Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and direct premiums earned for fire insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $80,333,000 in 2017, while the highest was $131,648,000 in 2022.

Direct premiums written increased each year from 2017 to 2022, with the exception of a dip from $102,523,000 in 2015 to $83,723,000 in 2016. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $26,150,000 or 24.8% (from $105,502,000 to $131,648,000). The smallest year-over-year increase was just 2.5%, from $90,292,000 in 2018 to $92,728,000 in 2019.

Similarly, direct premiums earned ranged from a low of $79,471,000 in 2017 to a high of $120,320,000 in 2022. The trends in direct premiums earned generally mirrored the trends in direct premiums written, with decreases from 2015 to 2016 and increases thereafter. The largest year-over-year increase in direct premiums earned was 27.3%, from $98,380,000 in 2021 to $120,320,000 in 2022.

Loss Ratios for Fire

The loss ratio data for Fire insurance in Utah reflects considerable fluctuations across the reviewed years. In 2015, the loss ratio was relatively low at 18.54%, but this figure decreased further to 14.5% in 2016.

However, a steady upward trend ensued from 2017 to 2020, with the loss ratio escalating from 21.43% to a peak of 68.57%. In 2021, the loss ratio dropped to 58.45%. Subsequently, in 2022, the loss ratio decreased further to 41.63%.

Direct and Earned Premiums for Allied Lines

The data shows that direct premiums written and direct premiums earned for allied lines insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $44,956,000 in 2016, while the highest was $87,896,000 in 2022.

Direct premiums written increased each year from 2016 to 2022, with the exception of a slight decrease from $54,265,000 in 2019 to $65,237,000 in 2020. The largest year-over-year increase in direct premiums written was 24.2%, from $65,237,000 in 2020 to $79,103,000 in 2021.

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $43,901,000 in 2017 to a high of $84,650,000 in 2022. The largest year-over-year increase in direct premiums earned was 31.7%, from $66,366,000 in 2021 to $84,650,000 in 2022.

Loss Ratios for Allied Lines

The loss ratio percentage for Allied Lines in Utah exhibits considerable variation over the years 2015 to 2022. Starting at 35.93% in 2015, there was a steady rise until 2018, peaking at 68.83%. This was followed by a decline in 2019 to 50.6%.

However, in 2020, the loss ratio percentage dramatically soared to 200.07%, a significant outlier in the data set. Unfortunately, the data for 2021 isn't available, which hinders a comprehensive analysis for that period. However, in 2022, the loss ratio percentage regressed towards earlier levels, registering at 52.65%.

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 Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $3,230,000 in 2015. This increased to $29,655,000 in 2021, representing an over 800% increase over the period.

Direct premiums earned followed a similar trend, with the lowest amount being $4,130,000 in 2015 and the highest being $27,000,000 in 2021, a over 550% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $25,564,000 or 94% (from $27,091,000 to $29,655,000).

The smallest year-over-year increase was 2% between 2016 and 2017 ($3,991,000 to $8,168,000). For direct premiums earned, the biggest jump was also between 2020 and 2021, increasing by $8,123,000 or 43% (from $18,877,000 to $27,000,000). The smallest increase was 1.8% from 2017 to 2018 ($5,492,000 to $10,492,000).

Loss Ratios for Multi-Peril Crop

The Federal Multi-Peril Crop loss ratio data for Utah displays significant fluctuations over the observed years. In 2015, the loss ratio peaked at 115.81%, followed by a sharp decline to 27.2% in 2016. However, the loss ratio rebounded to 107.53% in 2017.

From 2018 to 2021, the loss ratios consistently exceeded 100%, with the highest value of 187.95% recorded in 2020. In 2022, there is a decline in the loss ratio to 144.39%, but it still remains above 100%.

Direct and Earned Premiums for Federal Flood

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

The lowest amount of direct premiums written was $1,982,000 in 2015. This increased to a high of $2,359,000 in 2021, before dropping to $1,823,000 in 2022. Direct premiums earned followed a similar pattern. The lowest amount was $2,122,000 in 2015, rising to a peak of $2,304,000 in 2021, before falling to $2,067,000 in 2022. Overall, direct premiums written increased by 18.7% from 2015 to the peak in 2021. Meanwhile, direct premiums earned grew by 8.7% over the same period. The largest year-over-year increase in direct premiums written was from 2016 to 2017, when it grew by $22,000 or 1.1% (from $1,985,000 to $2,007,000).

