Market Trends

Direct and Earned Premiums for Fire

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

The lowest amount of direct premiums written was $28,442,000 in 2015. The highest amount was $58,345,000 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 $10,845,000 or 22.9% (from $47,500,000 to $58,345,000). The smallest year-over-year increase was 1.6%, from $28,180,000 in 2017 to $28,626,000 in 2018.

The direct premiums earned followed a similar trend, with the lowest amount being $26,104,000 in 2015 and the highest being $52,929,000 in 2022. This was an increase of over 100% as well.

The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $9,729,000 or 20.6% (from $47,200,000 to $52,929,000). The smallest increase was 0.7%, from $28,000,000 in 2016 to $28,180,000 in 2017.

Loss Ratios for Fire

The loss ratio data for the Fire line of business in South Dakota from 2015 to 2022 exhibits notable fluctuations. The loss ratios vary from a low of 31.54% in 2015 to an astounding high of 121.91% in 2022. The year 2018 also witnessed a significant increase, reaching 68.57%.

In the years following 2015, there is an evident upward trend, with loss ratios climbing from 31.54% to 68.57% in 2018. However, the period between 2019 and 2021 reflects a relative stabilization, with figures hovering around 48-55%. The most striking observation is the sharp increase in the loss ratio to 121.91% in 2022, which stands as a significant outlier.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in South Dakota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $33,594,000 in 2015. The highest amount was $60,871,000 in 2022. This represents an increase of over 80% over the 8 year period. The 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 $7,302,000 or 13.6% (from $53,569,000 to $60,871,000).

The smallest year-over-year increase was 4.7%, from $27,261,000 in 2016 to $28,482,000 in 2017. The direct premiums earned followed a similar upward trend over the period, increasing from $31,623,000 in 2015 to $56,702,000 in 2022.

As with direct premiums written, the largest year-over-year increase in direct premiums earned was between 2021 and 2022 at 11.2% (from $51,006,000 to $56,702,000). The smallest increase was 1.5% between 2016 and 2017.

Loss Ratios for Allied Lines

The Loss Ratio Percentage for Allied Lines in South Dakota has seen considerable volatility over the observed years. From 2015 to 2018, a general upward trend was noted, peaking at 74.29% in 2018.

This was followed by a dramatic surge in 2019, reaching an unprecedented 193.52%, and remaining elevated at 165.46% in 2020. These two consecutive years necessitate a deeper look into the circumstances causing such high loss ratios.

In 2021, there was a significant drop to 45.2%. However, 2022 saw the highest loss ratio of all years at 344.03%.

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 South Dakota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $601,807,000 in 2018, while the highest was $1,213,755,000 in 2022.

This represents an increase of over 100% from the low in 2018 to the high in 2022. Direct premiums written decreased from $691,370,000 in 2015 to $601,807,000 in 2018, before increasing again to $871,863,000 in 2021 and then jumping to $1,213,755,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $341,892,000 or 39.2% (from $871,863,000 to $1,213,755,000). The trends for direct premiums earned are similar, with the lowest amount being $597,242,000 in 2018 and the highest being $1,172,920,000 in 2022.

This represents a 96.2% increase from 2018 to 2022. The largest year-over-year growth in direct premiums earned was also from 2021 to 2022 at 37.5% (from $852,812,000 to $1,172,920,000).

Loss Ratios for Multi-Peril Crop

The loss ratio data for the Federal Multi-Peril Crop insurance in South Dakota exhibits significant variations in the examined years. From a modest 24.9% in 2015, the loss ratio sees a steady increase to 52.22% in 2017.

A minor reduction to 43.5% is observed in 2018, followed by a dramatic surge to 159.27% in 2019, an outlier year that deserves further scrutiny. The subsequent years, 2020 and 2021, saw the loss ratio moderate to 77.3% and 87.39%, respectively. In 2022, the loss ratio increased again to reach 98.37%.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in South Dakota fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $2,065,000 in 2022, down from $3,304,000 in 2015. This represents a decrease of over 37% over the 8 year period.

