Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $40,717,000 in 2018, while the highest was $58,984,000 in 2022. This represents an increase of 45% over the 8 year period.

Direct premiums written increased each year from 2018 to 2022, with the exception of 2019 which saw a slight decrease from $40,717,000 in 2018 to $41,354,000 in 2019. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $8,049,000 or 16.9% (from $47,735,000 to $55,784,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, with the lowest amount being $40,094,000 in 2018 and the highest being $56,017,000 in 2022. This was an increase of 40% over the period. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, growing by $6,639,000 or 14.4% (from $46,091,000 to $51,730,000).

Loss Ratios for Fire

The loss ratio data for the Fire line of business in Rhode Island displays a fascinating range and pattern over the years. The loss ratio peaked sharply in 2018 at 85.73%, the highest in the given period. Nevertheless, the overall trend shows a gradual decline, with the lowest loss ratio recorded at 34.83% in 2022. The years 2015 and 2016 saw a decrease from 59.15% to 45.93%.

However, this trend did not persist, as the loss ratio surged to an alarming 85.73% in 2018. A significant drop followed this peak, with the loss ratio falling to 39.97% in 2019. The following years, 2020 and 2021, saw the loss ratio percentages at 36.03% and 49.3%, respectively, suggesting fluctuations in the data.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $38,634,000 in 2015. This increased to $65,750,000 in 2021, representing a 70% increase over that period.

Direct premiums written increased each year from 2015 to 2022, with the exception of 2016 which saw a slight decrease from $39,834,000 in 2015 to $39,612,000 in 2016. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $16,310,000 or 26.6% (from $61,240,000 to $65,750,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, starting at $40,224,000 in 2015 and reaching $65,270,000 in 2022. The main difference is that premiums earned lag behind premiums written, reflecting the delay between policies being written and premiums being recognized. For example, the decrease in direct premiums written from 2015 to 2016 is reflected in direct premiums earned decreasing from 2016 to 2017.

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in Rhode Island reveals interesting patterns over the years. The loss ratios show substantial variability, spanning from a low of 29.23% in 2022 to a high of 59.46% in 2015. A close analysis reveals a downward trend from 2015 to 2016, with the loss ratio plummeting from 59.46% to 34.18%.

There was a noticeable rebound in 2017 with a loss ratio of 59.2%. However, there was a gradual decline over the next three years, reaching 33.68% in 2020. 2021 saw a slight increase to 44.51%, but this was followed by a significant drop to 29.23% in 2022, the lowest ratio in the observed period.

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 Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $26,000 in 2020. The highest was $194,000 in 2019.

For direct premiums earned, the lowest was $25,000 in 2016 and the highest was $122,000 in 2022. Overall, direct premiums written increased from $123,000 in 2015 to $131,000 in 2022, representing a 6% increase. Direct premiums earned were more variable, ranging from a low

of $25,000 in 2016 to a high of $122,000 in 2022. The largest year-over-year increase in direct premiums written was between 2020 and 2021, when it grew from $26,000 to $103,000, a 296% increase. The largest increase in direct premiums earned was between 2016 and 2017, growing from $25,000 to $91,000, a 264% increase.

Loss Ratios for Multi-Peril Crop

Analyzing the loss ratio data for Federal Multi-Peril Crop in Rhode Island, several notable trends and fluctuations emerge. In 2015, the loss ratio stood at 157.96%, which more than quadrupled to 639.56% in 2016.

The figures then declined to 428.55% in 2017 before data absence in 2018. A significant drop was observed in 2019 with a loss ratio of 67.55%. However, it escalated to 460.66% in 2020 before another data gap in 2021. The 2022 figure indicates a decline to 273.96%

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written for federal flood insurance in Rhode Island decreased steadily from 2015 to 2022. The highest amount of direct premiums written was $18,122,000 in 2015. The lowest amount was $9,810,000 in 2022. This represents a decrease of over 45% over the 8 year period.

The direct premiums written decreased each year from 2015 to 2022. The largest year-over-year decrease was from 2021 to 2022, when direct premiums written declined by $4,530,000 or 31.4% (from $14,430,000 to $9,810,000). The smallest year-over-year decrease was 2.7%, from $16,004,000 in 2019 to $15,591,000 in 2020.