In contrast, the largest decline was from 2021 to 2022, dropping by $536,000 or 22.7%. For direct premiums earned, the biggest increase was from 2019 to 2020, rising by $86,000 or 3.9% (from $2,202,000 to $2,288,000). The largest decrease was also from 2021 to 2022, falling by $237,000 or 10.3%.

Loss Ratios for Federal Flood

The Federal Flood loss ratio data for Utah reveals some interesting patterns. The loss ratios fluctuated from a low of 4.65% in 2016 to a high of 17.48% in 2021. The lowest loss ratio recorded in 2016 may point to a particularly successful year in terms of risk management. However, the loss ratio rose slightly to 5.62% in 2017, indicating a modest increase in claim costs or a decrease in earned premiums.

No data is available for 2018, 2019, and 2020, making it impossible to assess the loss ratio trend during this period. In a significant upturn, the ratio spiked to 17.48% in 2021, the highest recorded over the seven-year period. However, in 2022, the ratio slightly decreased to 13.87%.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and earned for private crop insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $67,000 in 2018. The highest was $435,000 in 2022.

Direct premiums written decreased each year from 2015 to 2018, going from $164,000 down to $67,000. This represents a 59% decrease over that 4 year period. After hitting the low point in 2018, direct premiums written then increased to $80,000 in 2019, $100,000 in 2020, and $84,000 in 2021 before jumping significantly to $435,000 in 2022. The 2022 figure represents a 518% increase compared to the low of $67,000 in 2018.

The pattern for direct premiums earned is nearly identical. The lowest amount was $67,000 in 2018 and the highest was $436,000 in 2022. Direct premiums earned matched direct premiums written very closely each year, with the differences ranging from $0 to $1,000.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Utah displays notable fluctuations over the years. In 2015, a strikingly high loss ratio of 120.53% is observed, followed by a significant drop to 46.13% in 2016 and a further decrease to 21.0% in 2017.

The data for 2018 and 2019 is unavailable, making it difficult to analyze the trend during these years. In 2020, the loss ratio dramatically escalates to 222.17%, which is the highest percentage recorded in the given data set.

Though the reason behind this sharp rise cannot be definitively identified, it may be valuable to explore the potential causes for such a drastic change. Nonetheless, a considerable decrease in the loss ratio is witnessed in 2022, as it settles at 86.02%. The absence of data for 2021 makes it challenging to assess the consistency of this trend.

Direct and Earned Premiums for Private Flood

The data shows that direct premiums written and direct premiums earned for private flood insurance in Utah fluctuated between 2016 and 2022. The lowest amount of direct premiums written was $1,050,000 in 2016.

This increased to $1,959,000 in 2017, representing an 86.7% increase year-over-year. Direct premiums written continued to climb, reaching a peak of $5,389,000 in 2021, which was over 5 times higher than the 2016 amount. In 2022, direct premiums written decreased slightly to $4,533,000.

For direct premiums earned, the lowest amount was $620,000 in 2016. This jumped to $1,656,000 in 2017, a 167% increase from 2016. The highest direct premiums earned was $5,012,000 in 2022.

Loss Ratios for Private Flood

The loss ratio data for Private Flood insurance in Utah has shown considerable fluctuations over the years. In 2016, the loss ratio was remarkably low at 0.68%, but it increased to 3.25% in 2017. Despite a slight dip to 2.67% in 2018, there was a significant jump to 8.72% in 2019.

The year 2020 stands out markedly, with an unprecedented loss ratio of 150.45%. However, the loss ratio fell sharply to 33.2% in 2021, and continued to decrease to 18.82% in 2022.

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 Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $13,563,000 in 2015. This increased each year, reaching a high of $20,811,000 in 2022 - an overall increase of 53.4% over the 8 year period.

Direct premiums earned followed a similar trajectory, starting at $12,985,000 in 2015 and ending at $19,871,000 in 2022, for a 52.9% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $2,253,000 or 11.8% (from $19,058,000 to $20,811,000).

The smallest increase was just 2.9% between 2015 and 2016. For direct premiums earned, the biggest jump was 11.5% between 2021 and 2022 (from $18,363,000 to $19,871,000). The smallest increase was 2.3% from 2016 to 2017.

