| Defense Costs and Cost Containment Expenses as a Percent of Incurred Losses, 2021-2023 (1) |
($000)
|
| |
2021 |
2022 |
2023 |
| |
Amount |
As a percent
of incurred losses |
Amount |
As a percent
of incurred losses |
Amount |
As a percent
of incurred losses |
| Product liability |
$713,268 |
46.6% |
$751,333 |
46.2% |
$869,370 |
40.8% |
| Medical professional liability |
1,969,451 |
36.7 |
1,943,401 |
35.3 |
2,205,636 |
35.7 |
| Commercial multiple peril (2) |
2,272,853 |
30.0 |
2,248,506 |
22.2 |
2,724,149 |
25.5 |
| Other liability |
6,945,720 |
15.9 |
7,093,556 |
13.7 |
8,332,174 |
14.8 |
| Workers compensation |
2,593,464 |
12.3 |
2,975,641 |
13.9 |
3,085,693 |
14.3 |
| Commercial auto liability |
2,146,754 |
10.2 |
2,462,641 |
9.4 |
2,955,885 |
9.8 |
| Private passenger auto liability |
5,378,307 |
5.6 |
5,947,243 |
5.0 |
6,270,745 |
5.0 |
| All liability lines |
$22,019,817 |
11.3% |
$23,422,321 |
10.0% |
$26,443,652 |
10.4% |
(1) Net of reinsurance, excluding state funds.
(2) Liability portion only.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute. |
|