Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in North Carolina increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $278,303,000 in 2015. This increased each year, with the exception of 2017 which saw a slight decrease to $256,410,000 from $284,722,000 in 2016. The highest direct premiums written was $456,949,000 in 2022, representing an increase of over 64% from 2015. Similarly, direct premiums earned started at $276,378,000 in 2015 and increased each year to reach $431,506,000 in 2022. This was a 56% increase over the period.

The largest year-over-year increase in direct premiums written was from 2021 to 2022 at 14.6% (from $398,638,000 to $456,949,000). The smallest was just 0.7% from 2019 to 2020. For direct premiums earned, the biggest jump was 15.7% from 2020 to 2021, going from $327,659,000 to $374,530,000. The smallest increase was 0.8% from 2015 to 2016.

Loss Ratios for Fire

The loss ratio data for Fire insurance in North Carolina indicates considerable variation over the years. In 2015, the loss ratio was at a moderate 45.85%, which dropped to 29.42% in 2016. A significant upsurge occurred in 2017, reaching 66.73%, and an even more dramatic jump to 96.2% in 2018.

However, a decrease was observed in 2019 and 2020, with loss ratios of 55.13% and 48.45% respectively. Interestingly, 2021 presented an unprecedented loss ratio of 216.07%, the highest in the given period, before balancing out to 55.4% in 2022.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $277,822,000 in 2015. The highest was $530,815,000 in 2022. This represents an increase of over 91% 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 $130,029,000 or 30.2% (from $430,097,000 to $461,126,000). The smallest year-over-year increase was 2.9%, from $288,797,000 in 2017 to $317,320,000 in 2018. The direct premiums earned followed a similar pattern, with the lowest amount being $272,349,000 in 2015 and the highest being $495,721,000 in 2022.

This was an increase of over 82% over the period. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, when it grew by $38,526,000 or 9.5% (from $406,778,000 to $445,304,000). The smallest increase was 1.6%, from $293,229,000 in 2017 to $308,178,000 in 2018.

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in North Carolina exhibits notable fluctuations across the years. In 2015, the loss ratio stood at 29.3%, which then increased to 56.3% in 2016. The percentage dropped to 34.22% in 2017, followed by a significant spike to 360.11% in 2018, marking the highest loss ratio in the given timeframe.

A sharp decline occurred in 2019, with the loss ratio reaching its lowest point at 19.07%. The subsequent years, 2020 and 2021, witnessed contrasting trends, as the loss ratio increased to 41.88% in 2020, then decreased once again to 17.3% in 2021. The most recent data from 2022 reveals a moderate increase in the loss ratio, standing at 32.46%.

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 North Carolina increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $161,872,000 in 2015.

This steadily increased each year, with the highest amount being $356,007,000 in 2022 - more than double the 2015 amount. Similarly, direct premiums earned started at $163,795,000 in 2015 and reached $351,709,000 in 2022. This represents a 115% increase over the 8 year period.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $59,174,000 or 26.9% (from $220,400,000 to $279,574,000). The smallest year-over-year increase for direct premiums written was just 1.0%, from $185,384,000 in 2018 to $185,947,000 in 2019.

Loss Ratios for Multi-Peril Crop

The loss ratio percentages for the Federal Multi-Peril Crop insurance in North Carolina show interesting patterns from 2015 to 2022. The loss ratio peaked in 2016 at a significant 182.95%, the highest in the study period. Following this peak, there was a substantial drop to 98.34% in 2017.

The ratio then surged to 160.87% in 2018 before declining steadily to 137.5% and 125.39% in 2019 and 2020, respectively. There was another notable decrease to 98.28% in 2021, nearly reaching the 2017 level. In 2022, we observed the lowest loss ratio during the study period - 64.66%.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written for federal flood insurance in North Carolina fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $76501000 in 2022. The highest amount was $91313000 in 2017.

The direct premiums written increased from $87145000 in 2015 to a peak of $91313000 in 2017. This represents an increase of 4.8% over this 2 year period. After 2017, the direct premiums written decreased each year through 2022. The largest year-over-year decrease was from 2021 to 2022, when direct premiums written declined by $8545000 or 10.1% (from $85046000 to $76501000).

