease was from 2021 to 2022, when direct premiums written declined by $1,814,000 or 21.7% (from $8,369,000 to $6,555,000).

The direct premiums earned followed a similar pattern to the direct premiums written, with the lowest amount of $7,548,000 in 2022 and the highest amount of $8,355,000 in 2020. The largest year-over-year increase in direct premiums earned was from 2019 to 2020, growing by $116,000 or 1.4% (from $8,239,000 to $8,355,000). The only year-over-year decrease was also from 2021 to 2022, declining by $787,000 or 9.4% (from $8,335,000 to $7,548,000).

Loss Ratios for Federal Flood

The loss ratio data for Federal Flood insurance in New Mexico demonstrates notable variations across the years. The loss ratios range from a low of 1.67% in 2022 to a peak of 22.56% in 2017. Excluding 2017, the loss ratios in other years display a more consistent pattern, with 2015 and 2016 seeing a slight rise from 4.66% to 5.37%.

Following the 2017 spike, the loss ratios in 2018 and 2021 are relatively similar at 6.77% and 6.82%, respectively. There was a substantial drop to 1.67% in 2022. It is important to note that data for 2019 and 2020 is unavailable.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,908,000 in 2015. This increased to a high of $2,899,000 in 2019 before decreasing to $2,542,000 in 2021 and 2022.

Direct premiums earned followed a similar pattern, with the lowest amount being $1,906,000 in 2015 and the highest being $2,884,000 in 2019. The largest year-over-year increase in direct premiums written was from 2015 to 2016, when it grew by $772,000 or 40.5% (from $1,908,000 to $2,680,000). The smallest year-over-year change was a decrease of 2.7% from $2,116,000 in 2020 to $2,542,000 in 2021.

Loss Ratios for Private Crop

The loss ratio data for Private Crop in New Mexico shows significant variation over the years, with a high of 167.98% in 2015, gradually decreasing to 60.39% by 2020. This downward trend, especially between 2017 and 2020.

However, the loss ratio spiked to 128.27% in 2021, a significant deviation from the preceding years, which merits further analysis to understand the underlying causes. Interestingly, in 2022 the loss ratio fell sharply again to 56.07%, the lowest in the examined period. The data between 2015 and 2017 show consistently high loss ratios, above 150%.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and direct premiums earned for private flood insurance in New Mexico increased steadily from 2016 to 2022. The lowest amount of direct premiums written was $663,000 in 2016. The highest amount was $4,881,000 in 2022. This represents an increase of over 635% over the 7 year period.

The direct premiums written increased each year from 2016 to 2022. The largest year-over-year increase in direct premiums written was from 2016 to 2017, when it grew by $1,072,000 or 161.7% (from $663,000 to $1,735,000). The smallest year-over-year increase was 15.3%, from $3,268,000 in 2020 to $3,770,000 in 2021. The direct premiums earned also increased overall from 2016 to 2022, but did not increase every single year.

The lowest amount was $376,000 in 2016 and the highest was $4,563,000 in 2022. This represents an increase of over 1,113% over the period. The largest year-over-year increase in direct premiums earned was from 2016 to 2017, when it grew by $1,124,000 or 298.9% (from $376,000 to $1,500,000). The only year-over-year decrease was 6.3%, from $2,113,000 in 2019 to $1,985,000 in 2020.

Loss Ratios for Private Flood

The loss ratio data for Private Flood in New Mexico presents distinct fluctuations over the years. Remarkably, there is a significant increase from a negligible 0.13% in 2016 to 3.56% in 2017. The highest surge is observed in 2021, with the loss ratio reaching 17.64%, representing a fourfold increase from the 4.39% in 2020.

Conversely, the data from 2019 exhibits a dip to 2.31%, which is less than a quarter of the preceding year's ratio of 10.83%. The most recent years, 2021 and 2022, show a decrease from 17.64% to 12.16%, respectively, illustrating potential improvements.

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 Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $25,354,000 in 2015. This increased each year, with the highest amount being $30,983,000 in 2022.

