Market Trends

Direct and Earned Premiums for Fire

The data shows that direct premiums written and earned for fire insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $198,678,000 in 2017. The highest was $314,567,000 in 2022. This represents an increase of 58.3% over the 8 year period.

Direct premiums written decreased from $214,007,000 in 2015 to $198,678,000 in 2017. It then increased each year from 2018 to 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $32,375,000 or 11.5% (from $282,192,000 to $314,567,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, but lagged behind somewhat. The lowest direct premiums earned was $197,170,000 in 2017 and the highest was $304,738,000 in 2022. This was an increase of 54.6% over the period. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when it grew by $24,342,000 or 8.7%.

Loss Ratios for Fire

The loss ratio data for Fire insurance in Virginia demonstrates notable fluctuations over the observed period. The loss ratios hit a low of 31.95% in 2015, progressively increasing to a peak of 65.56% in 2018. This upward trend was followed by a period of decline, with loss ratios dropping to 45.9% in 2020.

Interestingly, the years 2015 and 2021 both exhibit relatively similar loss ratios of 31.95% and 38.65%, respectively, indicating a potential cyclical pattern. However, the data for 2022 disrupts this pattern, demonstrating an increase to 54.51%.

Direct and Earned Premiums for Allied Lines

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

The lowest amount of direct premiums written was $182,854,000 in 2015. This increased each year, with the exception of a slight dip from $177,301,000 in 2016 to $176,861,000 in 2017. The highest direct premiums written was $301,427,000 in 2022, representing an overall increase of 65% from 2015 to 2022.

Direct premiums earned followed a similar pattern, starting at $183,087,000 in 2015 and reaching $287,352,000 in 2022, a 57% increase. The largest year-over-year growth for direct premiums written was from 2019 to 2020, increasing by $48,594,000 or 21%. The smallest year-over-year increase was just 0.8% from 2016 to 2017.

Loss Ratios for Allied Lines

The loss ratio data for Allied Lines in Virginia displays notable variations and trends across the years. Specifically, the loss ratios range from a low of 29.04% in 2019 to a high of 91.84% in 2018. This eight-year period can be divided into three distinct phases based on the observed loss ratio trends. From 2015 to 2017, there is a steady increase in the loss ratio, starting at 33.83% in 2015 and rising to 64.19% in 2017.

This upward trend is followed by a peak in 2018, with the highest recorded loss ratio of 91.84%. The subsequent year, 2019, witnesses a sharp decline in the loss ratio, dropping to 29.04%, the lowest point in the data set. In the most recent years, 2020 to 2022, the loss ratios show a degree of stability, with 47.66% in 2020 and similar values of 33.97% in 2021 and 33.77% in 2022.

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 Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $61,298,000 in 2019. The highest was $105,090,000 in 2022. This represents an increase of 71% over the 8 year period.

Direct premiums written increased each year from 2015 to 2018, before decreasing in 2019. They then increased again in 2020 and 2021, before jumping significantly to over $100 million in 2022. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when they grew by $28,116,000 or 34%.

Direct premiums earned followed a similar pattern to direct premiums written over the time period. The lowest direct premiums earned was $61,717,000 in 2019, while the highest was $102,826,000 in 2022. This represents a 66% increase. The largest year-over-year increase in direct premiums earned was also from 2021 to 2022, when they increased by $22,707,000 or 28%.

Loss Ratios for Multi-Peril Crop

The loss ratio data for Federal Multi-Peril Crop in Virginia displays considerable shifts over the years. The loss ratios ranged from 47.08% in 2022 to a peak of 109.07% in 2020.

A significant spike was observed in 2016, with a loss ratio of 96.29%, almost doubling from the preceding year's 50.1%. Post-2016, the ratios showed a decline reaching 59.27% in 2017, then slightly rebounding to 67.37% in 2018. A marginal decrease was noted in 2019, registering 60.02%.

The year 2020 witnessed the highest loss ratio, over 109.07%, later falling to 60.51% in 2021. The most recent year, 2022, recorded the lowest loss ratio in this series, at 47.08%.

Direct and Earned Premiums for Federal Flood

The data shows that direct premiums written and direct premiums earned for federal flood insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $59,741,000 in 2017. The highest was $64,053,000 in 2021. This represents an increase of over 7% during the 7 year period.