Direct premiums written increased from 2015 to 2020, peaking at $2,981,000 in 2020. It then decreased in both 2021 ($2,544,000) and 2022 ($2,065,000). The largest year-over-year increase was from 2019 to 2020, when direct premiums written grew by $232,000 or 8.4% (from $2,749,000 to $2,981,000).

Direct premiums earned followed a similar pattern to direct premiums written over the time period. The lowest amount was $2,312,000 in 2022, down from $3,412,000 in 2015, a decrease of over 32%.

The largest year-over-year increase for direct premiums earned was also from 2019 to 2020, growing by $449,000 or 17.4% (from $2,578,000 to $3,027,000).

Loss Ratios for Federal Flood

The loss ratio data for Federal Flood in South Dakota displays significant fluctuations over the years. The loss ratio sees a consistent decrease from 61.38% in 2015 to a record low of 1.67% in 2018. However, an extreme surge is observed in 2019, with the figure skyrocketing to 451.21%, an exceptional anomaly in the trend.

Post this spike, the loss ratio drops sharply to 49.94% in 2020. Unfortunately, data for 2021 is missing, making it challenging to establish a concrete trend for recent years. Yet, 2022 brings a promising start with a low loss ratio of 1.13%, indicating a potential return to the pre-2019 trend.

Direct and Earned Premiums for Private Crop

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

The lowest amount of direct premiums written was $44,039,000 in 2019. The highest was $88,074,000 in 2022. This represents an increase of over 100% from 2019 to 2022.

Direct premiums written increased each year from 2015 to 2016, from $46,663,000 to $53,020,000 (a 13.7% increase). It then decreased in 2017 to $46,605,000 before increasing again in 2018 to $54,273,000. The largest year-over-year increase was from 2021 to 2022, when direct premiums written grew by $29,123,000 or 49.4% (from $58,951,000 to $88,074,000).

Direct premiums earned followed a similar pattern to direct premiums written over the years. The lowest direct premiums earned was $44,157,000 in 2019 and the highest was $86,758,000 in 2022. This represents a 96.5% increase from 2019 to 2022. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, growing by $32,357,000 or 54.5% (from $59,321,000 to $86,758,000).

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in South Dakota exhibits notable fluctuations across the years. The highest loss ratio occurred in 2016, reaching 117.82%, while the lowest was in 2020 at 80.16%.

Interestingly, the period from 2015 to 2018 saw a general increase in loss ratios, peaking at 103.28% in 2018. This trend then reversed in 2019 and 2020, with loss ratios dropping to 91.15% and 80.16%, respectively.

In the most recent years, 2021 and 2022, the loss ratios experienced a slight uptick, registering 90.66% and 93.55%.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and direct premiums earned for private flood insurance in South Dakota fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $573,000 in 2016.

This increased to $1,407,000 in 2021, representing an increase of over 145% over the 6 year period. Direct premiums written increased each year from 2016 to 2021, with the exception of 2019 which saw a decrease to $558,000 from $834,000 in 2018. The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $434,000 or 44.6% (from $973,000 to $1,407,000).

Direct premiums earned followed a similar pattern, starting at $451,000 in 2016 and reaching $1,098,000 in 2021. The largest jump was from $417,000 in 2019 to $826,000 in 2020, representing a 98.1% increase.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in South Dakota presents notable trends and fluctuations across the examined years. The loss ratios vary significantly, with the lowest at 0.14% in 2016 and the highest at 50.56% in 2019. The data shows a sharp increase from 0.14% in 2016 to 33.83% in 2017.

Interestingly, the data for 2018 is missing, which hinders a complete analysis of the trend. However, the loss ratio peaks at 50.56% in 2019 before dropping to 19.61% in 2020. In the most recent years, 2021 and 2022, the loss ratios are considerably lower at 0.59% and 2.24%, respectively.