This represents an overall increase of 22.2% from 2015 to 2022. Similarly, direct premiums earned grew from $25,163,000 in 2015 to $30,007,000 in 2022, a 19.2% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $3,356,000 or 12.0% (from $27,919,000 to $29,275,000). The smallest year-over-year increase was 1.0%, from $25,354,000 in 2015 to $25,212,000 in 2016.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in New Mexico presents an interesting pattern. From 2015 to 2016, loss ratios saw a moderate increase from 55.66% to 64.16%. However, there was a significant surge in 2017, reaching an alarming 96.17%. The ratio dramatically decreased the following year to 43.1%.

However, 2019 saw an unprecedented high of 102.24%, indicating more payouts than premiums collected. This was quickly reversed in 2020, with the loss ratio dipping to a six-year low of 31.91%. The following years, 2021 and 2022, show moderate and fluctuating loss ratios of 39.78% and 65.01%, respectively.

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 Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $489,700,000 in 2015. This increased each year, with the highest amount being $726,337,000 in 2022. This represents an increase of 48.4% over the 8 year period. Similarly, direct premiums earned started at $479,549,000 in 2015 and increased to $689,758,000 in 2022. This is a 43.9% increase over the period.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $65,787,000 or 10.0% (from $660,550,000 to $726,337,000). The smallest increase was from 2016 to 2017, when direct premiums written grew by $13,087,000 or 2.6% (from $500,393,000 to $513,480,000).

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril insurance in New Mexico illustrates several noteworthy trends from 2015 to 2022. The loss ratios have shown marked fluctuations, with a peak of 78.89% in 2017 and a trough of 44.0% in 2020. The sharp increase in 2017, as an outlier, requires deeper exploration to understand the specific causes. The years 2021 and 2022, are with loss ratios of 55.51% and 76.98% respectively.

Direct and Earned Premiums for Commercial Multiple Peril

The data shows that direct premiums written and direct premiums earned for commercial multiple peril insurance in New Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $224,469,000 in 2015. This increased each year, with the highest amount being $298,334,000 in 2022.

This represents an increase of over 33% from 2015 to 2022. The direct premiums earned followed a similar trend, starting at $223,896,000 in 2015 and reaching $284,183,000 in 2022, an increase of over 27%. Looking at year-over-year changes, the largest increase in direct premiums written was from 2021 to 2022, when it grew by $35,139,000 or 13.4% (from $263,195,000 to $298,334,000). The smallest year-over-year increase was just under 1% between 2016 and 2017 (from $224,076,000 to $224,003,000).

In most years, the direct premiums earned were slightly lower than the direct premiums written. The largest difference was in 2018 when direct premiums written were $234,754,000 and direct premiums earned were $230,500,000 - a difference of $4,254,000 or 1.8%.

Loss Ratios for Commercial Multiple Peril

The loss ratio data for Commercial Multiple Peril in New Mexico presents some interesting trends and fluctuations over the years. Between 2015 and 2016, there was a decline in loss ratios from 64.08% to 58.9%, followed by a notable increase to 72.39% in 2017.

The year 2019 saw the highest loss ratio at 73.68%, whereas 2020 showed a reduction to 57.81%. In more recent years, the loss ratios for 2021 and 2022 appear to be relatively stable at 58.77% and 60.69%, respectively.

The overall trend suggests a somewhat erratic pattern, with alternating increases and decreases in loss ratios from 2015 to 2020, and a more consistent trend in the last two years.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in New Mexico increased overall from 2015 to 2022, with some fluctuations. The lowest amount of direct premiums written was $27,309,000 in 2015. This increased to $31,020,000 in 2021 before decreasing slightly to $30,096,000 in 2022.

Overall, this represents an increase of 10.3% from 2015 to 2022. For direct premiums earned, the lowest amount was $25,820,000 in 2015. This steadily increased each year to reach a peak of $32,130,000 in 2021. In 2022 it decreased slightly to $30,982,000, which is still a 19.9% increase from 2015. The largest year-over-year increase in direct premiums written was from 2018 to 2019, when it grew 9.8% from $28,964,000 to $31,803,000. The smallest year-over-year increase was just 0.1% from 2016 to 2017.

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratios in New Mexico exhibit notable trends and fluctuations from 2015 to 2022. In 2015, the loss ratio stood at 46.29%, followed by a slight decrease to 44.34% in 2016.