Direct premiums written increased from $60,388,000 in 2015 to $64,053,000 in 2021, with a dip in 2016 and 2017 before resuming an upward trend. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $1,612,000 or 2.6% (from $63,141,000 to $64,053,000).

Direct premiums earned followed a similar pattern to direct premiums written over the period, ranging from a low of $59,447,000 in 2017 to a high of $63,843,000 in 2021. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, growing by $857,000 or 1.4%.

In 2022 there was a significant decrease in direct premiums written compared to 2021, dropping by $15,252,000 or 23.8% to $48,801,000. However, direct premiums earned increased to $57,423,000 in 2022.

Loss Ratios for Federal Flood

The Federal Flood loss ratio data for Virginia over the years exhibits striking fluctuations. A remarkable spike is observed in 2016, with the loss ratio reaching a towering 112.55%, a stark contrast to the preceding year's modest 5.45%.

However, data for 2017 is not available, making trend analysis between 2016 and 2018 difficult. In 2018, the loss ratio dropped significantly to 21.5%, nearly five times lower than the 2016 peak.

From 2019 to 2020, the loss ratio remained relatively stable, hovering around 10.5%. A slight decline can be seen in 2021, with a loss ratio of 6.2%.

Direct and Earned Premiums for Private Crop

The data shows that direct premiums written and earned for private crop insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written and earned was $1,375,000 in 2020. The highest amount was $3,497,000 in 2018.

Direct premiums written and earned increased from $2,672,000 in 2015 to a peak of $3,497,000 in 2018, representing an increase of 31% over this 3 year period. After 2018, premiums declined significantly to $2,133,000 in 2019, a 39% decrease from the 2018 high.

Premiums fell further to $1,375,000 in 2020, representing a 55% drop from 2019. In 2021 and 2022, premiums increased slightly from the 2020 low, reaching $1,455,000 in 2022, which is still 58% below the peak in 2018.

Loss Ratios for Private Crop

The loss ratio data for Private Crop insurance in Virginia displays notable trends and fluctuations across the years. The loss ratios demonstrate significant variability, with a low of 21.07% in 2018 and a high of 84.0% in 2022.

From 2015 to 2016, the loss ratios experienced a slight increase, moving from 44.73% to 47.71%. However, there was a considerable jump in 2017, with the loss ratio reaching 77.58%. Interestingly, the loss ratio then saw a sharp decline to 21.07% in 2018. This downward trend was short-lived, as the loss ratios began to rise again in subsequent years.

In 2019, the loss ratio increased to 35.97%, followed by a jump to 51.53% in 2020. The upward trajectory continued in 2021, with a loss ratio of 61.63%. Most recently, in 2022, the loss ratio reached its highest point in the dataset at 84.0%.

Direct and Earned Premiums for Private Flood

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

The lowest amount of direct premiums written was $4,727,000 in 2016. This steadily increased each year, with the highest amount being $20,648,000 in 2022. This represents a 337% increase over the 7 year period.

Direct premiums earned followed a similar trajectory, starting at $2,844,000 in 2016 and reaching $19,388,000 in 2022. This is a 582% increase. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $4,009,000 or 29% (from $13,826,000 to $17,835,000). The smallest year-over-year increase was 6% between 2017 and 2018 (from $8,527,000 to $9,476,000).

For direct premiums earned, the biggest jump was from 2021 to 2022, increasing by $3,684,000 or 23% (from $15,704,000 to $19,388,000). The smallest increase was 7% from 2018 to 2019 (from $8,916,000 to $8,385,000).

Loss Ratios for Private Flood

The Private Flood insurance loss ratio figures in Virginia show fascinating variability over the years. In 2016, the loss ratio was at a meager 0.94%, which surged to 4.03% in 2017. A substantial leap was observed in 2018, with the ratio peaking at 16.31%. Interestingly, 2019 witnessed an extreme dip to nearly negligible at 0.01%.

This was followed by a dramatic rise in 2020, where the loss ratio hit a six-year high of 30.17%. However, the subsequent year, 2021, saw a sharp decline to 1.54%, nearly reverting to the 2016 level. The year 2022 marked a substantial increase, with the loss ratio reaching 16.95%.

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 Virginia fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $67821000 in 2017, while the highest was $88889000 in 2022.