Meanwhile, the direct premiums earned followed a similar trend, peaking at $18,914,000 in 2015 and reaching a low of $12,419,000 in 2022. This was a 34% decrease over the period. The largest drop was 31.9% between 2021 and 2022 (from $14,837,000 to $12,419,000). The smallest was 1.1% between 2018 and 2019.

Loss Ratios for Federal Flood

The Federal Flood loss ratio data from Rhode Island presents an intriguing pattern of oscillations over the evaluated period. The loss ratios show considerable fluctuation, with the lowest recorded at a meager 0.42% in 2020, and the highest at 6.76% in 2015. In the subsequent year, 2016, a decrease to 4.04% was observed.

The data for 2017 and 2019 were not available, creating gaps in the trend analysis. The ratio dropped drastically to 1.25% in 2018, then plummeted further in 2020. Interestingly, the loss ratio rebounded to 6.72% in 2021, mirroring the 2015 loss ratio, before dropping to 2.41% in 2022.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and direct premiums earned for private crop insurance in Rhode Island is unavailable.

Loss Ratios for Private Crop

The loss ratio figures for Private Crop in Rhode Island are also unavailable.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and earned for private flood insurance in Rhode Island fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $1,287,000 in 2016. This increased to $2,624,000 in 2017, before dropping slightly to $2,317,000 in 2018.

Direct premiums written hit a low of $1,818,000 in 2019, before rebounding to $2,470,000 in 2020 and then jumping significantly to $4,335,000 in 2021 and $6,364,000 in 2022. For direct premiums earned, the lowest amount was $675,000 in 2016. This increased over 3x to $2,245,000 in 2017.

Premiums earned remained relatively steady between $2.4-2.5 million in 2018 and 2019, before dropping to $2.2 million in 2020. 2021 saw a sizable jump to $3.4 million in premiums earned, followed by another large increase to $5.6 million in 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when premiums grew by $1,865,000 or 75%. The smallest year-over-year increase was just 2.6% from 2018 to 2019. For direct premiums earned, the biggest jump was from 2016 to 2017, increasing 232%. The smallest increase was only 1.8% from 2018 to 2019.

Loss Ratios for Private Flood

The Private Flood loss ratio data in Rhode Island exhibits an overall increasing trend from 2016 to 2022. A minimal loss ratio of 1.11% was observed in 2016, subsequently increasing to 4.92% in 2017.

Notably, there is no data available for 2018. In 2019, the loss ratio slightly decreased to 4.03%, before escalating to 8.56% in 2020. This upward trajectory continued into the subsequent years, with 2021 recording a significant jump to 13.62%. The most recent year, 2022, showed the highest loss ratio yet, at 18.05%.

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 Rhode Island increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $276,000 in 2015. The highest amount was $552,000 in 2022.

This represents an increase of over 100% 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 $80,000 or 17% (from $472,000 to $552,000). The smallest year-over-year increase was 2.8%, from $389,000 in 2018 to $439,000 in 2019.

The direct premiums earned followed a similar trend, with the lowest amount being $259,000 in 2015 and the highest being $520,000 in 2022. This was an increase of over 100% as well. The largest year-over-year increase in direct premiums earned was 16.4%, from $451,000 in 2020 to $520,000 in 2022. The smallest increase was 2.6%, from $346,000 in 2017 to $384,000 in 2018.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Rhode Island presents intriguing fluctuations over the years. A significant increase is observed from 15.79% in 2015 to 33.84% in 2016, followed by a drop to 17.74% in 2017. The loss ratio rose slightly to 23.23% in 2018, and a significant jump to 55.69% is seen in 2022.

The data for 2019 is unavailable, creating a gap in the trend analysis. Despite this, there appears to be a general upward trend in the loss ratios from 2015 to 2022. The years 2021 and 2022 exhibit relatively higher loss ratios, at 36.27% and 55.69% respectively, indicating a more pronounced increase in recent 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 Rhode Island increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $370,153,000 in 2015. The highest amount was $543,021,000 in 2022. This represents an increase of over 46% 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 $48,085,000 or 9.7% (from $494,936,000 to $543,021,000). The smallest year-over-year increase was 6.8%, from $419,521,000 in 2018 to $440,212,000 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 $361,652,000 in 2015 and the highest was $516,033,000 in 2022, a 43% increase. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 8.4% (from $475,651,000 to $516,033,000). The smallest was 6.0% from 2018 to 2019.