The direct premiums earned followed a similar pattern to the direct premiums written, with the lowest amount of $82284000 in 2022 and the highest amount of $89508000 in 2017. However, the changes in direct premiums earned lagged slightly behind the changes in direct premiums written. For example, from 2021 to 2022 the direct premiums written decreased by 10.1% while the direct premiums earned only decreased by 3.0%.

Loss Ratios for Federal Flood

The loss ratio trends for Federal Flood insurance in North Carolina show considerable variations across the years. In 2015, the loss ratio was at a minimum of 6.35%, which drastically surged to 185.64% in 2016. A sharp decline was seen in 2017 at 31.97%.

Most notably, a staggering spike to 571.53% occurred in 2018, suggesting a significantly high loss year. This was followed by a considerable reduction to 73.91% in 2019. The subsequent years, 2020 and 2021, witnessed steady declines to 35.95% and 22.45%, respectively.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in North Carolina fluctuated between 2015 and 2022.

The highest amount of direct premiums written was $7,812,000 in 2017. The lowest was $5,069,000 in 2022.

Direct premiums written increased from $7,578,000 in 2015 to a peak of $7,812,000 in 2017, before decreasing each year to $5,069,000 in 2022. This represents an overall decrease of 33% over the 8 year period.

Direct premiums earned followed a similar pattern to direct premiums written, reaching a high of $7,803,000 in 2017 and then declining each year to $5,056,000 in 2022. This was a 35% decrease over the period. The largest year-over-year decrease for direct premiums written was from 2018 to 2019, when it declined by $1,369,000 or 21.7% (from $6,295,000 to $6,226,000). The smallest yearly decrease was 1.3% from $5,311,000 in 2020 to $5,262,000 in 2021.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in North Carolina presents significant fluctuations spanning from 2015 to 2022. The loss ratios varied from a low of 22.27% in 2017 to a striking high of 135.21% in 2018. This dramatic increase, followed by a decrease to 93.26% in 2019, and further dropping to 75.0% in 2020, demonstrates a volatile period for this line of business.

In the subsequent years, the loss ratio saw an uptick to 94.91% in 2021, only to decrease again to 46.1% in 2022. The year 2016 also saw a significant surge in the loss ratio to 94.18%, almost quadruple the previous year's figure.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in North Carolina increased significantly from 2016 to 2022.

The lowest amount of direct premiums written was $5,916,000 in 2016. This steadily increased each year, with the highest amount being $28,059,000 in 2022. This represents an over 370% increase in direct premiums written over the 7 year period. Similarly, the lowest amount of direct premiums earned was $3,190,000 in 2016. The highest amount was $24,942,000 in 2022, representing a 682% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $7,980,000 or 37.9% (from $21,079,000 to $28,059,000). The smallest year-over-year increase was 15.5%, from $9,385,000 in 2017 to $10,477,000 in 2018.

For direct premiums earned, the largest increase was also from 2021 to 2022, growing by $7,123,000 or 40.0% (from $17,819,000 to $24,942,000). The smallest increase was 1.6%, from $9,337,000 in 2018 to $9,398,000 in 2019.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in North Carolina displays notable trends and fluctuations over the years. In 2016, the loss ratio reached an exceptionally high value of 866.7%, which is a striking anomaly in comparison to other years. Data for 2017 and 2019 are unavailable, marked by an asterisk (*), limiting the analysis for these years.

However, in 2018, there was a considerable reduction in the loss ratio to 325.06%, indicating a decrease of over 500 percentage points from the 2016 value. This downward trend continued into the subsequent years, with 2020 reporting a loss ratio of 19.53%, followed by a slight decrease to 18.86% in 2021. The latest data for 2022 reveals a further reduction in the loss ratio to 13.09%.

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 North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $58,237,000 in 2015. The highest amount was $71,092,000 in 2022. This represents an increase of over 22% 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 $2,436,000 or 3.6% (from $66,806,000 to $69,242,000). The smallest year-over-year increase was 1.4%, from $64,603,000 in 2019 to $66,806,000 in 2020.

The direct premiums earned followed a similar trend, with the lowest amount being $57,497,000 in 2015 and the highest being $69,895,000 in 2022. This was an increase of over 21% over the period. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021 at 3.2% (from $65,844,000 to $67,916,000).

Loss Ratios for Farmowners Multiple Peril

Analyzing the loss ratio data for Farmowners Multiple Peril in North Carolina, various notable trends and fluctuations are evident. The loss ratios witnessed considerable variability, with the lowest at 39.62% in 2021 and peaking dramatically at 127.97% in 2018.