Direct premiums written increased overall during the period, with the largest year-over-year increase occurring between 2020 and 2021, when direct premiums written grew by $23022000 or 28.8% (from $79864000 to $82786000).

Direct premiums earned followed a similar pattern to direct premiums written. The lowest amount was $68144000 in 2015, and the highest was $85610000 in 2022. The largest year-over-year increase in direct premiums earned was also between 2020 and 2021, growing by $2038000 or 25.7% (from $79190000 to $81228000).

Loss Ratios for Farmowners Multiple Peril

The loss ratio data for Farmowners Multiple Peril in Virginia displays fluctuations across the years, with values oscillating between 36.81% and 56.93%.

The highest loss ratio occurred in 2018 at 56.93%, while the lowest was recorded in 2017 at 36.81%.

The data reveals a pattern of alternating high and low loss ratios. In 2015, the loss ratio stood at 39.12%, followed by an increase to 56.28% in 2016. The next year, 2017, saw a substantial drop to 36.81%, only to spike again in 2018 to 56.93%.

This pattern continued in 2019, with a decrease to 38.3%, and a subsequent rise to 45.58% in 2020. In the most recent years, the loss ratios appear to stabilize somewhat, registering 45.72% in 2021 and 53.69% in 2022.

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 Virginia increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $2,067,709,000 in 2015.

This increased each year, with the highest amount being $3,136,519,000 in 2022. This represents an overall increase of 51.7% from 2015 to 2022. Similarly, direct premiums earned grew from $2,042,810,000 in 2015 to $2,965,731,000 in 2022, an increase of 45.2% over the period.

The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $330,020,000 or 12.8% (from $2,585,890,000 to $2,818,910,000). The smallest increase was from 2016 to 2017, when direct premiums written grew by $362,512,000 or 1.7% (from $2,091,919,000 to $2,154,431,000).

Loss Ratios for Homeowners Multiple Peril

The loss ratio data for Homeowners Multiple Peril in Virginia exhibits noteworthy trends and fluctuations from 2015 to 2022. The loss ratios display considerable variability, with the lowest value of 43.39% in 2015 and the highest value of 77.04% in 2018. Between 2015 and 2018, there was a substantial increase in the loss ratio percentage, peaking in 2018.

However, the loss ratios decreased in the following years, with 2019 and 2020 showing similar values of 53.76% and 52.39%, respectively.

This decline continued in 2021, reaching a loss ratio of 49.69%. In 2022, the loss ratio experienced an upswing, rising to 63.6%. Despite this increase, it remains notably lower than the 2018 peak.

Direct and Earned Premiums for Commercial Multiple Peril

The data shows that direct premiums written and earned for commercial multiple peril insurance in Virginia increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $767,105,000 in 2015. This increased each year, with the highest amount being $1,076,827,000 in 2022. This represents an overall increase of 40.4% from 2015 to 2022. The direct premiums earned followed a similar trajectory, starting at $761,882,000 in 2015 and reaching $1,030,891,000 in 2022. This was a 35.3% increase over the period.

The largest year-over-year increase for direct premiums written was from 2019 to 2020, when it grew by $52,328,000 or 6.2% (from $847,021,000 to $899,349,000). The smallest increase was 2.1% between 2016 and 2017, from $772,221,000 to $788,715,000.

For direct premiums earned, the biggest jump was also between 2019 and 2020, increasing by $52,715,000 or 6.4% (from $830,719,000 to $879,434,000). The smallest increase was 1.9% between 2015 and 2016, from $761,882,000 to $770,916,000.

Loss Ratios for Commercial Multiple Peril

The Loss Ratio Percentage for Commercial Multiple Peril in Virginia demonstrates varying dynamics from 2015 to 2022. There is a progressive climb from 37.78% in 2015 to a peak of 57.99% in 2018, followed by a sharp drop to 37.76% in 2019. This decline continues slightly into 2021, reaching a low of 36.79%.

The trend then shifts in 2022, with a notable increase to 47.24%. Interestingly, the years 2016 and 2020 show closely related figures, 39.43% and 38.22% respectively, suggesting a possible recurring pattern.