Loss Ratios for Homeowners Multiple Peril

The Homeowners Multiple Peril loss ratio in Rhode Island experienced significant shifts from 2015 to 2022. Notably, the peak loss ratio was in 2015 at 91.83%, which declined sharply to 45.48% in 2016 and further dipped to a low of 39.97% in 2017.

This downward trend reversed in 2018, as the loss ratio rose to 55.33%. However, in 2019, the percentage slipped to 42.26% before moderately increasing to 47.77% in 2020. In 2021 and 2022, the loss ratios were relatively stable at 52.48% and 50.77% 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 Rhode Island increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $150,488,000 in 2015. The highest amount was $215,011,000 in 2022. This represents an increase of over 42% 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 $19,550,000 or 10% (from $195,661,000 to $215,011,000). The smallest year-over-year increase was 2.4%, from $155,191,000 in 2017 to $167,347,000 in 2018.

The direct premiums earned followed a similar trend, with the lowest amount being $151,647,000 in 2015 and the highest being $205,753,000 in 2022. This was an increase of over 35% over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase was 10.8% between 2021 and 2022 (from $189,963,000 to $205,753,000) and the smallest was 1.6% between 2016 and 2017.

Loss Ratios for Commercial Multiple Peril

The loss ratio data for Commercial Multiple Peril in Rhode Island exhibits considerable fluctuations over the evaluated period. The loss ratios varied significantly, reaching a peak of 65.03% in 2018 from a low of 36.68% in 2017. The years 2015 and 2016 experienced a noticeable decline from 63.05% to 50.2%, respectively.

However, from 2017 to 2018, there was a dramatic increase before descending to 41.01% in 2019. The subsequent years, 2020 and 2021, showed minor changes with loss ratios of 41.74% and 40.51%, respectively. The year 2022 saw a moderate rise to 47.63%.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $17,164,000 in 2022, while the highest was $18,630,000 in 2020.

Direct premiums written increased from 2015 to 2020, with the exception of a dip in 2017. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when they grew by $1,542,000 or 8.5% (from $18,088,000 to $18,630,000).

Direct premiums earned followed a similar pattern, with the lowest amount being $16,062,000 in 2015 and the highest being $21,238,000 in 2020. Direct premiums earned increased steadily from 2015 to 2020 before declining in 2021 and 2022. The largest year-over-year growth in direct premiums earned was from 2019 to 2020, increasing by $1,571,000 or 8.0% (from $19,667,000 to $21,238,000).

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio data for Rhode Island reveals a significant downward trend from 2015 to 2019, followed by a sharp increase in 2020. In 2015, the loss ratio was at its highest, reaching 66.9%. Over the next four years, the loss ratios consistently decreased, with 2016 at 23.85%, 2017 at 12.91%, 2018 at 8.44%, and 2019 at its lowest point, 5.7%.

However, the trend reversed in 2020, witnessing a substantial rise to 32.57%. This indicates a more than five-fold increase compared to the previous year. It is essential to note that data for 2021 and 2022 is not available, limiting further trend analysis.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $34624000 in 2016, decreasing from $45318000 in 2015. The highest amount was $40133000 in 2022.

Direct premiums written decreased from 2015 to 2016, going from $45318000 down to $34624000, a 23.5% decrease. After 2016, direct premiums written increased each year through 2019, up to a high of $41597000. From 2019 to 2021, direct premiums written decreased to $37477000 before increasing again in 2022 to $40133000.

The trends for direct premiums earned are similar, starting at $41224000 in 2015, dropping to $38392000 in 2016, and then mostly increasing each year through 2022, when it reached $38717000. The largest year-over-year increase for direct premiums earned was from 2016 to 2017, when it grew by $10852000 or 28.3% (from $38392000 to $434244000).

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for Rhode Island displays notable fluctuations throughout the years. In 2015, the loss ratio stood at 66.73%, followed by a decrease to 54.38% in 2016. The loss ratio then climbed to 61.63% in 2017 and further increased to 65.04% in 2018.