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Utah exhibits fascinating trends and fluctuations from 2015 to 2022. The loss ratios demonstrate considerable variability, hitting a low of 49.39% in 2022 and peaking at an exceptional 128.85% in 2020.

On the other hand, 2019 saw a downtrend with a loss ratio of 51.78% which is considerably lower compared to the 61.45% of 2018. The years 2021 and 2022 showed relatively consistent loss ratios of 54.52% and 49.39% respectively.

Direct and Earned Premiums for Homeowners Multiple Peril

The data shows that direct premiums written and direct premiums earned for homeowners multiple peril insurance in Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $489,732,000 in 2015.

This increased each year, reaching $845,957,000 in 2022 - a 73% increase over the period. Similarly, direct premiums earned grew from $476,425,000 in 2015 to $786,085,000 in 2022 - a 65% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $111,792,000 or 15%.

The smallest was from 2016 to 2017, when it increased by $25,985,000 or 5%. For direct premiums earned, the biggest jump was also 2021 to 2022, increasing by $97,193,000 or 14%. The smallest was from 2018 to 2019, when it grew by $41,562,000 or 8%.

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in Utah provides valuable insights into the market dynamics over the years. The data shows considerable variation, with 2015 recording a loss ratio of 43.54% which marks the lowest in the period, while 2020 saw a significant surge to 87.0%, the highest in the series.

The loss ratio in 2016 marks an increase to 61.66% followed by a slight dip in 2017 at 55.33%, and then an upward trend from 2018 to 2020, with ratios of 59.68%, 66.09%, and 87.0% respectively. From 2021, the loss ratio appears to stabilize around the 63% mark, with 63.23% in 2021 and 63.63% in 2022.

Direct and Earned Premiums for Commercial Multiple Peril

The data shows that direct premiums written and earned for commercial multiple peril insurance in Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $259,607,000 in 2015. The highest amount was $424,889,000 in 2022.

This represents an increase of over 63% over the 8 year period. The direct premiums written and 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 $53,940,000 or 14.6% (from $370,949,000 to $424,889,000). The smallest year-over-year increase was 4.1%, from $276,248,000 in 2017 to $287,422,000 in 2018.

The trends were similar for direct premiums earned. The lowest amount was $254,051,000 in 2015 and the highest was $401,935,000 in 2022, a 58% increase. The largest year-over-year jump was 14.5% from 2021 to 2022 (from $353,945,000 to $401,935,000) and the smallest was 4.8% from 2016 to 2017.

Loss Ratios for Commercial Multiple Peril

The loss ratio data for Commercial Multiple Peril in Utah demonstrates notable variations and trends over the years. In particular, the loss ratios range from a low of 33.02% in 2015 to a high of 57.54% in 2017. The data shows an initial increase between 2015 and 2017, followed by a decrease to 47.0% in 2018.

Interestingly, the loss ratio dips again to 33.44% in 2019 before rebounding to 54.21% in 2020. However, the loss ratios in 2021 and 2022 exhibit relative stability, with 54.18% and 38.62%, respectively.

Direct and Earned Premiums for Mortgage Guaranty

The data shows that direct premiums written and direct premiums earned for mortgage guaranty insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $73,757,000 in 2022, down from $76,744,000 in 2021. The highest amount of direct premiums written was $86,373,000 in 2016.

Direct premiums earned followed a similar pattern, with the lowest amount being $70,560,000 in 2015 and the highest being $105,991,000 in 2020. This represents a 50.3% increase in direct premiums earned from 2015 to the peak in 2020. Both direct premiums written and direct premiums earned decreased from their peak amounts in 2016 and 2020, respectively, to the lowest amounts in 2022. Direct premiums written fell 14.6% from 2021 to 2022, while direct premiums earned dropped 9.1% over the same period.

The data shows an overall fluctuating trend in both metrics over the 2015-2022 period analyzed, with direct premiums peaking in the middle years around 2016-2020 and then declining in the most recent years of 2021 and 2022. The most significant year-over-year change was the 20.9% increase in direct premiums earned from 2019 ($99,308,000) to 2020 ($105,991,000).

Loss Ratios for Mortgage Guaranty

The Mortgage Guaranty loss ratio data for Utah demonstrates significant changes over the years. In the early period, from 2015 to 2017, there is a noticeable downward trend in the loss ratios, decreasing from 6.47% in 2015 to a low of 1.95% in 2017.