Direct and Earned Premiums for Mortgage Guaranty

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

The lowest amount of direct premiums written was $154,318,000 in 2018, while the highest was $179,341,000 in 2021. This represents an increase of 16.3% from the low point in 2018 to the high point in 2021.

Direct premiums written increased each year from 2015 to 2017, from $160,555,000 to $165,451,000 to $157,794,000. There was then a dip in 2018 to $154,318,000 before increasing again each year to 2021's high of $179,341,000. In 2022, direct premiums written decreased to $165,351,000. For direct premiums earned, the lowest amount was $140,209,000 in 2015 and the highest was $194,682,000 in 2021. This represents a 39.0% increase over the period.

Direct premiums earned followed a steady upward trend over the years, with the exception of a small dip from $157,651,000 in 2018 to $179,342,000 in 2019. The largest year-over-year increase was 24.7%, from $178,649,000 in 2020 to $212,929,000 in 2021.

Loss Ratios for Mortgage Guaranty

Analysis of the loss ratio data for Mortgage Guaranty in Virginia exhibits significant fluctuations between the years 2015 and 2022. The loss ratios varied remarkably, peaking at 63.06% in 2015, and hitting a low of 2.79% in 2021.

Over the seven years, a general decrease in loss ratios is observable from 2015's high, down to a mere 3.64% in 2018. However, an unexpected surge occurred in 2020 with the rate climbing to 30.27%. The following year, 2021, saw the ratio drastically drop to the seven-year low.

Direct and Earned Premiums for Ocean Marine

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

The lowest amount of direct premiums written was $64,187,000 in 2015. The highest amount was $134,942,000 in 2022. This represents an increase of over 110% 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 $23,489,000 or 24% (from $97,810,000 to $121,279,000). The smallest year-over-year increase was 2.1%, from $69,598,000 in 2017 to $71,094,000 in 2018.

The direct premiums earned followed a similar upward trend as the direct premiums written, with the lowest amount being $66,682,000 in 2015 and the highest being $130,548,000 in 2022. This was an increase of over 95% over the period. The largest year-over-year increase in direct premiums earned was also from 2020 to 2021, when it grew by $18,895,000 or 19.5% (from $96,743,000 to $115,538,000).

Loss Ratios for Ocean Marine

The loss ratio data for Ocean Marine in Virginia presents compelling patterns over the observed years. There's significant volatility with the loss ratios oscillating between 47.29% in 2022 and 89.84% in 2017. In the earlier years, a surge is noticed from 54.48% in 2015 to a peak of 89.84% in 2017.

This is followed by a sharp drop to 48.53% in 2018. The year 2019 saw another increase to 76.54%, but the ratio declined moderately to 59.52% in 2020. In the following years, the ratio slightly rose to 63.82% in 2021 before declining again to 47.29% 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 Virginia increased steadily from 2015 to 2022.

The lowest amount of direct premiums written was $413,208,000 in 2015. The highest amount was $733,900,000 in 2022. This represents an increase of over 77% 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 $99,409,000 or 15.7% (from $634,491,000 to $733,900,000). The smallest year-over-year increase was 6.8%, from $457,044,000 in 2016 to $489,621,000 in 2017.

The direct premiums earned followed a similar trend, with the lowest amount being $407,444,000 in 2015 and the highest being $702,303,000 in 2022. This was an increase of 72% over the period. As with direct premiums written, the largest year-over-year increase in direct premiums earned was from 2021 to 2022 at 15.3% (from $609,712,000 to $702,303,000). The smallest increase was 2.3% from 2016 to 2017.

Loss Ratios for Inland Marine

The loss ratio data for Inland Marine insurance in Virginia showcases several key trends over the eight-year span from 2015 to 2022. The loss ratios initially demonstrate a steady increase, rising from 43.55% in 2015 to 50.61% in 2019. However, a dramatic surge can be observed in 2020 when the loss ratio peaked at 74.89%.

Subsequently, there was a decrease to 65.16% in 2021, yet still higher than the figures seen from 2015 to 2019. In the most recent year, 2022, the loss ratio dropped significantly to 41.4%, which is the lowest across all the years under consideration.

Direct and Earned Premiums for Financial Guaranty

The data shows that direct premiums written and direct premiums earned for financial guaranty insurance in Virginia fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $483,000 in 2022, while the highest was $3,568,000 in 2016. For direct premiums earned, the lowest amount was $3,087,000 in 2019 and the highest was $13,130,000 in 2022.