However, 2019 saw a decline to 53.42%, marking a notable deviation from the previous year. In 2020, the loss ratio surged to its highest point during the observed period at 70.54%. This was followed by a sharp decline to the lowest point of 35.22% in 2021. The most recent data from 2022 shows a significant rebound, with the loss ratio rising to 70.19%, nearly reaching the 2020 peak.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $76,343,000 in 2016. The highest was $115,572,000 in 2022.

Direct premiums earned followed a similar pattern, with the lowest amount being $75,821,000 in 2016 and the highest being $111,608,000 in 2022. From 2015 to 2016, direct premiums written decreased from $86,344,000 to $76,343,000, a drop of 11.5%. However, they then increased each year from 2017 to 2022. The largest year-over-year increase for direct premiums written was from 2021 to 2022, when they grew by 18.3% (from $97,754,000 to $115,572,000).

For direct premiums earned, the trends were similar. The only year-over-year decreases were from 2015 to 2016 (down 11.0%) and from 2016 to 2017 (down 5.1%). The largest increase was from 2021 to 2022 at 19.7% (from $93,304,000 to $111,608,000).

Loss Ratios for Inland Marine

Analyzing the loss ratio data for Rhode Island's Inland Marine business reveals some salient trends. Loss ratios varied considerably, from a low of 27.82% in 2022 to an astounding high of 104.94% in 2020. The years 2015 to 2019 saw relatively steady loss ratios, fluctuating between 38.94% to 50.65%, with a significant drop in 2018.

However, the loss ratio skyrocketed in 2020, more than doubling from the previous year's 43.72%. Post this spike, the ratios declined, settling at 61.27% in 2021 before dropping drastically to 27.82% 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 Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $99,000 in 2021, while the highest was $1,261,000 in 2015. This represents a decrease of over 92% from 2015 to 2021.

Direct premiums written decreased sharply from $1,261,000 in 2015 to $111,000 in 2016, before increasing again to $1,277,000 in 2017. The largest year-over-year increase was from 2018 to 2019, when direct premiums written grew by $444,000 or 221% (from $201,000 to $645,000).

Meanwhile, direct premiums earned peaked at $9,320,000 in 2016, which was over 14 times higher than the $661,000 earned in 2015. Earned premiums then dropped significantly to $4,138,000 in 2017. The smallest year-over-year change was a decrease of just 2.6%, from $605,000 in 2020 to $550,000 in 2021.

Loss Ratios for Commercial Financial Guaranty

Financial Guaranty loss ratio data in Rhode Island 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 Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $27831000 in 2018, while the highest was $39919000 in 2022. This represents an increase of 43.5% from the low point in 2018 to the high point in 2022.

Direct premiums written decreased from $31129000 in 2015 to $29011000 in 2016 before rising again in 2017 to $28145000. There was another dip in 2018 to the low of $27831000 before increasing steadily from 2019 to 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $10771000 or 29.8% (from $36148000 to $39919000). For direct premiums earned, the low point was $28004000 in 2016 and the high was $37314000 in 2022. This was a 33.3% increase.

Direct premiums earned followed a similar pattern to direct premiums written over the years, with decreases in 2016 and 2018, followed by steady increases from 2019 to 2022. The biggest year-over-year jump was from $30080000 in 2019 to $31474000 in 2020, representing a 4.9% increase.

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for Rhode Island reveals distinct variations throughout the years. The loss ratio in 2015 is 113.23%, increasing slightly to 117.23% in 2016. A significant drop to 66.41% is seen in 2017, followed by a notable increase to 126.37% in 2018.

The loss ratio then descends to 81.06% in 2019, with a further decrease to 74.13% in 2020. An unprecedented spike occurs in 2021 with a loss ratio of 176.03%, the highest in the observed period. Conversely, 2022 records the lowest loss ratio of 30.73%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $2,083,000 in 2016. The highest was $3,646,000 in 2021. This represents an increase of over 75% from the lowest to highest year.

Direct premiums written increased overall from 2015 to 2022, with the exception of a dip from $2,421,000 in 2015 to $2,083,000 in 2016. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $1,025,000 or 39% (from $2,621,000 to $3,646,000).

Direct premiums earned followed a similar pattern to direct premiums written, with the lowest amount being $2,127,000 in 2017 and the highest being $3,495,000 in 2021. This was an increase of over 64% from lowest to highest. The largest year-over-year increase in direct premiums earned was from 2019 to 2020, growing by $518,000 or 21% (from $2,480,000 to $2,998,000).