Specifically, a significant increase was observed from 40.47% in 2017 to the all-time high in 2018, followed by a sharp decrease to 43.06% in 2019. The years 2015 to 2017 and 2019 to 2021 showed relatively similar ratios, ranging between 39.62% and 47.78%. However, 2022 recorded a considerable rise to 59.99%.

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 North Carolina increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $2,376,336,000 in 2015. This increased each year, with the highest amount being $3,732,563,000 in 2022. This represents an overall increase of 57% over the 8 year period. Similarly, direct premiums earned started at $2,333,038,000 in 2015 and increased to $3,495,702,000 in 2022, a 50% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $411,301,000 or 12.4% (from $3,322,162,000 to $3,732,563,000). The smallest increase was from 2016 to 2017, when direct premiums written grew by $103,332,000 or 4.2% (from $2,461,554,000 to $2,564,886,000).

Loss Ratios for Homeowners Multiple Peril

The Homeowners Multiple Peril loss ratio data for North Carolina reveals interesting fluctuations between 2015 and 2022. The loss ratios vary significantly, with the lowest being 43.57% in 2015 and peaking at an extraordinary 93.62% in 2018. Following this peak, there was a drop to 56.29% in 2019 and a slight increase to 63.23% in 2020.

The year 2021 witnessed another dip to 50.51%, but the loss ratio again rose to 67.16% in 2022. The data suggests a period of volatility from 2016 to 2018, followed by a somewhat more stable yet still fluctuating trend in the subsequent 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 North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $935,094,000 in 2015. The highest amount was $1,290,380,000 in 2022. This represents an increase of over 37% 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 $146,156,000 or 12.7% (from $1,154,224,000 to $1,290,380,000). The smallest year-over-year increase was 2.6%, from $983,213,000 in 2018 to $1,028,836,000 in 2019.

The trends for direct premiums earned are very similar. The lowest amount was $937,692,000 in 2015 and the highest was $1,230,068,000 in 2022, an increase of over 31%. The largest year-over-year increase was 11.7% from 2021 to 2022 (from $1,114,550,000 to $1,230,068,000) and the smallest was 2.7% from 2018 to 2019.

Loss Ratios for Commercial Multiple Peril

The Commercial Multiple Peril loss ratio data for North Carolina presents notable trends and shifts over the years. The loss ratios exhibit considerable variability, with a low of 36.1% in 2020 and a peak of 94.15% in 2018.

Between 2015 and 2017, the loss ratios remained relatively stable, fluctuating marginally from 38.42% in 2015 to 44.46% in 2016, and then dropping to 41.28% in 2017. A significant spike occurred in 2018, with the loss ratio soaring to 94.15%.

However, this was followed by a substantial decrease to 48.69% in 2019. The years 2020 and 2021 witnessed a consistent downward trend, with loss ratios of 36.1% and 37.63%, respectively. In the most recent year, 2022, the loss ratio increased moderately to 41.45%.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in North Carolina increased overall from 2015 to 2021, with some fluctuations.

The lowest amount of direct premiums written was $156,490,000 in 2015. This increased to $187,703,000 in 2020, representing an increase of 20% over the 6 year period. However, direct premiums written decreased to $184,831,000 in 2021. Direct premiums earned followed a similar pattern, with the lowest amount being $142,899,000 in 2015 and the highest being $207,036,000 in 2020, a 45% increase.

Direct premiums earned decreased to $199,164,000 in 2021. The largest year-over-year increase in direct premiums written was from 2017 to 2018, when it grew by $17,569,000 or 11%. The smallest year-over-year increase was just $395,000 or 0.3% from 2015 to 2016. For direct premiums earned, the largest increase was from 2019 to 2020 at $15,926,000 or 8.3%. The smallest increase was from 2016 to 2017 at $1,621,000 or 1.1%.

Loss Ratios for Mortgage Guaranty

The loss ratio data for Mortgage Guaranty in North Carolina reveals significant fluctuations throughout the years. In 2015, the loss ratio was at 19.6% but saw a decline to 14.29% in 2016. The downward trend continued into 2017, prominently dropping to a mere 3.26%. However, in 2018, there was a slight increase, bringing the loss ratio to 11.8%.