However, the data for 2018 and 2019 is unavailable, making it challenging to track the trend progression during these years. In 2020, the loss ratio experienced a considerable increase to 18.12%. Interestingly, the loss ratio dropped sharply to 0.52% in 2021.

Direct and Earned Premiums for Ocean Marine

The data shows that direct premiums written and direct premiums earned for ocean marine insurance in Utah increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $10,467,000 in 2015.

This steadily increased each year, with the highest amount being $22,613,000 in 2022. This represents an increase of over 116% over the 8 year period. Direct premiums earned followed a similar trajectory, starting at $9,889,000 in 2015 and reaching $20,852,000 in 2022, a 111% increase.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $5,747,000 or 34%. The smallest year-over-year increase was 1.5% from 2016 to 2017. For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $3,953,000 or 23%. The smallest increase was 0.4% from 2017 to 2018.

Loss Ratios for Ocean Marine

The Ocean Marine loss ratio data for Utah provides interesting insights into its performance over the years. The loss ratios show considerable fluctuations, with the lowest recorded in 2015 at 16.06%. However, it nearly doubled in 2016 to 34.47%, then continued to rise to a peak of 62.75% in 2018.

There was a decline to 37.01% in 2019 and a slight drop to 36.52% in 2020. The most remarkable development is witnessed in 2021, with the loss ratio skyrocketing to 87.3%. The loss ratio, however, moderated to 58.98% 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 Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $149,880,000 in 2015.

This increased each year, with the exception of a slight dip from $210,164,000 in 2019 to $197,684,000 in 2020. The highest amount of direct premiums written was $284,216,000 in 2022, representing an increase of nearly 90% from 2015. Similarly, direct premiums earned rose steadily from $152,133,000 in 2015 to $266,234,000 in 2022, an increase of over 75%. The largest year-over-year increase in direct premiums written was from 2021 to 2022 at 20.5% (from $235,742,000 to $284,216,000).

The smallest was from 2020 to 2021 at 19.2% (from $197,684,000 to $235,742,000). For direct premiums earned, the largest increase was also from 2021 to 2022 at 19.3% (from $223,233,000 to $266,234,000). The smallest was from 2016 to 2017 at 2.1% (from $164,422,000 to $167,063,000).

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine insurance in Utah presents a fascinating pattern from 2015 to 2022. It shows a considerable variability, with the lowest figure of 21.94% in 2016 and the highest at 52.05% in 2020. In the most recent years, 2021 and 2022, loss ratios have decreased to 43.92% and 33.34%.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $213,000 in 2022, while the highest was $1,786,000 in 2021.

This represents an over 8-fold increase from the lowest to the highest amount over the 8 year period. Direct premiums written increased from $652,000 in 2015 to $1,054,000 in 2017, before dropping to $349,000 in 2018. It then increased again to $801,000 in 2019 and $1,786,000 in 2021, before falling again to $213,000 in 2022. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $1,566,000 or over 7 times (from $220,000 to $1,786,000).

For direct premiums earned, the lowest amount was $-15,000 in 2020 and the highest was $5,405,000 in 2015. This metric was much more variable over the period. The largest year-over-year increase was from 2021 to 2022, when direct premiums earned grew by $275,000 (from $515,000 to $790,000).

Loss Ratios for Commercial Financial Guaranty

The Financial Guaranty loss ratio data in Utah 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 Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $56,525,000 in 2020. The highest amount was $79,530,000 in 2022.

Direct premiums written decreased from 2015 to 2017, going from $63,050,000 in 2015 down to $57,584,000 in 2017. After this initial decline, direct premiums written stayed relatively flat from 2017 to 2020, ranging between $56,898,000 and $56,525,000. Then in 2021 and 2022, direct premiums written increased sharply, up to $65,974,000 in 2021 and $79,530,000 in 2022. The direct premiums earned follow a similar pattern to the direct premiums written, but lag one year behind.

The lowest direct premiums earned was $55,716,000 in 2020 and the highest was $74,764,000 in 2022. The largest year-over-year increase for direct premiums written was from 2021 to 2022 at 20.8% (from $65,974,000 to $79,530,000). The smallest year-over-year change was a 0.9% decrease from 2018 to 2019 (from $56,898,000 to $56,582,000).