Loss Ratios for Earthquake

The Earthquake loss ratio data for Rhode Island displays substantial fluctuations during the years under review. There's a sharp spike in 2017, with the loss ratio reaching an unprecedented 127.94%. In contrast, the years 2015 and 2019 recorded the lowest percentages at 0.12% and 11.16%, respectively.

Despite the remarkable surge in 2017, a declining trend can be seen from this peak to 2018 (17.96%) and further to 2019. The loss ratio in 2022 stood at 16.97%, slightly lower than the 2018 figure, demonstrating some level of consistency in recent years. Notably, data for 2016, 2020, and 2021 is missing, preventing comprehensive year-to-year comparisons.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $201,416,000 in 2021. The highest was $229,321,000 in 2019.

Direct premiums written increased from 2015 to 2016, going from $213,035,000 to $226,916,000 (a 6.5% increase). It then decreased in 2017 to $220,355,000 before dropping again in 2018 to $219,800,000. 2019 saw an increase to $229,321,000 before falling in 2020 and 2021. 2022 saw a large increase to $225,045,000.

Direct premiums earned followed a similar pattern to direct premiums written over the time period. The lowest direct premiums earned was $205,634,000 in 2021. The highest was $228,982,000 in 2019. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $23,629,000 or 11.7% (from $201,416,000 to $225,045,000). The largest decrease was from 2019 to 2020, dropping by $19,303,000 or 8.4% (from $229,321,000 to $210,418,000).

Loss Ratios for Workers Compensation

The loss ratio data for Workers Compensation in Rhode Island exhibits notable changes over the years. In 2015, the loss ratio was at its peak at 63.49%, subsequently declining to 53.7% in 2016 and 52.23% in 2017.

Interestingly, there was a slight increase in 2018, with the loss ratio rising to 58.27% only to drop again to 54.99% in 2019. The most significant decrease occurred from 2019 to 2020, with the loss ratio plunging to 43.71%. A modest increase was observed in 2021 to 48.56%, then a dip to 41.96% in 2022.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and direct premiums earned for products liability insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $10,869,000 in 2016.

The highest was $13,692,000 in 2022. Direct premiums written increased overall from 2015 to 2022, with the exception of a dip in 2016. Direct premiums earned followed a similar pattern, with the lowest amount being $10,811,000 in 2020 and the highest being $13,676,000 in 2021.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $2,351,000 or 17.9% (from $13,141,000 to $13,692,000). The smallest year-over-year increase was just 1.6%, from $11,687,000 in 2017 to $11,311,000 in 2018.

Loss Ratios for Product Liability

The loss ratio data for Products Liability in Rhode Island displays notable trends and fluctuations over the years. A striking feature is the data absence for 2016 and 2019, as well as the lack of information for 2022. The loss ratios show considerable variability, with the lowest value at 24.08% in 2017 and the highest at 65.45% in 2021. Between 2015 and 2017, a decrease in loss ratio is observed, moving from 31.77% to 24.08%.

However, a significant increase occurs in 2018, with the loss ratio reaching 60.84%. From 2018 to 2020, there is a downward trend, as the loss ratio drops to 50.2%. A subsequent increase in 2021 brings the loss ratio back up to 65.45%. While the data for 2022 is unavailable, the recent trend of fluctuations in loss ratios for Products Liability in Rhode Island remains evident.

Direct and Earned Premiums for Private Passenger Auto

The data shows that direct premiums written for private passenger auto total insurance in Rhode Island increased overall from 2015 to 2022, with some fluctuations. The lowest amount of direct premiums written was $804,998,000 in 2015. The highest amount was $1,044,143,000 in 2022. This represents an overall increase of about 30% over the 8 year period.  

Looking year-over-year, direct premiums written increased each year from 2015 to 2019. The largest increase during this period was from 2018 to 2019, when direct premiums grew by $36,564,000 or 3.8% (from $965,656,000 to $1,002,420,000). After 2019, direct premiums dipped slightly in 2020 before rising again in 2021 and 2022. The smallest year-over-year increase was just 0.5% from 2020 to 2021.