The most dramatic decrease occurred in 2019, with the loss ratio plummeting to a low of 1.31%. Interestingly, 2020 saw a significant surge, pushing the loss ratio to its highest point at 26.77%. This spike was short-lived, as 2021 recorded a loss ratio of just 2.43%.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in North Carolina increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $44,524,000 in 2015. By 2022, this had increased over 160% to $118,640,000.

Direct premiums written increased each year during this period. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $35,679,000 or 41.5% (from $86,030,000 to $101,709,000).

The smallest year-over-year increase was 9.6%, from $65,246,000 in 2018 to $71,590,000 in 2019. Similarly, direct premiums earned also rose steadily from $43,576,000 in 2015 to $106,844,000 in 2022. This represents a 145% increase over the 8 year period. As with direct premiums written, the biggest jump was between 2020 and 2021 when direct premiums earned increased by $16,029,000 or 20.4% (from $78,410,000 to $94,239,000). The smallest increase was 6.9% between 2016 and 2017.

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine insurance in North Carolina presents interesting patterns and variations across the years.

The loss ratios display substantial fluctuations, with the highest value of 93.49% recorded in 2015 and the lowest at 47.16% in 2016. Throughout the period, the loss ratios experienced alternating increases and decreases, reflecting the unpredictable nature of this line of business.

For instance, after the significant drop in 2016, the loss ratio climbed to 77.87% in 2017 and further increased to 84.07% in 2018. However, it fell to 53.24% in 2019 and then rose slightly to 68.29% in 2020. The most recent years, 2021 and 2022, exhibit contrasting loss ratios of 48.23% and 78.66%, respectively.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $511,480,000 in 2015. The highest amount was $999,360,000 in 2022. This represents an increase of over 95% 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 $140,985,000 or 16.4% (from $858,475,000 to $999,360,000). The smallest year-over-year increase was 6.6%, from $635,604,000 in 2017 to $684,821,000 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 2021 to 2022, when it grew by $134,490,000 or 16.6% (from $812,226,000 to $946,716,000). The smallest increase was 3.8%, from $592,583,000 in 2016 to $627,331,000 in 2017.

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine insurance in North Carolina presents a series of intriguing fluctuation patterns between 2015 and 2022. The loss ratios showed considerable variability, peaking at 62.6% in 2018 from a low of 46.72% in 2015. Notably, 2016 echoed a similar peak with a loss ratio of 62.45%.

However, the years 2017 and 2019 revealed a decline to 44.77% and 46.86% respectively. There was a slight increase in 2020, reaching 50.39%. From 2021 onwards, a consistent downward trend is noticeable, with the loss ratios falling to 40.67% in 2021 and further to 39.72% 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 North Carolina fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $1,610,000 in 2021. The highest amount was $6,775,000 in 2018. Direct premiums written decreased from $2,140,000 in 2015 to $1,610,000 in 2021, before increasing to $2,801,000 in 2022.

The direct premiums earned followed a similar pattern. The lowest amount was $2,628,000 in 2021, while the highest was $6,651,000 in 2019. Direct premiums earned fell from $20,677,000 in 2015 to $2,628,000 in 2021, before rebounding to $3,873,000 in 2022.

The largest year-over-year decrease in direct premiums written was from 2018 to 2019, when it declined by $1,558,000 or 23%. The largest increase was from 2021 to 2022, when direct premiums written grew by $1,191,000 or 74%. For direct premiums earned, the biggest year-over-year drop was from 2017 to 2018, falling by $7,990,000 or 62%. The largest increase was from 2020 to 2021, rising by $944,000 or 35%.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data in North Carolina is unavailable.

Direct and Earned Premiums for Medical Professional Liability

The data shows that direct premiums written for medical professional liability insurance in North Carolina fluctuated between 2011 and 2021. The lowest amount of direct premiums written was $163,948,000 in 2016. The highest amount was $199,331,000 in 2022.

The direct premiums written decreased from $180,665,000 in 2015 to $163,948,000 in 2016, a 9.2% decrease. After this initial drop, direct premiums written increased each year from 2017 to 2022. The largest year-over-year increase was from 2019 to 2020, when direct premiums written grew by $19,234,000 or 9.7% (from $198,948,000 to $178,182,000).

