Standard Lines Premiums

COMMERCIAL LINES INSURANCE

The commercial lines sector of the property/casualty insurance industry generally provides insurance products for businesses as opposed to the personal lines sector, which offers products for individuals. However, the division between commercial and personal coverages is not precise. Inland marine insurance, which is included in the commercial lines sector, may cover some personal property such as expensive jewelry, fine art and other items whose values are above the standard homeowners policy limits.

WORKERS COMPENSATION INSURANCE

Workers compensation insurance provides for the cost of medical care and rehabilitation for injured workers and lost wages and death benefits for the dependents of persons killed in work-related accidents. Workers compensation systems vary from state to state. Workers compensation combined ratios are expressed in two ways. Calendar year results reflect claim payments and changes in reserves for accidents that happened in that year or earlier. Accident year results only include losses from a particular year.

WORKERS COMPENSATION INSURANCE, 2004-2013

($000)

      Combined ratio (1)
Year Net premiums
written (2)
Annual percent
change
Calendar
year (3)
Annual point
change (4)
Accident
year (5)
Annual point
change
2004 $36,735,582 11.7% 106.9 -3.6 pts. 88 -10 pts.
2005 38,981,699 6.1 102.1 -4.8 87 -1
2006 41,820,419 7.3 95.4 -6.7 86 -1
2007 40,610,991 -2.9 101.7 6.3 99 13
2008 36,939,016 -9.0 101.5 -0.2 106 7
2009 32,247,870 -12.7 107.9 6.4 110 4
2010 31,643,087 -1.9 116.1 8.2 118 8
2011 35,664,230 12.7 117.6 1.5 113 -5
2012 38,747,594 8.6 110.4 -7.3 107 -6
2013 40,896,983 5.5 103.0 -7.4 99 (6) -8

(1) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(2) After reinsurance transactions, excludes state funds.
(3) Calendar year data are from SNL Financial.
(4) Calculated from unrounded data.
(5) Accident year data are from the National Council on Compensation Insurance (NCCI).
(6) Estimated by NCCI.

Source: SNL Financial LC; ©National Council on Compensation Insurance.

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EXCESS WORKERS COMPENSATION

Excess workers compensation, a coverage geared to employers that self-insure for workers compensation, comes into play when claims exceed a designated dollar amount.

EXCESS WORKERS COMPENSATION INSURANCE, 2008-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2008 $926,487 NA 148.3 NA
2009 941,117 1.6% 34.8 -113.5 pts.
2010 799,733 -15.0 50.9 16.0
2011 816,435 2.1 134.7 83.8
2012 815,770 -0.1 153.6 18.9
2013 844,098 3.5 69.3 -84.3

(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.

NA=Data not available.

Source: SNL Financial LC.

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COMMERCIAL AUTOMOBILE INSURANCE

Commercial automobile insurance protects businesses against property damage and legal liability associated with the operation of the vehicles a company owns. In addition, businesses may also buy insurance covering their liability for their employees’ use of automobiles not owned by the business, including personally owned cars as well as rented, leased or borrowed vehicles.

COMMERCIAL AUTOMOBILE INSURANCE, 2004-2013

($000)

  Liability Collision/comprehensive
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (2)
Annual
point
change (3)
Net premiums
written (1)
Annual
percent
change
Combined
ratio (2)
Annual point
change (3)
2004 $19,566,628 6.2% 96.9 -2.7 pts. $7,148,629 1.9% 83.0 -0.7 pts.
2005 19,766,618 1.0 92.0 -4.9 6,929,335 -3.1 88.1 5.1
2006 19,704,282 -0.3 95.7 3.7 6,949,388 0.3 88.4 0.3
2007 18,803,425 -4.6 95.4 -0.3 6,630,652 -4.6 91.0 2.5
2008 17,833,085 -5.2 97.4 2.0 5,989,108 -9.7 94.7 3.7
2009 16,581,981 -7.0 100.6 3.1 5,347,981 -10.7 96.9 2.3
2010 16,249,433 -2.0 97.1 -3.5 4,870,380 -8.9 101.6 4.7
2011 16,382,082 0.8 101.1 4.0 4,647,376 -4.6 112.0 10.4
2012 16,984,612 3.7 106.6 5.5 5,099,427 9.7 109.2 -2.9
2013 18,353,335 8.1 107.2 0.6 5,536,173 8.6 105.2 -3.9

(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: SNL Financial LC.

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LIABILITY INSURANCE

“Other liability” insurance is a commercial coverage that protects the policyholder from legal liability arising from negligence, carelessness or a failure to act that causes property damage or personal injury to others. It encompasses a wide variety of coverages including errors and omissions, umbrella liability and liquor liability. It does not include products liability, which is a separate line of insurance. Products liability protects the manufacturer, distributor or seller of a product from legal liability resulting from a defective condition that caused personal injury or damage associated with the use of the product.