Loss Ratios for Medical Professional Liability

The Medical Professional Liability loss ratio in Utah exhibits notable trends and fluctuations over the years 2015 to 2022. The loss ratios show a general increasing trend from 2015, with a low of 17.08%, to a peak in 2020 at 74.77%. A more detailed analysis reveals a steady increase from 2015 to 2018, with the loss ratio rising by 37.72 percentage points.

However, the loss ratio slightly decreased from 54.8% in 2018 to 53.96% in 2019, before surging to 74.77% in 2020. In the most recent years, the loss ratio experienced a decline from its peak in 2020 to 60.48% in 2021, followed by a further drop to 48.57% in 2022.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and direct premiums earned for earthquake insurance in Utah increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $44,999,000 in 2015.

By 2022, this had increased over 160% to $117,289,000. 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 $20,692,000 or 24.9% (from $83,048,000 to $103,740,000). The smallest increase was 1.5% from 2015 to 2016 ($44,999,000 to $45,219,000).

Direct premiums earned followed a similar upward trend, but lagged slightly behind direct premiums written due to the difference in timing of when policies are written versus when premiums are earned. The lowest direct premiums earned was $43,291,000 in 2015. By 2022 this had grown to $109,823,000, an increase of over 153%. The lag effect is evident - for example, in 2021 direct premiums written were $103,740,000 while direct premiums earned were $94,492,000.

Loss Ratios for Earthquake

An analysis of the loss ratio data for Earthquake insurance in Utah from 2015 to 2022 reveals interesting trends. The loss ratio oscillates notably, with a significant leap from 2.05% in 2018 to a staggering 63.38% in 2020. Data for 2016 and 2019 are not available.

However, the years following the spike in 2020, namely 2021 and 2022, demonstrated a drastic reduction in the loss ratio to 3.06% and 3.58%, respectively.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Utah increased overall from 2015 to 2022. The lowest amount of direct premiums written was $422,609,000 in 2015. This increased to $549,394,000 in 2022, representing an overall increase of 30%.

Direct premiums earned followed a similar trend, growing from $420,653,000 in 2015 to $493,309,000 in 2022, an increase of 17%. The direct premiums written and direct premiums earned increased each year from 2015 to 2019. The largest year-over-year increase for direct premiums written was from 2021 to 2022, when it grew by $73,458,000 or 15.4% (from $475,936,000 to $549,394,000).

The smallest year-over-year increase for direct premiums written was 1.3%, from $444,406,000 in 2018 to $4,454,78000 in 2019. For direct premiums earned, the largest increase was 16.1% from 2020 to 2021, and the smallest was 0.9% from 2016 to 2017.

Loss Ratios for Workers Compensation

The loss ratio data for Workers Compensation in Utah presents fascinating trends across the years, with noticeable fluctuations. The loss ratios remained relatively stable between 2015 and 2016, at 54.36% and 54.26%, respectively. A significant drop occurred in 2017, with the loss ratio reaching 41.13%.

From 2017 to 2020, the loss ratio showed an inconsistent pattern, with an increase to 48.63% in 2018, a slight decrease to 47.16% in 2019, and culminating in a peak of 56.7% in 2020. In the most recent years, 2021 and 2022, the loss ratios have shown a downward trend, with 43.9% and 41.5%, respectively.

Direct and Earned Premiums for Product Liability

The data shows that direct premiums written and earned for products liability insurance in Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $30,635,000 in 2015. The highest amount was $55,941,000 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 in direct premiums written was from 2020 to 2021, when it grew by $46,617,000 or 10.3% (from $453,780,000 to $499,950,000). The smallest year-over-year increase was 2.9%, from $283,110,000 in 2016 to $291,020,000 in 2017. Similarly, direct premiums earned also increased steadily over the period.

The lowest amount was $29,991,000 in 2015 and the highest was $53,409,000 in 2022, an increase of over 78%. The largest year-over-year increase in direct premiums earned was from 2020 to 2021, when it grew by $8,773,000 or 2.2% (from $406,520,000 to $494,250,000). The smallest increase was 0.8%, from $299,910,000 in 2015 to $316,450,000 in 2017.