Similarly, direct premiums earned showed an overall increasing trend from 2015 to 2022, with some fluctuations. The lowest amount earned was $786,774,000 in 2015, while the highest was $1,037,516,000 in 2022 - representing growth of about 32%. The patterns of increases and decreases year-over-year were similar to that of direct premiums written.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Rhode Island demonstrates interesting patterns over the examined years. From 2015 to 2018, the loss ratios gradually decreased from 71.8% to 63.61%, indicating a declining trend. However, a slight increase was noted in 2019 when the loss ratio reached 66.14%.

In 2020, there was a significant drop to 54.77%, the lowest ratio over these years. Despite this decrease, the data for 2021 shows a rebound to a loss ratio of 61.8%. The figures for 2022 reveal an even sharper rise, with the loss ratio reaching the highest point at 72.77%.

Direct and Earned Premiums for Commercial Auto

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

The lowest amount of direct premiums written was $100,714,000 in 2015. The highest was $160,356,000 in 2022. This represents an increase of 59% over the 8 year period.  

Direct premiums earned followed a similar trend, growing from $97,773,000 in 2015 to $155,311,000 in 2022, an increase of 58.8%.

Both direct premiums written and direct premiums earned increased each year from 2015 to 2022. The largest year-over-year increase for direct premiums written was from 2021 to 2022, when it grew by $11,800,000 or 7.9% (from $148,658,000 to $160,356,000). 

The smallest year-over-year increase was from 2016 to 2017, when direct premiums written grew by $3,256,000 or 3.1% (from $103,635,000 to $116,891,000).

For direct premiums earned, the largest increase was also from 2021 to 2022, growing by $11,099,000 or 7.8% (from $142,122,000 to $155,311,000). The smallest increase was from 2015 to 2016, when it grew by $2,489,000 or 2.5% (from $97,773,000 to $102,662,000).

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Rhode Island showcases distinct trends over the span of eight years. The loss ratios fluctuated, with the lowest at 42.18% in 2020 and the highest at 65.96% in 2019. There was a consistent decrease in loss ratios from 59.5% in 2015 to 55.42% in 2018.

However, an abrupt rise occurred in 2019, reaching a peak at 65.96%. This was followed by a sharp decline to 42.18% in 2020. The subsequent years, 2021 and 2022, marked a recovery period with loss ratios bouncing back to 51.28% and 53.28%, respectively.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Rhode Island fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $10,228,000 in 2018, while the highest was $13,230,000 in 2020.

Direct premiums written decreased from $12,051,000 in 2015 to $10,228,000 in 2018, representing a 15% drop over that period. There was then an increase to $13,230,000 in 2020, before dropping back down to $10,278,000 in 2021.

For direct premiums earned, the lowest amount was also in 2018 at $10,239,000, while the highest was $13,203,000 in 2020. Similar to direct premiums written, there was a decrease from $13,117,000 in 2015 down to $10,239,000 in 2018 (22% drop), before increasing again up to $13,203,000 in 2020.

The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $3,001,000 or 24.6% (from $12,229,000 to $13,230,000). The largest drop was from 2020 to 2021, decreasing by $2,952,000 or 22.3%. The trends for direct premiums earned were similar, with the biggest increase from 2019 to 2020 (13.2%) and the largest decrease from 2020 to 2021 (15.9%).

Loss Ratios for Aircraft

The loss ratio data for Aircraft line of business in Rhode Island showcases considerable fluctuations between 2015 and 2022. The loss ratios range from a low of 22.31% in 2021 to an unprecedented high of 266.35% in 2022.

From 2015 to 2017, the loss ratios were consistently above 97%, with the highest value of 112.78% in 2017. However, a sharp decline occurred in 2018, reaching 44.22%. This downward trend continued in 2019, with the loss ratio further decreasing to 60.24%. A slight increase was observed in 2020, with the loss ratio reaching 78.71%.

The most notable change in the data appears in the years 2021 and 2022. The loss ratio dropped drastically to 22.31% in 2021, representing the lowest value in the dataset. In stark contrast, 2022 witnessed an extraordinary surge, reaching a loss ratio of 266.35%, which is the highest among all the years.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in Rhode Island fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $4,179,000 in 2016. The highest amount was $5,465,000 in 2022. This represents an increase of over 30% from 2016 to 2022.