The direct premiums written decreased from $682,000 in 2015 to $483,000 in 2022, with some fluctuations in between. The largest year-over-year decrease was from 2016 to 2017, when direct premiums written fell by $2,937,000 or 82.3% (from $3,568,000 to $631,000).

The direct premiums earned followed a different pattern, generally decreasing between 2015 and 2019 before increasing again in 2020 through 2022. The largest year-over-year increase for direct premiums earned was from 2021 to 2022, when it grew by $9,209,000 or 234.9% (from $3,921,000 to $13,130,000).

Loss Ratios for Financial Guaranty

The loss ratio data for Financial Guaranty in Virginia highlights notable trends and fluctuations during the years 2015-2022.

The loss ratios exhibit considerable variability, with the lowest value at 0.0% in 2018 and the highest at 22.5% in 2019. A steady decrease is observed from 2015 to 2018, with 3.84% in 2015, 1.67% in 2016, and an unreported value in 2017.

However, a significant spike in loss ratio occurred in 2019, reaching 22.5%. This peak was followed by a sharp decline to 3.19% in 2020, approximating the 2015 value. The subsequent years, 2021 and 2022, displayed modest increases in loss ratios, with 5.01% in 2021 and an unreported value in 2022.

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 Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $184,847,000 in 2017. The highest amount was $234,256,000 in 2022.

Direct premiums written increased each year from 2017 to 2022, with the exception of 2018 which saw a slight decrease to $184,111,000. The largest year-over-year increase in direct premiums written was from 2020 to 2021, when it grew by $39,617,000 or 21.1% (from $187,858,000 to $227,475,000). The smallest year-over-year increase was just 0.6%, from $187,621,000 in 2016 to $188,847,000 in 2017.

For direct premiums earned, the lowest amount was $184,471,000 in 2020 and the highest was $230,864,000 in 2022. Like direct premiums written, direct premiums earned also saw a large increase of 21.8% from 2020 to 2021.

Loss Ratios for Medical Professional Liability

An examination of the loss ratio data for Medical Professional Liability in Virginia between 2015 and 2022 reveals noteworthy patterns and variations.

The loss ratios display a wide range, starting at 26.44% in 2015 and reaching a peak of 52.03% in 2022. Throughout the years, there is an observable upward trend in the loss ratio percentages.

From 2015 to 2016, there was a significant increase from 26.44% to 38.57%, followed by a slight decrease to 36.28% in 2017. The loss ratio remained relatively stable between 2017 and 2018 at 35.93%.

From 2019 onwards, there has been a consistent increase in the loss ratios, with 42.57% in 2019, 44.27% in 2020, and 45.44% in 2021. This culminated in the highest loss ratio of 52.03% in 2022.

Direct and Earned Premiums for Earthquake

The data shows that direct premiums written and earned for earthquake insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $15,709,000 in 2016, while the highest was $29,451,000 in 2021. This represents an 87% increase from the low in 2016 to the high in 2021.

Direct premiums written increased overall from 2015 to 2022, with the exception of a dip from $18,759,000 in 2015 to $15,709,000 in 2016. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $2,126,000 or 8.5% (from $24,955,000 to $24,681,000).

Direct premiums earned followed a similar pattern to direct premiums written, with the lowest amount being $15,695,000 in 2017 and the highest being $27,390,000 in 2021. This was a 74% increase over this period.

The largest year-over-year growth in direct premiums earned was from 2018 to 2019, increasing by $6,704,000 or 36.7% (from $18,256,000 to $22,960,000).

Loss Ratios for Earthquake

The loss ratio data for Earthquake insurance in Virginia presents interesting trends and variations over the years 2015 to 2022. A striking feature is the negligible loss ratio of 0.13% in 2015, which sharply contrasts with the highest value of 8.16% in 2017. The data shows an absence of loss ratio information for 2016 and 2021.

In 2018, the loss ratio decreased to 2.97%, followed by a significant drop to 0.02% in 2019. This value then increased to 4.41% in 2020 and further rose to 7.73% in 2022. The overall trend showcases fluctuations, with a dramatic dip in 2019 and subsequent increases in 2020 and 2022.