Loss Ratios for Product Liability

The Products Liability Loss Ratio percentage in Utah displays interesting fluctuations from 2015 to 2022. A low point of 9.01% is observed in 2017, followed by a sharp increase to 37.74% in 2018. This rise seems anomalous given the otherwise declining trend from 21.83% in 2015 to the aforementioned 9.01% in 2017.

The loss ratio then slightly decreased to 33.28% in 2019 and marginally increased to 35.26% in 2020. In 2021, there's a significant drop to 14.87%, nearly matching the 2017 low. However, the loss ratio percentage elevates again to 33.03% in 2022.

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 Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $1,583,221,000 in 2015.

This increased each year, reaching $2,714,270,000 in 2022 - an increase of 71.5% over the 8 year period. Similarly, direct premiums earned grew from $1,540,852,000 in 2015 to $2,607,985,000 in 2022, a 69.3% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $219,771,000 or 9.7% (from $2,269,499,000 to $2,714,270,000).

The smallest increase was 2.0%, from $2,189,936,000 in 2018 to $2,239,029,000 in 2019. For direct premiums earned, the biggest jump was also from 2021 to 2022, increasing by $160,230,000 or 6.7% (from $2,401,755,000 to $2,607,985,000). The smallest increase was 1.9%, from $2,061,262,000 in 2018 to $2,102,982,000 in 2019.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Utah demonstrates interesting trends and variations over the years. Between 2015 and 2016, the loss ratios increased from 68.72% to 71.84%, before seeing a decline to 67.19% in 2017, and continuing this downward trend through 2018 and 2019 with 66.16% and 66.0%, respectively.

A noteworthy change occurred in 2020 when the loss ratio dropped to 58.75%. However, this trend reversed in 2021 with an increase to 65.22%. The most striking observation is the substantial rise in 2022 to a high of 73.43%.

Direct and Earned Premiums for Commercial Auto

The data shows that direct premiums written and direct premiums earned for commercial auto liability insurance in Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $250,123,000 in 2015. This increased each year, with the highest amount being $519,355,000 in 2022. This represents an increase of over 100% over the 8 year period.

The direct premiums earned followed a similar trajectory, growing from $241,827,000 in 2015 to $493,228,000 in 2022, also more than doubling over the period. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $55,910,000 or 12.1% (from $460,445,000 to $519,355,000).

The smallest year-over-year increase was 6.7%, from $300,255,000 in 2017 to $340,653,000 in 2018. In summary, the data shows steady and substantial growth in commercial auto liability premiums written and earned in Utah over the 8 year period from 2015 to 2022, with premiums more than doubling during this time. The largest annual increase was 12.1% from 2021 to 2022.

Loss Ratios for Commercial Auto

The loss ratio data for Commercial Auto Total in Utah shows a range from 58.33% in 2015 to a peak of 73.43% in 2022. Between these years, there are noticeable fluctuations. The loss ratio increased from 58.33% in 2015 to 67.26% in 2017, followed by a decrease to 59.58% in 2018.

However, it rose again to 67.79% in 2019, then slightly declined to 65.47% in 2020 before falling to 59.77% in 2021. A significant increase is observed in 2022, with the loss ratio surging to 73.43%.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $20,216,000 in 2017, while the highest was $41,279,000 in 2022.

Direct premiums written decreased from $26,459,000 in 2015 to $20,216,000 in 2017, before increasing each year after that to reach $41,279,000 in 2022. Similarly, direct premiums earned were lowest at $20,632,000 in 2017 and highest at $39,620,000 in 2022. There was a drop from $27,552,000 in 2015 to $20,632,000 in 2017, before increasing steadily each year after that. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $5,122,000 or 14.2% (from $36,157,000 to $41,279,000).

The smallest year-over-year increase was just 1.8% from 2018 to 2019 ($22,642,000 to $25,076,000). For direct premiums earned, the biggest year-over-year jump was also from 2021 to 2022, increasing by $13,531,000 or 39.7% (from $34,089,000 to $39,620,000). The smallest increase was 0.9% from 2016 to 2017 ($22,594,000 to $20,632,000)

Loss Ratios for Aircraft

The loss ratio data for Aircraft insurance in Utah showcases noteworthy fluctuations over the years. In 2016, the loss ratio peaked at 92.46%, making it the highest value in the given period.. On the contrary, the lowest loss ratio was recorded in 2021 at 38.37%.