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 South Dakota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $116,988,000 in 2015. This increased each year, reaching $162,058,000 in 2022 - an increase of over 38% over the 8 year period. Similarly, direct premiums earned grew from $113,082,000 in 2015 to $154,082,000 in 2022, a 36% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $16,741,000 or 11.5% (from $145,317,000 to $162,058,000). The smallest year-over-year increase for direct premiums written was 2.5%, from $126,508,000 in 2018 to $129,685,000 in 2019.

For direct premiums earned, the largest annual increase was also from 2021 to 2022, growing by $13,800,000 or 9.8% (from $140,285,000 to $154,082,000). The smallest increase was 3.1%, from $125,117,000 in 2018 to $129,379,000 in 2019.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in South Dakota presents significant changes over the years. A peak loss ratio of 80.6% in 2015 stands out, followed by a precipitous drop to 57.21% in 2016. The ratios from 2016 to 2019 maintain relative consistency, hovering around 57% to 59%.

An unusual upsurge occurs in 2020, with the loss ratio climbing to 64.33%. A slight dip in 2021 to 60.57% might suggest a return to previous levels, but 2022 disrupts this with an extraordinary spike to 250.75%.

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 South Dakota increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $221,501,000 in 2015.

The highest amount was $373,652,000 in 2022. This represents an increase of over 69% over the 8 year period. The direct premiums written and direct premiums earned 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 $73,676,000 or 22.3% (from $329,976,000 to $373,652,000).

The smallest year-over-year increase was 6.6%, from $245,454,000 in 2017 to $261,228,000 in 2018. The trends were similar for direct premiums earned, with the lowest amount being $212,169,000 in 2015 and the highest being $349,780,000 in 2022, a 65% increase.

The largest year-over-year jump was 21.6% between 2021 and 2022 (from $311,077,000 to $349,780,000) and the smallest was 5.7% between 2018 and 2019.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in South Dakota depicts notable fluctuations across the years. In particular, the loss ratios range from a minimum of 41.07% in 2016 to a maximum of 159.9% in 2022.

The data reveals two distinct periods of increased loss ratios: 2017-2018, with 78.22% and 73.68% respectively, and 2020-2022, where the values escalate from 108.64% to a striking 159.9%. The year 2016 stands out with a significantly lower loss ratio of 41.07%.

However, this was followed by a sharp increase in 2017. Between 2019 and 2021, the loss ratios show a slight decline, from 67.31% to 57.73%.

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 South Dakota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $128,504,000 in 2015. By 2022, this had increased to $202,173,000, representing an overall increase of 57% over the 8 year period.

Direct premiums earned followed a similar trajectory, growing from $127,817,000 in 2015 to $187,807,000 in 2022 - a 47% increase. On a year-over-year basis, the largest increase in direct premiums written was from 2021 to 2022, when it grew by $34,350,000 or 20%. The smallest yearly increase was 3% between 2016 and 2017.

For direct premiums earned, the biggest jump was also between 2021 and 2022 at 14%, while the smallest was between 2017 and 2018 at 3%.

Loss Ratios for Commercial Multiple Peril

The loss ratio percentages for Commercial Multiple Peril in South Dakota present compelling dynamics over the eight-year span. The loss ratios fluctuated considerably, from a low of 41.72% in 2021 to an unprecedented high of 129.06% in 2022. The substantial surge in 2020 and 2022, reaching over 100%.

These high loss ratios are contrasted by moderate ratios in intervening years, such as 46.61% in 2016 and 59.29% in 2017. The most stable period appears to be the three-year stretch from 2015 to 2017, where loss ratios hovered around 56.21% on average.