PRODUCTS LIABILITY INSURANCE, 2004-2013

($000)

Year Net premiums
written (1)
Annual percent
change
Combined ratio (2) Annual point
change (3)
2004 $3,401,867 24.8% 152.4 -13.5 pts.
2005 3,546,009 4.2 131.1 -21.3
2006 3,621,671 2.1 77.8 -53.3
2007 3,265,035 -9.8 99.8 22.0
2008 2,777,587 -14.9 124.0 24.2
2009 2,365,681 -14.8 124.0 (4)
2010 2,050,619 -13.3 157.1 33.1
2011 2,320,540 13.2 160.0 2.9
2012 2,575,225 11.0 102.7 -57.3
2013 2,718,879 5.6 155.3 52.6

(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.
(4) Less than 0.1 point.

Source: SNL Financial LC.

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COMMERCIAL AND FARMOWNERS MULTIPLE PERIL INSURANCE

Commercial multiple peril insurance is a package policy that includes property, boiler and machinery, crime and general liability coverages. Farmowners multiple peril insurance, similar to homeowners insurance, provides coverage to farmowners and ranchowners against a number of named perils and liabilities. It covers a dwelling and its contents, as well as barns, stables and other structures.

COMMERCIAL MULTIPLE PERIL INSURANCE, 2004-2013

  Total ($000)  
Year Net premiums
written (1)
Annual
percent
change
Year Net premiums
written (1)
Annual
percent
change
 
2004 $29,011,421 5.9% 2009 $28,926,363 -4.6%  
2005 29,577,004 1.9 2010 28,913,516 (2)  
2006 31,856,902 7.7 2011 29,995,201 3.7  
2007 31,261,039 -1.9 2012 31,502,689 5.0  
2008 30,306,109 -3.1 2013 33,244,677 5.5  
 
  Nonliability Portion ($000)
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (3)
Annual
point
change (4)
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (3)
Annual
point
change (4)
2004 $16,942,080 3.8% 98.3 8.9 pts. 2009 $17,927,074 -1.7% 98.3 -9.4 pts.
2005 17,672,953 4.3 95.3 -2.9 2010 18,210,612 1.6 102.9 4.5
2006 18,250,773 3.3 83.9 -11.5 2011 18,657,799 2.5 119.1 16.2
2007 18,334,139 0.5 89.6 5.7 2012 19,513,568 4.6 113.9 -5.1
2008 18,235,095 -0.5 107.7 18.1 2013 21,058,405 7.9 93.3 -20.6
 
  Liability Portion ($000)
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (3)
Annual
point
change (4)
Year Net premiums
written (1)
Annual
percent
change
Combined
ratio (3)
Annual
point
change (4)
2004 $12,069,341 9.1% 105.5 -9.5 pts. 2009 $10,999,289 -8.9% 94.2 -3.2 pts.
2005 11,904,051 -1.4 102.9 -2.7 2010 10,702,904 -2.7 96.0 1.8
2006 13,606,129 14.3 104.0 1.1 2011 11,337,402 5.9 101.8 5.8
2007 12,926,900 -5.0 95.4 -8.6 2012 11,989,121 5.7 94.1 -7.7
2008 12,071,014 -6.6 97.5 2.1 2013 12,186,272 1.6 103.8 9.7

(1) After reinsurance transactions, excludes state funds.
(2) Less than 0.1 percent.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded data.

Source: SNL Financial LC.

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FARMOWNERS MULTIPLE PERIL INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $2,118,097 5.9% 92.1 -7.4 pts.
2005 2,258,489 6.6 95.2 3.1
2006 2,300,728 1.9 123.2 28.0
2007 2,413,562 4.9 98.1 -25.0
2008 2,586,861 7.2 119.5 21.3
2009 2,612,262 1.0 107.9 -11.6
2010 2,754,955 5.5 108.2 0.3
2011 2,932,576 6.4 117.4 9.2
2012 3,277,423 11.8 99.5 -17.9
2013 3,511,651 7.1 93.9 -5.6

(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: SNL Financial LC.

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MEDICAL MALPRACTICE INSURANCE

Medical malpractice insurance covers facilities, doctors and other professionals in the medical field for liability claims arising from the treatment of patients.

MEDICAL MALPRACTICE INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $9,124,240 4.2% 109.0 -30.1 pts.
2005 8,619,612 -5.5 95.3 -13.7
2006 10,378,325 20.4 90.6 -4.7
2007 9,958,513 -4.0 84.7 -5.9
2008 9,521,113 -4.4 79.2 -5.5
2009 9,206,794 -3.3 85.5 6.3
2010 9,096,345 -1.2 88.9 3.4
2011 8,833,365 -2.9 88.0 -1.0
2012 8,713,595 -1.4 93.1 5.2
2013 8,530,830 -2.1 89.4 -3.8

(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: SNL Financial LC.

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FIRE AND ALLIED LINES INSURANCE

Fire Insurance provides protection against losses to property damage caused by fire or lightning.

Allied Lines insurance provides protection to property for miscellaneous perils such as wind, hail, and vandalism. Protection for crops and flooding can also be purchased but may not be standard under allied lines policies.

There lines may be sold as part of a package policy such as commercial multiple peril.