However, the year 2017 marked a significant drop to 26.02%, which continued to plunge to a low of 10.0% in 2019. Interestingly, there was a sharp rise to 24.88% in 2020, nearly 2.5 times the previous year's ratio. The subsequent years, 2021 and 2022, show a steep decline again with 2021 marking 10.98%.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $2,255,000 in 2017, while the highest was $3,843,000 in 2021.

This represents an increase of over 70% from the low point in 2017 to the high point in 2021. Direct premiums written increased each year from 2017 to 2021, with the exception of a dip in 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $951,000 or 32.2% (from $2,952,000 to $3,843,000).

Direct premiums earned followed a similar pattern to direct premiums written, with the low of $2,375,000 in 2018 and a high of $3,599,000 in 2021. This was an increase of over 50% from 2018 to 2021. The biggest year-over-year jump in direct premiums earned was from 2020 to 2021, growing by $817,000 or 28.3% (from $2,882,000 to $3,599,000).

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine in New Mexico shows distinct variations over the years. In 2015, the loss ratio was moderately high at 62.44%, but it dramatically escalated to 240.65% in 2016, which is a significant outlier.

This was followed by a sharp decline to 43.6% in 2017 and then further reduced to a mere 8.68% in 2018. In 2019, the loss ratio spiked again to 107.37%. The ratio then plummeted to 7.84% in 2020, the lowest across the examined years. No data is available for 2021, but in 2022, the ratio increased to 85.74%.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in New Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $102,292,000 in 2015. The highest amount was $152,838,000 in 2022.

This represents an increase of over 49% over the 8 year period. The direct premiums written increased each year from 2015 to 2022, with the exception of 2020 which saw a slight decrease from $124,076,000 in 2019 to $117,501,000 in 2020. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $14,284,000 or 10.3% (from $138,554,000 to $152,838,000).

The direct premiums earned followed a similar pattern, with the lowest amount being $101,800,000 in 2015 and the highest being $148,390,000 in 2022. This was an increase of over 45% over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $14,417,000 or 10.9% (from $131,973,000 to $148,390,000).

Loss Ratios for Commercial Inland Marine

The Inland Marine loss ratio data for New Mexico displays considerable fluctuations across the observed years. The loss ratios range from a low of 44.74% in 2022 to a high of 72.83% in 2018. The 2018 peak may suggest an atypical year, requiring further scrutiny to understand the underlying factors causing this spike.

From 2015 to 2017, the loss ratios demonstrate a zigzag pattern, with a 15.75 percentage point increase from 48.59% in 2015 to 64.34% in 2016, followed by a decline to 46.83% in 2017. Notably, there is a general downward trend from 2019 to 2022. The loss ratio decreases from 54.28% in 2020 to 44.74% in 2022.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in New Mexico fluctuated between 2015 and 2022. The direct premiums written ranged from a low of $228,000 in 2022 to a high of $1,198,000 in 2016. The direct premiums earned had a wider range, from a low of $417,000 in 2022 to a high of $4,144,000 in 2015. The direct premiums written increased from $1,008,000 in 2015 to $1,198,000 in 2016, before dropping significantly to $477,000 in 2017.

It remained under $500,000 from 2017 through 2022. The largest year-over-year decrease was 60% between 2016 and 2017. The direct premiums earned followed a different pattern. It peaked at $4,144,000 in 2015, before dropping to $2,969,000 in 2016, $1,556,000 in 2017, and under $1.3 million from 2018-2022. The steepest decline was 72% between 2015 and 2016.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data in New Mexico is unavailable.

Direct and Earned Premiums for Medical Professional Liability

The data shows that direct premiums written and direct premiums earned for medical professional liability insurance in New Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $51,208,000 in 2015.

This increased each year, reaching $66,601,000 in 2022 - representing an overall increase of 30% over the 8 year period. Similarly, direct premiums earned started at $52,821,000 in 2015 and increased annually to $70,498,000 in 2022. This was a 33% increase over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $6,990,000 or 11.5% (from $60,611,000 to $66,601,000).

The smallest increase was just 2.7% from 2016 to 2017 ($524,290,000 to $583,400,000). For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $14,492,000 or 24.2% (from $60,006,000 to $70,498,000). The smallest increase was 3.6% from 2018 to 2019 ($56,324,000 to $58,273,000).