Nonetheless, the general trend indicates an overall increase in loss ratios, particularly notable in the jump from 82.26% in 2019 to 117.72% in 2020. However, the dramatic drop to 41.72% in 2021 followed by the sharp rise to 129.06% in 2022.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in South Dakota fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $11,575,000 in 2015. This increased to $13,636,000 in 2022, representing an overall increase of 17.8% over the 8 year period.

Direct premiums written increased each year from 2015 to 2018, with the largest year-over-year increase occurring between 2017 and 2018 when it grew by $2,011,000 or 17.1% (from $11,741,000 to $12,752,000). The only declines in direct premiums written were seen in 2020 and 2021, with the largest drop being $1,342,000 or 9.8% between 2020 and 2021 (from $13,743,000 to $13,401,000).

For direct premiums earned, the lowest amount was $10,778,000 in 2015. This steadily increased each year to reach a peak of $14,889,000 in 2020, representing a 38.2% increase over the period. The only decline was seen in 2021 when direct premiums earned decreased by $711,000 or 4.8% compared to 2020. In 2022, direct premiums earned slightly increased to $14,101,000.

Loss Ratios for Mortgage Guaranty

The loss ratio data for Mortgage Guaranty in South Dakota presents noteworthy patterns and variations across the years. The loss ratios experienced considerable fluctuation, with the lowest point at 3.14% in 2019 and the highest at 13.38% in 2020.

This sharp increase in 2020 is particularly striking, though it's essential to avoid speculating excessively on the causes of this change. The overall trend appears to follow a downward trajectory from 2015 (11.49%) to 2019 (3.14%), with a significant rebound in 2020 (13.38%).

Subsequently, the loss ratio in 2021 dropped to 4.82%, more closely aligning with the figures from 2016 (4.92%) and 2017 (4.52%). The data for 2018 and 2022 is not available, making it challenging to determine the consistency of the loss ratios in these years.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in South Dakota increased overall from 2015 to 2022.

The lowest amount of direct premiums written was $1,063,000 in 2015. This steadily increased each year, with the exception of 2020 which saw a slight decrease to $1,487,000 from $1,675,000 in 2019. The highest direct premiums written was $1,971,000 in 2022, representing an increase of over 85% from 2015.

Direct premiums earned followed a similar pattern, starting at $1,054,000 in 2015 and reaching $1,881,000 in 2022, an increase of nearly 79%. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $422,000 or 28.4% (from $1,487,000 to $1,809,000).

The smallest year-over-year increase was just 2.9%, from $1,255,000 in 2016 to $1,454,000 in 2017.

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine insurance in South Dakota demonstrates notable variations over the eight-year period from 2015 to 2022. The highest loss ratio occurred in 2020, at 58.64%, while the lowest was in 2022, at a mere 2.81%.

The data exhibits a somewhat cyclic pattern, with alternating periods of increasing and decreasing loss ratios. Specifically, the loss ratios dropped from 48.86% in 2015 to 23.74% in 2016, then escalated to 55.58% in 2017 before falling again to 20.46% in 2018.

Additionally, the loss ratios remained relatively stable between 2015 and 2021, with the average being 42.34%, before a significant drop to 2.81% in 2022.

Direct and Earned Premiums for Inland Marine

The data shows that direct premiums written and direct premiums earned for inland marine insurance in South Dakota fluctuated over the period from 2015 to 2022. The lowest amount of direct premiums written was $59876000 in 2016, while the highest was $99047000 in 2022.

Direct premiums written increased overall during this period, with the exception of a dip from $70927000 in 2015 to $59876000 in 2016. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $16189000 or 19.5% (from $82858000 to $99047000). The smallest year-over-year increase was just 1.8%, from $69656000 in 2018 to $72384000 in 2019.

Direct premiums earned followed a similar pattern to direct premiums written, but lagged behind somewhat. The lowest direct premiums earned was $60007000 in 2016, while the highest was $93252000 in 2022. The largest year-over-year increase in direct premiums earned was from 2021 to 2022 at 17.4% (from $79445000 to $93252000).