The direct premiums earned followed a similar pattern to the direct premiums written, with a low of $167,814,000 in 2016 and a high of $194,275,000 in 2022. The largest year-over-year increase in direct premiums earned was also from 2019 to 2020, growing by $7,990,000 or 4.1%.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for North Carolina demonstrates notable variations across the years.

Loss ratios range from a low of 3.75% in 2016 to a high of 44.21% in 2019. Interestingly, 2016 displays an unusually low loss ratio, with a significant increase in 2017 to 11.98%. Between 2018 and 2019, there was a substantial jump in loss ratios from 23.58% to 44.21%, followed by a marginal decrease to 44.05% in 2020.

This period reflects the highest loss ratios observed in the dataset. In comparison, 2021 and 2022 exhibit a downward trend, with loss ratios of 24.17% and 29.29%, respectively.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in North Carolina fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $11,004,000 in 2017. The highest was $23,483,000 in 2022. This represents an increase of over 113% from the low in 2017 to the high in 2022.

Direct premiums written decreased from $13,809,000 in 2015 to $11,539,000 in 2016 before hitting the low of $11,004,000 in 2017. After 2017, direct premiums written increased each year through 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $3,633,000 or 20.1% (from $18,080,000 to $17,941,000).

Meanwhile, direct premiums earned followed a similar pattern but lagged behind the direct premiums written, as expected. The lowest direct premiums earned was $11,097,000 in 2017 and the highest was $22,387,000 in 2022. This represents a 102% increase. The largest year-over-year growth in direct premiums earned was from 2020 to 2021, increasing by $3,591,000 or 23.5% (from $15,262,000 to $18,753,000).

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in North Carolina displays varied trends across the examined years. Remarkable is the spike in 2018 with a loss ratio of 23.93%, the highest recorded within this period. The loss ratio in the subsequent year cannot be determined, as the data point is missing. However, a decline is observable in 2020, with the loss ratio falling to 6.28%.

The ratio then witnesses a rise in 2021 to 10.62%, followed by a drop in 2022 to 5.92%. The data for 2015 and 2019 are marked with an asterisk, indicating missing or non-applicable values. In 2016 and 2017, the loss ratios stand at 0.6% and 2.5% respectively, manifesting a clear upward trajectory leading up to 2018.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in North Carolina fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $1,299,670,000 in 2020. The highest amount was $1,446,028,000 in 2022.

Direct premiums written decreased from 2015 to 2020, going from $1,487,630,000 in 2015 down to $1,299,670,000 in 2020, before increasing again to $1,446,028,000 in 2022. Direct premiums earned followed a similar pattern, with the lowest amount being $1,303,171,000 in 2020 and the highest being $1,426,996,000 in 2022.

The largest year-over-year decrease for direct premiums written was from 2017 to 2018, when it declined by $25,624,000 or 1.8% (from $1,448,416,000 to $1,422,792,000). The largest increase was from 2020 to 2021, when direct premiums written grew by $20,586,000 or 17.6% (from $1,299,670,000 to $1,320,256,000).

Loss Ratios for Workers Compensation

The loss ratio data for Workers Compensation in North Carolina exhibits notable trends over the years. The loss ratios display considerable variability, from a low of 35.73% in 2018 to a high of 50.11% in 2015.

The data shows a general decrease in loss ratios from 2015, reaching its lowest point in 2018. This downward trend is interrupted by a increase in 2019, albeit not surpassing the initial 2015 ratio.

The years 2020 and 2021 saw a resurgence of higher loss ratios at 48.9% and 47.81%, respectively. However, these figures still did not reach the high of 2015. The most recent data point from 2022 indicates a decrease in the loss ratio to 41.42%.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $86,663,000 in 2015. This increased each year, reaching $130,637,000 in 2022 - an overall increase of 50.8% over the 8 year period.

Similarly, direct premiums earned started at $87,756,000 in 2015 and grew to $124,430,000 in 2022, for a 42.0% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $11,513,000 or 11.1% (from $103,798,000 to $115,311,000). The smallest increase was 1.0% from 2016 to 2017 ($84,339,000 to $84,721,000).

For direct premiums earned, the biggest jump was from 2019 to 2020, increasing by $9,019,000 or 9.9% (from $90,770,000 to $99,789,000). The smallest increase was 0.3% from 2017 to 2018 ($84,625,000 to $85,816,000).