Direct and Earned Premiums for Workers Compensation

The data shows that direct premiums written and direct premiums earned for workers compensation insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $979,459,000 in 2021, while the highest was $1,088,830,000 in 2019.

Direct premiums written increased from $981,402,000 in 2015 to $1,088,830,000 in 2019, representing an overall increase of 11% during that 5-year period. The largest single year-over-year increase in direct premiums written was from 2016 to 2017, when it grew by $77,790,000 or 7.6% (from $1,020,917,000 to $1,028,707,000).

Direct premiums earned followed a similar pattern to direct premiums written over the 2015-2022 timeframe. The lowest direct premiums earned was $979,459,000 in 2021 and the highest was $1,081,290,000 in 2019. From 2015 to 2019, direct premiums earned grew by 11.4%. The biggest single year jump was also from 2016 to 2017, when it increased by $23,661,000 or 2.4% (from $999,553,000 to $1,023,194,000).

Loss Ratios for Workers Compensation

Analysis of Workers Compensation loss ratio data for Virginia from 2015 to 2022 unveils several notable trends. The loss ratios experienced a substantial decline, with the highest being 69.3% in 2015 and the lowest at 39.61% in 2020. The years 2015 to 2017 saw a gradual reduction from 69.3% to 60.11%.

A significant drop occurred in 2018, bringing the loss ratio down to 45.56%. This downward trend persisted until 2020, after which there was a slight uptick. The years 2021 and 2022 showed a minor increase in loss ratios, with figures standing at 42.51% and 43.2% respectively.

Direct and Earned Premiums for Product Liability

The Products Liability loss ratio data for Virginia from 2015 to 2022 displays considerable fluctuations and noteworthy trends. The most striking variation is observed between 2017 and 2018, where the loss ratio surged from 19.69% to 77.14%.

This drastic increase was followed by a sharp decline to 4.3% in 2019, indicating significant volatility in loss ratios during this period. The data for 2016 is unavailable, making it difficult to identify any specific trends for that year.

However, the loss ratios in the years following 2019 demonstrate a general upward trajectory. The loss ratio increased from 60.97% in 2020 to 44.58% in 2021, and further rose to 51.2% in 2022. This upward trend suggests a potential stabilization of the loss ratios in recent years.

Loss Ratios for Product Liability

The Products Liability loss ratio data for Virginia from 2015 to 2022 displays considerable fluctuations and noteworthy trends. The most striking variation is observed between 2017 and 2018, where the loss ratio surged from 19.69% to 77.14%.

This drastic increase was followed by a sharp decline to 4.3% in 2019, indicating significant volatility in loss ratios during this period. The data for 2016 is unavailable, making it difficult to identify any specific trends for that year.

However, the loss ratios in the years following 2019 demonstrate a general upward trajectory. The loss ratio increased from 60.97% in 2020 to 44.58% in 2021, and further rose to 51.2% in 2022. This upward trend suggests a potential stabilization of the loss ratios in recent years.

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 Virginia increased overall from 2015 to 2022. The lowest amount of direct premiums written was $4,851,761,000 in 2015. This steadily increased each year, with the exception of a slight dip from $5,873,738,000 in 2019 to $5,790,621,000 in 2020. The highest direct premiums written was $6,588,473,000 in 2022, representing an increase of 35.7% from 2015. 

Similarly, direct premiums earned started at $4,798,736,000 in 2015 and reached a high of $6,346,548,000 in 2022, a 32.1% increase. The largest year-over-year growth for direct premiums written was from 2021 to 2022 at 8.8% (from $6,046,674,000 to $6,588,473,000). The smallest was from 2019 to 2020 at -1.4%. For direct premiums earned, the largest increase was also 2021 to 2022 at 9.4%, while the smallest was 2015 to 2016 at 4.4%.

In most years, direct premiums written were higher than direct premiums earned. The gap between the two metrics grew over time, from $53,025,000 in 2015 to $241,925,000 in 2022.

Loss Ratios for Private Passenger Auto

The loss ratio data for Private Passenger Auto Total in Virginia reveals notable trends from 2015-2022. A significant trend is the loss ratio's rise from 53.61% in 2020 to 77.42% in 2022, suggesting increased claims or reduced premiums in the auto insurance sector.