Loss Ratios for Commercial Inland Marine

The loss ratio data for Inland Marine in South Dakota demonstrates unique patterns and variations over the observed years. There's clear variability, with the loss ratio hitting a low of 37.62% in 2016 and peaking at 66.64% in 2020.

The year 2020 particularly draws attention due to this significant rise. However, an improvement can be seen in 2021, with the loss ratio falling to 41.13%. Yet, 2022 sees a rebound, with the loss ratio climbing back up to 63.46%.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in South Dakota fluctuated between 2015 and 2022. In 2015, there were no direct premiums written but $745,000 in direct premiums earned.

Direct premiums written then increased to $27,000 in 2016 while direct premiums earned decreased to $577,000. In 2017, there were no direct premiums written again but direct premiums earned jumped to $1,077,000.

Direct premiums written remained at $0 in 2018 but direct premiums earned dropped significantly to $303,000. In 2019, direct premiums written increased to $40,000 while direct premiums earned decreased further to $97,000.

Direct premiums written fell to $10,000 in 2020 and direct premiums earned declined to $71,000. The largest direct premiums written occurred in 2021 at $324,000, while direct premiums earned hit a low of $35,000. Finally, in 2022 direct premiums written reached $254,000 and direct premiums earned rebounded to $88,000.

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data in South Dakota 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 South Dakota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $15,209,000 in 2016. The highest was $18,312,000 in 2022.

Direct premiums earned ranged from a low of $15,260,000 in 2016 to a high of $18,569,000 in 2021. From 2015 to 2016, direct premiums written decreased from $17,003,000 to $15,209,000, a 10.5% drop. However, direct premiums earned only decreased slightly from $16,973,000 to $15,260,000, about a 10% decline.

After the dip in 2016, direct premiums written increased each year from 2017 to 2022. The biggest year-over-year jump was from 2020 to 2021 when direct premiums written grew by $3,402,000 or 19.0% (from $17,873,000 to $18,275,000). Direct premiums earned also increased steadily after 2016, with the largest gain of 15.2% occurring between 2019 ($15,950,000) and 2020 ($17,658,000).

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio data for South Dakota presents interesting findings over the years. A low loss ratio of 23.26% was recorded in 2015. The data for 2016 to 2018 is not available, presenting a gap in trend analysis.

However, a significant surge in loss ratio is observed in 2019, reaching a high of 81.41%. The following year, 2020, also demonstrated a high loss ratio of 78.05%. Despite these high percentages, there is a notable drop in 2021, with the loss ratio falling to 50.26%.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in South Dakota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $378,000 in 2017, while the highest was $928,000 in 2022.

Direct premiums written increased overall during the 8 year period, with the exception of a drop from $1,007,000 in 2015 to $483,000 in 2016. Direct premiums earned followed a similar pattern, ranging from a low of $394,000 in 2017 to a high of $828,000 in 2022.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $123,000 or 15.3% (from $805,000 to $928,000). The smallest year-over-year increase was just 1.8%, from $491,000 in 2019 to $505,000 in 2020.

Loss Ratios for Earthquake

The Earthquake loss ratio data for South Dakota presents some notable points of interest. Firstly, the data suggests a negligible loss ratio in 2016, with just 0.63%, implying minimal claims or high premium efficiency.

However, there's a significant surge in 2018, with the loss ratio reaching 20.67%, indicating an increase in claims or a decrease in premiums. Following this peak, the loss ratio appears to dip in 2019 and 2020, registering at 5.8% and 4.23% respectively.

It is important to note the lack of data for 2017, 2021, which prevents a full understanding of the trend. The most striking feature of this data is the extreme spike in 2022, with the loss ratio skyrocketing to 98.15%.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in South Dakota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $157,518,000 in 2020. The highest was $181,201,000 in 2022.