Loss Ratios for Product Liability

An examination of the loss ratio data for Products Liability in North Carolina reveals intriguing patterns. The data portrays substantial variation, with the loss ratios oscillating between a low of 19.71% in 2020 and a peak of 69.08% in 2021. Over the specified years, 2015 recorded a loss ratio of 43.9%, and this dropped significantly to 22.28% in 2017.

However, a substantial increase was observed in 2019, with a loss ratio of 59.76%, showing the highest fluctuation over the years. Notably, year 2022 maintains a relatively high loss ratio of 62.49%.

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 North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $5,157,510,000 in 2015. The highest was $7,613,280,000 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 $525,687,000 or 7.4% (from $7,087,596,000 to $7,613,283,000). The smallest year-over-year increase was 2.7%, from $6,589,045,000 in 2019 to $6,715,171,000 in 2020.

The direct premiums earned followed a similar pattern, with the lowest amount being $5,069,269,000 in 2015 and the highest being $7,392,759,000 in 2022. This was a 46% increase over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase was 7.2% between 2021 and 2022, and the smallest was 3.0% between 2019 and 2020.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in North Carolina highlights notable trends and fluctuations between 2015 and 2022. Loss ratios experienced a small increase from 66.51% in 2015 to a peak of 70.54% in 2016, followed by a slight decline to 68.48% in 2017.

The data shows a more significant drop to 58.04% in 2020, marking the lowest loss ratio during the observed period. A resurgence in loss ratios occurred in the following years, with 2021 exhibiting a value of 66.56%, returning to a level similar to that of 2015.

The most recent year, 2022, displayed the highest loss ratio of 76.33%, indicating a substantial increase compared to preceding years. Throughout the eight-year period, the data demonstrates a pattern of moderate fluctuations, with the highest observed change occurring between 2020 and 2022, which saw an increase of 18.29 percentage points.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $737,899,000 in 2015. This increased each year, with the highest amount being $1,502,802,000 in 2022. This represents an over 100% increase in direct premiums written over the 8 year period.

Similarly, the lowest amount of direct premiums earned was $713,347,000 in 2015. This increased steadily each year, with the highest amount being $1,444,039,000 in 2022. This is also an over 100% increase in direct premiums earned over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $165,992,000 or 14.8% (from $1,120,189,000 to $1,366,181,000).

The smallest year-over-year increase was from 2019 to 2020, when direct premiums written grew by only $90,000 or 0.1% (from $1,121,099,000 to $1,120,189,000). The trends were similar for direct premiums earned, with the largest increase from 2020 to 2021 (14.8%) and the smallest from 2019 to 2020 (0.4%).

Loss Ratios for Commercial Auto

The Commercial Auto Total loss ratio data in North Carolina demonstrate notable shifts over the analyzed years. A peak can be observed in 2016, with a loss ratio of 69.22%, which then slightly drops to 66.22% in 2017. This downward shift continues, albeit modestly, with 68.69% in 2018, and a further dip to 68.21% in 2019.

A more substantial decrease is seen in 2020 when the loss ratio drops to 58.84%. This trend reverses slightly in 2021, with a minor increase to 59.88%. 2022 presents a more significant rise, reaching a loss ratio of 64.0%.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $27,512,000 in 2015. This increased each year to reach $70,421,000 in 2022, representing an overall increase of 156% over the 8 year period.

Direct premiums earned followed a similar trend, starting at $27,944,000 in 2015 and reaching $63,550,000 in 2022, a 127% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $12,348,000 or 27% (from $45,643,000 to $57,920,000). The smallest year-over-year increase was 6.4%, from $32,873,000 in 2017 to $36,957,000 in 2019.

For direct premiums earned, the biggest jump was also from 2020 to 2021, increasing by $16,201,000 or 32.4% (from $42,899,000 to $56,100,000). The smallest increase was 2.1%, from $31,569,000 in 2017 to $32,222,000 in 2018.

Loss Ratios for Aircraft

The Aircraft line of business in North Carolina has exhibited considerable fluctuations in loss ratio percentages from 2015 to 2022. In 2015, the ratio stood at 41.61%, which drastically dropped to 3.8% in 2016. However, this was followed by a significant surge to 63.24% in 2017.