Loss Ratios for Medical Professional Liability

The loss ratio data for Medical Professional Liability in New Mexico exhibits significant fluctuations across the years. In 2015, the loss ratio stood at 90.77%, followed by a considerable drop to 58.15% in 2016. This downward trend was short-lived, as the loss ratio increased to 76.33% in 2017. A remarkable shift occurred in 2018, with the loss ratio skyrocketing to 123.48%, an increase of 61.78% from the previous year.

This elevated trend persisted through 2019 and 2020, with loss ratios of 111.95% and 119.81%, respectively. In 2021, the loss ratio slightly decreased to 105.02%, yet remained above 100%. The most recent data point in 2022 shows a new peak at 126.4%. The overall trend since 2016 has been an increase in loss ratios, with three consecutive years exceeding 100%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $2,208,000 in 2018, while the highest was $5,307,000 in 2021.

This represents an increase of over 140% from the low in 2018 to the high in 2021. Direct premiums written increased each year from 2015 to 2021, with the exception of 2016 which saw a decrease from $2,525,000 in 2015 to $2,303,000 in 2016. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $671,000 or 19.1% (from $3,507,000 to $3,178,000).

Direct premiums earned followed a similar pattern, with the lowest amount being $2,184,000 in 2017 and the highest being $5,001,000 in 2022. The largest year-over-year increase for direct premiums earned was from 2021 to 2022, growing by $546,000 or 12.3% (from $4,455,000 to $5,001,000).

Loss Ratios for Earthquake

Observation of the loss ratio data for Earthquake coverage in New Mexico shows noteworthy trends. In 2017, the loss ratio peaked dramatically at 92.1%, vastly surpassing any other recorded year.

This year could be considered an anomaly, and it would be beneficial to look into what factors led to such a high loss ratio. In contrast, the loss ratios in 2019 and 2021 were significantly lower, reporting at 6.14% and 8.02% respectively. However, the years 2015, 2016, 2018, 2020, and 2022 lack data.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $248,760,000 in 2020. The highest amount was $297,774,000 in 2022.

Direct premiums written decreased from $296,101,000 in 2015 to $248,760,000 in 2020, representing a 16% decrease over that period. However, direct premiums written then increased to $297,774,000 in 2022, the highest value over the 2015-2022 period and a 20% increase from 2020. The pattern for direct premiums earned is similar. The lowest amount was $254,810,000 in 2020 and the highest was $287,307,000 in 2022.

Direct premiums earned decreased from $294,322,000 in 2015 to $254,810,000 in 2020, a 13% decrease. It then increased to $287,307,000 in 2022, representing a 13% increase from 2020. The largest year-over-year decrease for direct premiums written was from 2015 to 2016, when it declined by $27,989,000 or 9.5%. The largest increase was from 2020 to 2022, when direct premiums written grew by $48,914,000 or 19.7%. The trends were similar for direct premiums earned.

Loss Ratios for Workers Compensation

The Workers Compensation loss ratio data for New Mexico exhibits interesting trends and fluctuations between 2015 and 2022. Loss ratios initially declined from 53.1% in 2015 to 42.29% in 2017. However, 2018 saw an increase to 50.32%, followed by a slight decrease to 45.85% in 2019 and another increase to 52.91% in 2020.

Notably, the most recent years, 2021 and 2022, display a significant improvement in loss ratios, with both years presenting values below 40% at 36.65% and 36.53%, respectively. The overall trend from 2015 to 2022 reveals fluctuating loss ratios with a general downward trajectory, particularly in the last two years.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in New Mexico fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $9,279,000 in 2017. The highest was $13,554,000 in 2022. This represents an increase of over 46% from the low point in 2017 to the high point in 2022. Direct premiums written decreased from $10,255,000 in 2015 to $9,552,000 in 2016, before hitting the low point of $9,279,000 in 2017.

After 2017, direct premiums written increased each year, with the biggest year-over-year jump occurring between 2021 ($11,953,000) and 2022 ($13,554,000), an increase of $1,601,000 or 13.4%. The trends for direct premiums earned are similar, starting at $9,826,000 in 2015, hitting a low of $9,286,000 in 2017, and ending at $12,977,000 in 2022. The biggest year-over-year increase for direct premiums earned was between 2019 ($11,212,000) and 2020 ($11,297,000), a jump of $85,000 or 0.8%. 