Direct premiums written decreased each year from 2015 to 2020, with the exception of 2018 which saw a slight increase from $176,409,000 in 2017 to $178,177,000 in 2018. The largest year-over-year decrease was from 2019 to 2020, when direct premiums written declined by $16,455,000 or 9.8% (from $167,172,000 to $157,518,000).

After hitting the low in 2020, direct premiums written rebounded to $167,064,000 in 2021 and then increased significantly to $181,201,000 in 2022 - a year-over-year increase of $14,137,000 or 8.5%. The trends for direct premiums earned are similar, ranging from a low of $159,532,000 in 2020 to a high of $178,487,000 in 2022.

The largest year-over-year decrease was 10.1%, from $169,673,000 in 2019 to $159,532,000 in 2020. Direct premiums earned then increased to $165,240,000 in 2021 and $178,487,000 in 2022.

Loss Ratios for Workers Compensation

The loss ratio data for Workers Compensation in South Dakota indicates a fluctuating pattern over the observed years. The loss ratios ranged from a low of 43.56% in 2018 to a high of 69.85% in 2021. The year 2021 shows a significant increase, marking it as an outlier in the data set.

However, without additional context, the reasons for this rise remain unclear. Following this peak, there was a noticeable reduction to 50.1% in 2022, suggesting potential adjustments in risk management or underwriting practices.

The preceding years, specifically 2015 to 2018, show a consistent downward trend from 53.61% to 43.56%. Then, a slight uptick in 2019 to 52.16% is observed, followed by a dip to 46.91% in 2020.

Direct and Earned Premiums for Product Liability

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

The lowest amount of direct premiums written was $11,093,000 in 2019. The highest was $17,508,000 in 2022. This represents an increase of over 58% from the low in 2019 to the high in 2022.

Direct premiums written increased each year from 2015 to 2016, from $11,132,000 to $11,144,000. It then increased more substantially from 2016 to 2017, going from $11,144,000 to $11,694,000 (a 5% increase). After a slight dip from 2017 to 2018, direct premiums written had another large jump from 2019 to 2020, increasing 23% from $11,093,000 to $13,532,000.

It continued to climb each year after that up to the 2022 high of $17,508,000. The trends for direct premiums earned are similar, with the low of $10,822,000 occurring in 2015 and the high of $16,720,000 reached in 2022. This was a 54% increase over the period. The year-over-year changes generally aligned with the direct premiums written.

Loss Ratios for Product Liability

The loss ratio data for Products Liability in South Dakota shows interesting patterns over the years. The loss ratio showed a slight increase in 2016 at 46.24% from 39.68% in 2015.

Unfortunately, data from 2017 is missing, leaving a gap in the trajectory. Following this, 2018 and 2019 witnessed lower loss ratios, dropping to a low of 18.35%. However, 2020 saw a rise to 27.58%, continuing an upward trend through 2021 and 2022, with loss ratios of 38.59% and 43.6% respectively.

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 South Dakota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $482,924,000 in 2015. The highest was $694,716,000 in 2022. This represents an increase of over 44% 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 $52,259,000 or 8.1% (from $642,457,000 to $694,716,000). The smallest year-over-year increase was 1.7%, from $599,887,000 in 2020 to $642,457,000 in 2021. The direct premiums earned followed a similar trend, with the lowest amount being $473,746,000 in 2015 and the highest being $673,479,000 in 2022.

This was an increase of over 42% over the period. As with direct premiums written, direct premiums earned increased each year. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 7.1% (from $628,809,000 to $673,479,000). The smallest increase was 1.6%, from $596,505,000 in 2020 to $628,809,000 in 2021.

Loss Ratios for Private Passenger Auto

The loss ratio percentage for Private Passenger Auto Total in South Dakota shows intriguing inconsistencies over the years. The data ranges from a minimum of 62.4% in 2019 to a maximum of 77.77% in 2022.