This volatility continued, with the ratio descending to 40.33% in 2018, then escalating again to 61.17% in 2019. A decline was observed in 2020 with a ratio of 40.93%, almost parallel to the 2015 level. The percentage slightly increased to 41.92% in 2021, yet dramatically ascended in 2022, reaching a peak of 68.41%.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and earned for fidelity insurance in North Carolina fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $34,941,000 in 2015. This increased to a peak of $44,082,000 in 2022, representing an overall increase of 26% over the 8 year period.

Direct premiums written increased each year from 2015 to 2017, going from $34,941,000 to $38,349,000. It then decreased to $37,287,000 in 2018 before increasing again in 2019 to $40,362,000. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $1,979,000 or 4.7% (from $42,503,000 to $44,082,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, but lagged behind somewhat. The lowest amount was $33,379,000 in 2015 versus the peak of $43,678,000 in 2022, a 31% increase. The largest year-over-year increase was from 2020 to 2021, when direct premiums earned grew by $2,284,000 or 5.6% (from $40,484,000 to $42,768,000).

Loss Ratios for Fidelity

The loss ratio percentages for Fidelity in North Carolina present an intriguing pattern over the given years. The ratios exhibit significant variability, with the lowest at 8.51% in 2018 and the highest at 35.57% in 2021. In 2015, the loss ratio percentage was 21.5%, which rose to 33.93% in 2016 before dropping to 15.55% in 2017.

This downward trend continued into 2018, before reversing in 2019 with a figure of 25.8%. Despite a slight decrease to 19.52% in 2020, the loss ratio increased sharply to 35.57% in 2021. However, 2022 saw a decrease, with the ratio dropping to 27.39%.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in North Carolina increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $132,591,000 in 2015. The highest amount was $224,631,000 in 2022. This represents an increase of over 69% 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 $28,431,000 or 14.5% (from $195,620,000 to $224,631,000). The smallest year-over-year increase was 2.8%, from $170,161,000 in 2018 to $174,377,000 in 2019. The direct premiums earned followed a similar trend, with the lowest amount being $124,057,000 in 2015 and the highest being $205,974,000 in 2022.

This was an increase of over 66% over the period. As expected, the direct premiums earned lagged slightly behind the direct premiums written each year. The largest year-over-year increase in direct premiums earned was 15.4%, from $181,089,000 in 2020 to $209,974,000 in 2022. The smallest increase was 3.1%, from $136,349,000 in 2016 to $140,006,000 in 2017.

Loss Ratios for Surety

The Surety line of business in North Carolina displays intriguing patterns in loss ratio percentages over eight years. The percentages exhibit significant fluctuations, with the highest loss ratio of 48.25% in 2016 and the lowest of 6.13% in 2021. The period 2015 to 2016 saw a substantial rise from 12.96% to 48.25%, followed by a drop to 32.76% in 2017.

Remarkably, the loss ratio in 2017 was almost identical to 2018's figure of 32.69%. The following two years presented a downward trend, falling to 23.94% in 2019 and 15.21% in 2020. A considerable decrease occurred in 2021, with the loss ratio plunging to 6.13%. However, 2022 witnessed a rebound to 16.92%, indicating some variability in recent years.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written for warranty insurance in North Carolina fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $40,341,000 in 2017. The highest amount was $62,409,000 in 2020. The direct premiums written decreased from $46,890,000 in 2015 to $40,341,000 in 2017, a drop of 14%.

After 2017, the direct premiums written increased each year until peaking at $62,409,000 in 2020, representing an increase of 55% from 2017. The direct premiums earned followed a similar pattern, ranging from a low of $32,470,000 in 2015 to a high of $58,244,000 in 2020.

The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $15,793,000 or 33.9% (from $46,616,000 to $62,409,000). The smallest year-over-year increase was just 2.3%, from $41,910,000 in 2018 to $42,816,000 in 2019.

Loss Ratios for Warranty

An examination of the Warranty loss ratio data for North Carolina unveils notable trends and fluctuations over the years.

The loss ratios demonstrate considerable variability, with the lowest at 56.63% in 2021 and peaking dramatically at 88.26% in 2022. Between 2015 and 2018, the loss ratios experienced a gradual increase from 64.68% to a high of 68.49%. However, a downward trend is observed from 2018 to 2021, dropping to 56.63%.

This downward trajectory was disrupted in 2022 with a significant jump to 88.26%. The years 2019 and 2020 show relatively similar loss ratios of 62.58% and 60.23% respectively, suggesting a period of stability within this timeframe.