Direct premiums written increased each year from 2016 to 2022, with the exception of 2018 which saw a slight decrease from $4,454,000 in 2017 to $4,260,000 in 2018. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $429,000 or 8.7% (from $4,910,000 to $5,339,000).

Direct premiums earned followed a similar pattern to direct premiums written over the 2015-2022 period. The lowest direct premiums earned was $4,227,000 in 2018 and the highest was $5,346,000 in 2022. This represents a 26.4% increase from 2018 to 2022. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, growing by $253,000 or 5.2% (from $4,836,000 to $5,089,000).

Loss Ratios for Fidelity

The Fidelity loss ratio data for Rhode Island presents intriguing shifts over the years. A noteworthy fluctuation is seen in 2016 with a low of 18.02%, followed by an increase to 33.02% in 2018.

This upward trend was interrupted in 2019, where it dipped significantly to 17.24%. In 2020, the loss ratio rebounded to 31.51% before plummeting to an all-time low of 4.28% in 2021. However, 2022 brought a resurgence, with the loss ratio bouncing back to 35.98%.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Rhode Island fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $13,319,000 in 2015. This increased each year until 2018, when it jumped significantly to $25,818,000. Direct premiums written continued to rise after 2018, peaking at $30,075,000 in 2022. This represents an overall increase of 126% from 2015 to 2022. Direct premiums earned followed a similar pattern, starting at $13,065,000 in 2015 and reaching $29,774,000 in 2022, a 128% increase.

However, direct premiums earned lagged behind direct premiums written until 2020, when earned premiums surpassed written premiums for the first time. This gap was widest in 2018 when written premiums were $25,818,000 and earned premiums were only $20,681,000.

The largest year-over-year increase in direct premiums written was from 2017 to 2018, when it grew by $10,598,000 or 70.5% (from $15,020,000 to $25,818,000). The smallest yearly increase was just 2.1% from 2020 to 2021 ($29,869,000 to $29,765,000). For direct premiums earned, the biggest jump was also from 2017 to 2018, increasing by $5,136,000 or 35.3% (from $14,545,000 to $20,681,000).

Loss Ratios for Surety

The Surety loss ratio data for Rhode Island displays a variety of trends and shifts throughout the years. A significant drop in the loss ratio is observed from 43.52% in 2015 to 14.39% in 2016, followed by an unavailable value (*) in 2017.

The subsequent years, 2018 to 2021, demonstrate a relatively stable range of loss ratios, with 28.34% in 2018, 26.84% in 2019, 25.68% in 2020, and 22.06% in 2021. However, a striking increase in the loss ratio occurs in 2022, reaching 94.33%, the highest value throughout the examined period.

This sharp rise contrasts with the previously observed gradual decline between 2018 and 2021. The data reveals two distinct periods: the first with a substantial loss ratio decrease between 2015 and 2016, and the second marked by stability from 2018 to 2021, followed by a dramatic increase in 2022.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Rhode Island fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $803,000 in 2015. This increased to $1,909,000 in 2016, representing a growth of 137%. The highest amount of direct premiums written was $3,587,000 in 2022.

Direct premiums earned followed a similar upward trend, starting at $986,000 in 2015 and reaching $2,754,000 in 2022. This represents an overall increase of 179% in direct premiums earned over the 8-year period. The largest year-over-year increase in direct premiums written was from 2015 to 2016, when it grew by 137% from $803,000 to $1,909,000. In contrast, the smallest year-over-year increase was just 4.6%, from $2,460,000 in 2020 to $2,587,000 in 2021.

For direct premiums earned, the biggest jump was from 2015 to 2016, increasing by 108% from $986,000 to $1,066,000. The smallest increase was 6.7% between 2019 ($1,849,000) and 2020 ($2,161,000).

Loss Ratios for Warranty

The Warranty loss ratio data from Rhode Island spans from 2015 to 2022, displaying notable fluctuations and trends. The ratios vary significantly, from a low of 45.39% in 2015 to a peak of 73.21% in 2016. A downward trend is observed from 2016, reaching 52.15% in 2017.

However, a gradual increase is seen from 2017 to 2019, with the loss ratio rising to 62.34%. The year 2020 marked another decrease to 52.76%, but this was followed by a resurgence in 2021 and 2022, with loss ratios of 65.48% and 66.65% respectively.