| Product Liability Insurance, 2014-2023 |
($000)
|
| Year |
Net premiums
written (1) |
Annual percent
change |
Combined
ratio (2) |
Annual point
change (3) |
| 2014 |
$2,674,183 |
-1.6% |
134.4 |
-20.9 pts. |
| 2015 |
2,796,761 |
4.6 |
130.6 |
-3.7 |
| 2016 |
2,422,721 |
-13.4 |
124.1 |
-6.5 |
| 2017 |
2,689,115 |
11.0 |
102.1 |
-22.0 |
| 2018 |
2,794,716 |
3.9 |
122.3 |
20.2 |
| 2019 |
3,017,099 |
8.0 |
108.5 |
-13.8 |
| 2020 |
3,239,063 |
7.4 |
88.2 |
-20.3 |
| 2021 |
3,561,024 |
9.9 |
100.5 |
12.2 |
| 2022 |
4,295,605 |
20.6 |
89.5 |
-11.0 |
| 2023 |
4,444,481 |
3.5 |
99.9 |
10.4 |
(1) After reinsurance transactions, excludes state funds.
(2) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(3) Calculated from unrounded data.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute. |
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