The data also shows moderate fluctuations between 2015 and 2019, peaking at 69.5% in 2016 and dipping to 63.83% in 2018. These variations hint at shifts in market conditions or risk factors impacting Virginia's auto insurance.

Interestingly, the loss ratios in 2017 (65.67%) and 2019 (65.34%) remained stable, aligning closely with 2015's starting value of 64.97%. This consistency contrasts with the fluctuations seen in other years.

Direct and Earned Premiums for Commercial Auto

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

The lowest amount of direct premiums written was $624,218,000 in 2015. This increased each year, reaching $1,129,839,000 in 2022 - an overall increase of 81% over the 8 year period.

Direct premiums earned followed a similar trend, growing from $605,145,000 in 2015 to $1,104,691,000 in 2022, a 83% increase. The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $95,356,000 or 9.2% (from $1,034,283,000 to $1,129,839,000).

The smallest increase was 2.8% between 2015 and 2016. For direct premiums earned, the biggest jump was also between 2021 and 2022, increasing by $131,141,000 or 13.5% (from $973,650,000 to $1,104,691,000). The smallest increase was 3.4% from 2016 to 2017.

Loss Ratios for Commercial Auto

The Commercial Auto Total loss ratio percentage in Virginia has exhibited noticeable trends and shifts from 2015 to 2022. The loss ratio has varied considerably through these years, dipping to a low of 56.05% in 2020 while peaking at 66.18% in 2017.

The period from 2015 to 2017 witnessed an upward trend, with the loss ratio escalating from 58.48% in 2015 to the aforementioned peak in 2017.

However, post-2017, a general decline was observed till 2020. The subsequent two years, 2021 and 2022, saw a rebound in the loss ratio, with figures of 58.15% and 61.44% respectively.

Direct and Earned Premiums for Aircraft

The data shows that direct premiums written and direct premiums earned for aircraft insurance in Virginia fluctuated between 2015 and 2022.

The lowest amount of direct premiums written was $40,971,000 in 2015. This increased to $42,481,000 in 2016 before dropping slightly to $40,772,000 in 2017. Direct premiums written then increased steadily from 2018 to 2022, with the highest amount being $62,580,000 in 2022. This represents an overall increase of 52.8% from 2015 to 2022.

Direct premiums earned followed a similar pattern, starting at $39,186,000 in 2015, peaking at $65,420,000 in 2021, and ending at $62,658,000 in 2022. This was an increase of 59.8% over the period. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $11,137,000 or 22.3% (from $50,062,000 to $61,199,000).

The smallest year-over-year increase was just 2.1% from 2021 to 2022 ($615,860,000 to $625,800,000). For direct premiums earned, the biggest jump was also from 2019 to 2020, increasing by $9,327,000 or 20.2%. The smallest increase was 1.9% from 2022 to 2022.

Loss Ratios for Aircraft

The loss ratio data for Aircraft business in Virginia presents interesting variability over the observed years. A noticeable high was seen in 2017, with a loss ratio of 87.14%, followed by a considerable drop to 34.96% in 2018. The loss ratio in 2019 was moderately elevated at 42.57%, which rose further to 57.65% in 2020.

However, a surprising downtrend emerged in 2021, with the loss ratio dipping to 24.3%. The most recent year, 2022, shows a resurgence, with the loss ratio climbing up to 50.53%. The lowest loss ratio was observed in 2016 at 18.48%, and the highest in 2017.

Direct and Earned Premiums for Fidelity

The data shows that direct premiums written and earned for fidelity insurance in Virginia increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $31,122,000 in 2015. The highest was $38,906,000 in 2022.

This represents an increase of over 25% over the 8 year period. The direct premiums written increased each year from 2015 to 2022, with the exception of 2022 which saw a slight decrease from $38,862,000 in 2021 to $38,906,000 in 2022. The largest year-over-year increase in direct premiums written was from 2019 to 2020, when it grew by $3,342,000 or 9.2% (from $36,513,000 to $38,855,000).

The direct premiums earned followed a similar trend, starting at $31,110,000 in 2015 and reaching $38,835,000 in 2022. The largest year-over-year increase was also from 2019 to 2020, when direct premiums earned grew by $2,059,000 or 5.8% (from $35,393,000 to $37,452,000). The smallest year-over-year increase for direct premiums written was 1.2%, from $34,304,000 in 2017 to $34,969,000 in 2018. For direct premiums earned, the smallest increase was 0.9%, from $33,344,000 in 2017 to $33,959,000 in 2018.