Loss Ratios for Product Liability

The Products Liability loss ratio in New Mexico exhibits substantial fluctuations over the years, as seen in the data. The ratio peaks in 2015 at 62.72% and 2019 at 79.57%, with the latter appearing as a significant outlier. Interestingly, both these peaks are followed by dramatic drops to 21.27% in 2016 and a missing value in 2020.

In more recent years, the loss ratio remains relatively low, with 18.95% in 2021 and 25.55% in 2022. Despite the inconsistency over the years, the overall trend from 2017 to 2022 appears to be a decline.

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 Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $1,219,322,000 in 2015. This increased each year, reaching a high of $1,683,769,000 in 2022 - an overall increase of 38% over the 8 year period.

Direct premiums earned followed a similar trend, starting at $1,201,519,000 in 2015 and reaching $1,636,600,000 in 2022, for a 36% total increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $1,063,354,000 or 6.7% (from $1,577,415,000 to $1,683,769,000).

The smallest increase was just 2.0%, from $1,530,491,000 in 2020 to $1,577,415,000 in 2021. For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $172,324,000 or 11.0% (from $1,564,676,000 to $1,636,600,000). The smallest increase was 1.6%, from $1,526,185,000 in 2019 to $1,532,183,000 in 2020.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in New Mexico exhibits significant fluctuation between 2015 and 2022. In 2015, the loss ratio stood at 65.89%, but the figure rose slightly to 68.46% in 2016. The subsequent year, 2017, saw a minor decrease to 67.41%. Interestingly, between 2017 and 2020, there was a notable downward trend, with the lowest loss ratio of 47.87% recorded in 2020.

However, the loss ratio bounced back to 61.73% in 2021 and notably increased to 71.0% in 2022, the highest recorded within the period. The data suggests a possible stabilization in loss ratios between 2015 and 2017, followed by a downward trend until 2020, and an upward trajectory in the last two years. The sharp increase in 2022 raises questions that warrant further investigation.

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 Mexico increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $185,641,000 in 2015. The highest amount was $320,713,000 in 2022. This represents an increase of over 72% 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 $28,439,000 or 9.8% (from $291,274,000 to $320,713,000). The smallest year-over-year increase was 1.2%, from $202,037,000 in 2017 to $205,167,000 in 2018.

Similarly, direct premiums earned also increased steadily over the period. It grew from $183,972,000 in 2015 to $307,790,000 in 2022, an increase of over 67%. The pattern of increases mirrored that of the direct premiums written. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 10.7% (from $275,167,000 to $307,790,000). And the smallest increase was from 2016 to 2017 at 3.8% (from $183,480,000 to $190,352,000).

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in New Mexico exhibits noticeable variations over the years. The highest loss ratio recorded was in 2016 at 70.8%, while the lowest was in 2017 at 60.62%.

A noteworthy surge is observed in 2018, where the loss ratio jumped to 69.81% from 60.62% in the previous year. Post-2018, there is a clear downtrend until 2021, with the loss ratio decreasing to 57.37%. In contrast, the year 2022 saw an increase to 65.56%.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $5,786,000 in 2016. This was down 27% from $7,990,000 in 2015. The highest amount was $13,851,000 in 2022, which represents an increase of 139% from the low in 2016.

Direct premiums earned followed a similar pattern to direct premiums written. The lowest amount was $6,501,000 in 2016, while the highest was $13,471,000 in 2022. This was a 107% increase over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $4,584,000 or 41% (from $11,260,000 to $12,844,000). The smallest year-over-year increase was just 2.3% between 2017 ($6,190,000) and 2018 ($7,129,000).

In most years, direct premiums earned lagged slightly behind direct premiums written, as is typical in the insurance industry. However, in 2016 direct premiums earned exceeded written premiums, with earned premiums of $6,501,000 vs $5,786,000 written.

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in New Mexico displays significant fluctuations and notable trends across the years. In 2015, the loss ratio was relatively high at 88.76%, followed by a dramatic decrease to 21.61% in 2016. The following year, 2017, witnessed an increase to 74.18%, though the loss ratio dropped again to 39.03% in 2018, suggesting some degree of instability in the market.