The year 2022 exhibits a substantial surge, marking it as an outlier which might require further exploration to understand the driving factors behind this drastic increase. Interestingly, the years 2015 to 2018 showcase relatively stable loss ratios, with a minor peak at 68.34% in 2015 and a minor drop to 64.94% in 2017.

A slight decline is observed in 2019, with the loss ratio reducing to 62.4%. However, a significant hike is noted in 2020, taking the loss ratio to 68.75%. The years 2021 and 2022 follow an upward trend, with loss ratios of 64.43% and 77.77% respectively.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written for commercial auto liability insurance in South Dakota increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $118,893,000 in 2015. The highest amount was $192,727,000 in 2022. This represents an increase of over 60% over the 8 year period. The direct premiums written increased each year from 2015 to 2022.

The largest year-over-year increase was from 2020 to 2021, when direct premiums written grew by $100,750,000 or 10.9% (from $162,827,000 to $178,577,000). The smallest year-over-year increase was 6.8%, from $149,322,000 in 2019 to $162,827,000 in 2020.

The direct premiums earned followed a similar upward trend as the direct premiums written, with the lowest amount being $115,676,000 in 2015 and the highest being $185,239,000 in 2022. This represents an increase of over 60% as well over the time period analyzed.

The largest year-over-year increase in direct premiums earned was 10.5%, from $156,625,000 in 2020 to $171,172,000 in 2021. The smallest increase was 5.8%, from $125,952,000 in 2017 to $133,711,000 in 2018.

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in South Dakota presents interesting patterns and variations over the years. From 2015 to 2018, there is a steady increase in loss ratios, starting at 56.71% in 2015 and peaking at 64.14% in 2018.

However, the data exhibits fluctuations in the subsequent years, with a decrease to 58.45% in 2019, followed by the highest ratio of 69.72% in 2020. The significant increase in 2020 could be attributed to various factors, such as market conditions or claim severity, but it is worth noting that this spike does not persist in the following years. In 2021, the loss ratio drops to 56.9%, close to the 2015 level, before rising again to 67.5% in 2022.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in South Dakota increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $6,552,000 in 2015.

This steadily increased each year, with the exception of a slight dip from $6,976,000 in 2017 to $6,773,000 in 2018. The highest direct premiums written was $14,383,000 in 2022, representing an increase of over 119% from 2015. Similarly, direct premiums earned started at $6,601,000 in 2015 and reached $13,461,000 in 2022, an increase of over 104%.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $3,780,000 or 38.6% (from $9,794,000 to $12,574,000). The smallest year-over-year increase was 1.9%, from $6,705,000 in 2016 to $6,976,000 in 2017.

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in South Dakota reveals significant fluctuations over the years. The loss ratio in 2015 was relatively high at 63.94%, followed by a dramatic decrease to 25.58% in 2016, the lowest in the series.

This was followed by a moderate rebound to 47.88% in 2017 and a slight decrease to 40.65% in 2018. The year 2019 saw an increase to 56.9%. However, the year 2020 stands out with an extraordinary spike in the loss ratio to 274.62%, an outlier in the data set that could be caused by a variety of factors.

Data for 2021 is not available. Interestingly, 2022 exhibits a significant reduction in loss ratio to 1.8%.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and direct premiums earned for fidelity insurance in South Dakota fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,231,000 in 2016. The highest amount was $3,657,000 in 2021. This represents an increase of 13.2% from the lowest to the highest year.

Direct premiums written decreased from $3,535,000 in 2015 to $3,231,000 in 2016, a drop of 8.5%. It then increased to $3,262,000 in 2017 before reaching the period high of $3,657,000 in 2021. The largest year-over-year increase in direct premiums written was 14.2%, from $3,331,000 in 2020 to $3,657,000 in 2021.

Direct premiums earned followed a similar pattern, ranging from a low of $3,232,000 in 2016 to a high of $3,508,000 in 2021. The biggest year-over-year jump was 6.7%, from $3,384,000 in 2020 to $3,508,000 in 2021.