Loss Ratios for Fidelity

The loss ratio data for Fidelity in Virginia presents several interesting trends and fluctuations over the years 2015 to 2022. The loss ratios demonstrate considerable variability, with a low of 7.67% in 2020 and a high of 69.37% in 2016.

There is a notable drop in loss ratios between 2016 and 2017, with a sharp decrease from 69.37% to 8.88%. This trend of low loss ratios continues through 2019, with 2018 and 2019 showing 49.42% and 10.1%, respectively. The year 2020 maintains a low loss ratio of 7.67% before a significant increase to 43.36% in 2021. In 2022, the loss ratio declines again to 14.13%.

The data indicates a pattern of alternating high and low loss ratios, with 2015 and 2016 exhibiting relatively high percentages, followed by a substantial decline in 2017 through 2020. The year 2021 presents a temporary increase, before reducing again in 2022.

Direct and Earned Premiums for Surety

The data shows that direct premiums written and direct premiums earned for surety insurance in Virginia increased steadily from 2015 to 2022. The lowest amount of direct premiums written was $140,060,000 in 2015. The highest amount was $237,173,000 in 2022. This represents an increase of nearly 70% 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 $23,769,000 or 11.1% (from $213,403,000 to $237,173,000). The smallest year-over-year increase was 6.3%, from $185,209,000 in 2019 to $197,319,000 in 2020.

The direct premiums earned followed a similar upward trend over the period, with the lowest amount being $143,366,000 in 2015 and the highest being $225,104,000 in 2022. This was an increase of over 57%.

The largest year-over-year increase in direct premiums earned was from 2019 to 2020 at 5.7% (from $188,521,000 to $199,319,000). The smallest was just 1.4% between 2017 and 2018 (from $170,957,000 to $168,766,000).

Loss Ratios for Surety

An examination of the Surety line of business in Virginia from 2015 to 2022 indicates considerable shifts in loss ratios. In 2016, a considerable loss ratio of 19.6% was noted, which gradually decreased to 12.57% by 2019. However, a slight increase to 15.36% was observed in 2020.

The subsequent years, 2021 and 2022, indicate a drastic drop in loss ratios to 9.51% and 2.56%, respectively. This is a significant decline from the peak in 2016, with 2022 depicting the lowest loss ratio throughout the observed period. The overall trend appears to be a decrease in loss ratios across the years, with noticeable deviation in 2020.

Direct and Earned Premiums for Warranty

The data shows that direct premiums written and direct premiums earned for warranty insurance in Virginia fluctuated between 2015 and 2022. The lowest amount of direct premiums written was $17,898,000 in 2020. The highest was $27,407,000 in 2022.

Direct premiums written increased overall from 2015 to 2022, with the exception of decreases in 2017, 2020, and 2021. Direct premiums earned followed a similar pattern, ranging from a low of $17,651,000 in 2020 to a high of $21,359,000 in 2022. However, direct premiums earned decreased year-over-year more frequently than direct premiums written.

The largest year-over-year increase in direct premiums written was from 2021 to 2022, when it grew by $1,932,000 or 7.6% (from $25,475,000 to $27,407,000). The largest decrease was from 2019 to 2020, dropping by $15,587,000 or -8.0%.

For direct premiums earned, the biggest increase was also 2021 to 2022, growing by $3,616,000 or 20.4% (from $17,743,000 to $21,359,000). The largest decrease was from 2018 to 2019, falling by $2,800,000 or -14.6%.

Loss Ratios for Warranty

The Warranty loss ratio data in Virginia reveals interesting patterns and fluctuations from 2015 to 2022.

The loss ratios exhibit considerable variability, with the lowest figure of 52.65% in 2016, and a peak of 79.42% in 2022. Throughout the observed years, there is a general upward trend from 2015 to 2018, with the loss ratio percentage increasing from 53.75% to 62.05%.

A slight dip occurs in 2019, with a loss ratio of 61.43%, followed by a more substantial decrease to 55.66% in 2020. The data then indicates a minor increase in 2021, settling at 56.0%, before experiencing a significant jump to the highest value of 79.42% in 2022.