A closer examination of the data reveals a general downward trend from 2016 to 2021, with a slight increase in 2018 and 2019 at 68.97% and 68.1% respectively. However, in 2022, the loss ratio rose again to 60.09%.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and earned for fidelity insurance in Utah increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $6,779,000 in 2015. The highest was $10,462,000 in 2022. This represents an increase of over 54% 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 $1,901,000 or 19.9% (from $9,561,000 to $10,462,000). The smallest year-over-year increase was 1.3%, from $6,709,000 in 2016 to $6,779,000 in 2017. The direct premiums earned followed a similar trend, with the lowest amount being $6,728,000 in 2015 and the highest being $9,992,000 in 2022.

This was an increase of over 48% over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022 at 7.1% (from $9,332,000 to $9,992,000). The smallest increase was 0.1% from 2016 to 2017.

Loss Ratios for Fidelity

The Fidelity line of business in Utah demonstrates considerable volatility in loss ratios from 2015 to 2022. Loss ratios hit a peak of 98.51% in 2015, followed by a sharp decrease to 77.14% in 2016, and a dramatic drop to 39.45% in 2017. In 2018, the loss ratio fell to its lowest point at 8.82%.

However, this trend reversed in 2019, with the ratio climbing back to 27.75%. Interestingly, 2020 saw the loss ratio return to the same level as 2016, at 77.14%. For 2021, no data is available. As of 2022, the loss ratio stands at 35.85%, showcasing another decrease.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and earned for surety insurance in Utah fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $41,991,000 in 2015. This increased to $66,051,000 in 2016 before dropping to $55,230,000 in 2017.

Direct premiums written then increased steadily from $58,224,000 in 2018 to a peak of $78,802,000 in 2022. Direct premiums earned followed a similar pattern but lagged behind premiums written, as expected. The lowest amount was $49,435,000 in 2015 versus premiums written of $41,991,000 that year. The highest premiums earned was $73,782,000 in 2022 compared to premiums written of $78,802,000. The largest year-over-year increase in direct premiums written was from 2015 to 2016, when it grew by $24,060,000 or 57.3% (from $41,991,000 to $66,051,000).

The smallest year-over-year increase was just 2.9%, from $60,884,000 in 2019 to $62,588,000 in 2020. In summary, the data shows fluctuating but overall increasing direct premiums written and earned for surety insurance in Utah from 2015 to 2022, with the largest premium growth occurring between 2015 and 2016.

Loss Ratios for Surety

The Surety loss ratio in Utah displays notable fluctuations over the observed period. The loss ratio began at a minimal 0.16% in 2015, then saw a substantial leap to 7.1% in 2016 and further increased to 13.59% in 2017. Data for 2018 is absent, but the loss ratio in 2019 was comparable to 2017, at 13.32%. However, a dramatic surge occurred in 2020, where the loss ratio soared to 47.85%, the highest in the given dataset. This drastic increase was then followed by a significant drop to 8.95% in 2021 and further decrease to 5.08% in 2022.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Utah increased substantially from 2015 to 2022. The lowest amount of direct premiums written was $29,034,000 in 2015.

This steadily increased each year, with the highest amount being $73,641,000 in 2022. This represents an increase of over 150% over the 8 year period. The direct premiums earned followed a similar upward trend, starting at $17,557,000 in 2015 and reaching $49,938,000 in 2022. This is an increase of over 180% over the period. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $18,267,000 or 44% (from $41,506,000 to $59,773,000).

The smallest year-over-year increase was just 2% between 2015 and 2016. For direct premiums earned, the biggest jump was from 2021 to 2022, increasing by $12,685,000 or 34% (from $37,253,000 to $49,938,000). The smallest increase was 19% between 2016 and 2017.

Loss Ratios for Warranty

The Warranty loss ratio data for Utah from 2015 to 2022 exhibits an overall upward trend, with some fluctuations in recent years. In 2015, the loss ratio stood at 59.2%, and it steadily increased until 2020, reaching its peak at 90.94% in 2021.

While the years 2015 to 2017 showed relatively consistent increases, with loss ratios moving from 59.2% to 67.79%, the most significant jump occurred between 2018 and 2019, where the ratio spiked from 71.68% to 79.24%. Notably, the loss ratio in 2022 saw a decrease to 76.89%.