Loss Ratios for Fidelity

The Fidelity loss ratio data for South Dakota displays considerable fluctuations over the observed years. In 2015, the loss ratio was at a low point of 8.23%, which slightly decreased to 4.87% in 2016. A significant spike is observed in 2017, with the loss ratio soaring to 29.51%.

The data for 2018 is unavailable, making it challenging to track the trend consistently. In 2019, the loss ratio dropped to 4.24%, the lowest point within this period. However, a dramatic increase was seen in 2020, with the loss ratio reaching a peak of 46.72%. This was followed by a decrease in 2021 to 22.6%. The data for 2022 is currently unknown.

Direct and Earned Premiums for Surety

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

The lowest amount of direct premiums written was $14,732,000 in 2018, while the highest was $32,700,000 in 2022. This represents an increase of over 120% from the low in 2018 to the high in 2022.

Direct premiums written decreased each year from 2015 to 2018, dropping from $26,285,000 in 2015 to the low of $14,732,000 in 2018. The largest year-over-year decrease was from 2016 to 2017, when direct premiums written fell by $8,507,000 or 42.1% (from $20,239,000 to $14,732,000). After hitting the low in 2018, direct premiums written then increased each year from 2019 to 2022. The biggest year-over-year increase during this period was from 2021 to 2022, when direct premiums jumped by $10,401,000 or 56.8% (from $18,299,000 to $32,700,000).

The direct premiums earned follow a similar pattern, but lag behind the direct premiums written, as expected. The lowest direct premiums earned was $15,771,000 in 2018 and the highest was $22,959,000 in 2022. This represents a 45.6% increase from 2018 to 2022.

The largest year-over-year decrease in direct premiums earned was from 2016 to 2017, dropping by $4,165,000 or 14.8% (from $28,125,000 to $23,960,000).

Loss Ratios for Surety

Analysis of the loss ratio data for Surety in South Dakota reveals noticeable fluctuations over the specified years. The loss ratios demonstrate considerable variation, with a notable peak of 85.29% in 2017, the highest in the period discussed.

This abrupt increase merits a deeper look into the contributing factors. In contrast, there is a dramatic drop to a notably low loss ratio of 1.65% in 2019, followed by a slight uptick in the following years, reaching 9.43% in 2021 and 7.0% in 2022.

Furthermore, the data suggests a reducing trend from 2017 to 2022. However, the loss ratios in 2015 and 2016 were 20.91% and 45.79% respectively.

Direct and Earned Premiums for Warranty

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

The lowest amount of direct premiums written was $1,561,000 in 2018, while the highest was $2,856,000 in 2022. This represents an increase of 83% over the 8 year period.

Direct premiums written increased each year from 2015 to 2022, with the exception of 2018 which saw a decrease from $1,964,000 in 2017 to $1,561,000 in 2018. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $409,000 or 16.7% (from $2,447,000 to $2,856,000).

For direct premiums earned, the lowest amount was $1,208,000 in 2017 and the highest was $1,922,000 in 2022. This is an increase of 59% over the period. The largest year-over-year increase in direct premiums earned was from 2015 to 2016, growing by $1,026,000 or 44.3% (from $2,315,000 to $1,289,000).

Loss Ratios for Warranty

The Warranty loss ratio data for South Dakota exhibits notable fluctuations over the years, displaying varying performance in the insurance business. From 2015 to 2016, the loss ratio declined from 73.41% to 63.88%.

However, a significant drop occurred in 2017, reaching a low of 23.2%. In 2018, the loss ratio increased to 39.51%, followed by a more substantial rise to 58.76% in 2019. Subsequently, the loss ratio decreased to 45.72% in 2020, reflecting a moderate improvement in risk management or underwriting effectiveness.

Notably, the years 2021 and 2022 demonstrate relatively stable loss ratios at 50.95% and 50.9%, respectively.