A remarkable spike occurred in 2019, with an exceptionally high loss ratio of 123.15%, which warrants further investigation. However, 2020 exhibited a substantial improvement, as the loss ratio dropped to 40.97%. Recent years, 2021 and 2022, demonstrate contrasting trends: a sharp increase to 104.37% in 2021 and a significant decrease to 35.57% in 2022.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,902,000 in 2015.

This increased to $4,625,000 in 2022, representing an overall increase of 18.5% over the 8 year period. Direct premiums written increased each year from 2015 to 2022, with the exception of 2016 which saw a slight decrease to $3,921,000 from $3,902,000 in 2015. The largest year-over-year increase in direct premiums written was 9.1%, from $4,099,000 in 2019 to $4,459,000 in 2020.

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $3,995,000 in 2017 to a high of $4,532,000 in 2022. The largest year-over-year increase for direct premiums earned was 10.6%, from $3,995,000 in 2017 to $4,423,000 in 2018.

Loss Ratios for Fidelity

The loss ratio data for Fidelity insurance in New Mexico exhibits notable fluctuations from 2015 to 2022. In 2015, the loss ratio stood at 28.59%, followed by a drastic drop to 2.94% in 2016. A slight increase to 7.19% occurred in 2017, but loss ratios remained relatively low compared to 2015.

From 2018 to 2019, the loss ratios experienced an upward trend, with 26.37% in 2018 and 21.94% in 2019. However, a significant decrease to 3.93% occurred in 2020. Interestingly, the loss ratio rebounded in 2021 to 26.56% and rose further to 45.64% in 2022.

Direct and Earned Premiums for Surety

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

The lowest amount of direct premiums written was $42947000 in 2015. The highest was $64478000 in 2022, representing an increase of 50% over the 8 year period. Direct premiums written increased each year from 2015 to 2022. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $10749000 or 18% (from $59729000 to $64478000). The smallest increase was just 1% from 2018 to 2019 ($48508000 to $54290000).

Direct premiums earned followed a similar upward trend, with the lowest amount being $42858000 in 2015 and the highest being $62154000 in 2022 (a 45% increase). The biggest year-over-year jump was 16% from 2020 to 2021, when direct premiums earned increased from $55480000 to $62154000. The smallest increase was 2% from 2016 to 2017.

Loss Ratios for Surety

The loss ratio data for Surety in New Mexico demonstrates some noteworthy changes over several years. A consistent climb in loss ratio percentages is evident from 2015 to 2016, increasing from 2.25% to 9.16%. A slight dip occurred in 2017, bringing the loss ratio down to 5.58%, but the following year saw an increase to 8.7%. The loss ratio percentage in 2019 was fairly similar to the previous year at 7.99%.

However, 2020 marked a significant shift, with the loss ratio jumping to 20.32%. The percentage remained relatively stable in 2021, showing a marginal decrease to 20.19%. Despite this, there was a sharp decline in 2022, with the loss ratio falling to 6.46%, closer to the levels observed between 2015 and 2019.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in New Mexico fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,751,000 in 2020. The highest amount was $5,753,000 in 2022. This represents an increase of over 50% from the low in 2020 to the high in 2022. The direct premiums written decreased from $3,926,000 in 2015 to $3,857,000 in 2017. It then increased each year from 2018 to 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $1,173,000 or 31.3% (from $3,751,000 to $4,924,000).

The direct premiums earned followed a similar pattern, with the lowest amount of $3,457,000 occurring in 2020 and the highest amount of $5,032,000 in 2022. This was a 45.6% increase. The largest year-over-year growth in direct premiums earned was from 2019 to 2020, increasing by $1,141,000 or 24.8% (from $4,598,000 to $5,032,000).

Loss Ratios for Warranty

The warranty loss ratio data for New Mexico exhibits an upward trend from 2015 to 2021. Starting at 25.31% in 2015, the loss ratio has generally risen, reaching its peak at 50.12% in 2021. The year 2019 stands out with a significant jump to 38.29% from 29.35% in 2018, marking the highest annual increase during this period.

However, there's a distinct shift in 2022 where the loss ratio drops to 45.71%, the first decrease observed in this seven-year timeframe. Yet, despite this decrease, the loss ratio in 2022 remains considerably higher than the 2015 level, indicating that the overall risk associated with the warranty business in New Mexico has increased over time.