FIRE INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $8,025,042 -4.4% 73.2 -6.5 pts.
2005 7,934,584 -1.1 83.3 10.1
2006 9,365,050 18.0 78.0 -5.3
2007 9,664,054 3.2 85.6 7.6
2008 9,906,059 2.5 92.3 6.7
2009 10,109,161 2.1 78.6 -13.7
2010 10,199,101 0.9 80.2 1.7
2011 10,317,968 1.2 94.1 13.9
2012 10,795,612 4.6 87.4 -6.7
2013 11,229,431 4.0 79.1 -8.3

(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: SNL Financial LC.

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ALLIED LINES INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $5,979,859 -2.8% 120.0 41.9 pts.
2005 5,944,151 -0.6 153.1 33.1
2006 6,593,122 10.9 94.6 -58.6
2007 6,889,750 4.5 53.5 -41.1
2008 7,691,004 11.6 128.1 74.6
2009 7,744,256 0.7 93.6 -34.5
2010 7,494,281 -3.2 98.9 5.3
2011 7,800,211 4.1 132.7 33.8
2012 8,161,346 4.6 138.0 5.3
2013 9,250,527 13.3 90.2 -47.7

(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: SNL Financial LC.

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INLAND MARINE AND OCEAN MARINE INSURANCE

Inland marine insurance covers bridges and tunnels, goods in transit, movable equipment, unusual property, and communications-related structures as well as expensive personal property. Ocean marine insurance provides coverage on all types of vessels, for property damage to the vessels and cargo, as well as associated liabilities.

Allied lines insurance includes property insurance that is usually bought in conjunction with a fire insurance policy. Allied lines includes coverage for wind and water damage and vandalism.

INLAND MARINE INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $7,937,670 2.0% 84.3 4.1 pts.
2005 8,248,273 3.9 90.4 6.1
2006 9,217,002 11.7 72.7 -17.7
2007 9,775,987 6.1 79.2 6.5
2008 9,408,463 -3.8 92.7 13.5
2009 8,686,660 -7.7 89.2 -3.5
2010 8,527,512 -1.8 86.0 -3.2
2011 8,768,829 2.8 97.6 11.6
2012 9,603,749 9.5 95.9 -1.7
2013 10,147,014 5.7 83.6 -12.4

(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: SNL Financial LC.

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OCEAN MARINE INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $2,828,685 9.3% 95.5 -7.7 pts.
2005 2,948,604 4.2 114.5 19.0
2006 3,133,674 6.3 97.3 -17.2
2007 3,261,490 4.1 113.6 16.3
2008 3,098,438 -5.0 103.2 -10.5
2009 2,941,486 -5.1 91.8 -11.3
2010 2,740,956 -6.8 96.1 4.3
2011 2,760,853 0.7 100.9 4.8
2012 2,704,665 -2.0 109.1 8.2
2013 2,863,507 5.9 98.1 -11.0

(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: SNL Financial LC.

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SURETY AND FIDELITY

Surety bonds provide monetary compensation in the event that a policyholder fails to perform certain acts such as the proper fulfillment of a construction contract within a stated period. Surety bonds are usually purchased by the party that has contracted to complete a project. They are required for public projects in order to protect taxpayers.

Fidelity bonds, which are usually purchased by an employer, protect against losses caused by employee fraud or dishonesty.

SURETY BONDS, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $3,802,893 12.6% 120.6 -0.5 pts.
2005 3,817,496 0.4 102.1 -18.5
2006 4,434,780 16.2 81.5 -20.6
2007 4,779,117 7.8 72.2 -9.3
2008 4,960,250 3.8 67.0 -5.2
2009 4,835,409 -2.5 79.5 12.6
2010 4,851,328 0.3 70.7 -8.8
2011 4,849,480 (4) 72.9 2.2
2012 4,695,782 -3.2 76.8 3.9
2013 4,868,847 3.7 72.7 -4.0

(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.
(4) Less than 0.1 percent.

Source: SNL Financial LC.

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FIDELITY BONDS, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $1,309,344 9.9% 79.8 8.9 pts.
2005 1,216,647 -7.1 85.1 5.3
2006 1,240,822 2.0 87.2 2.1
2007 1,239,760 -0.1 76.5 -10.7
2008 1,140,617 -8.0 84.2 7.7
2009 1,098,372 -3.7 105.4 21.2
2010 1,082,534 -1.4 95.8 -9.6
2011 1,098,225 1.4 102.0 6.2
2012 1,096,406 -0.2 99.4 -2.6
2013 1,124,199 2.5 92.9 -6.5

(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: SNL Financial LC.

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BURGLARY AND THEFT AND BOILER AND MACHINERY INSURANCE

Burglary and theft insurance covers the loss of property, money and securities due to burglary, robbery or larceny.

Boiler and machinery insurance is also known as mechanical breakdown, equipment breakdown or systems breakdown coverage. Among the types of equipment covered by this insurance are heating, cooling, electrical, telephone/communications and computer equipment.

BURGLARY AND THEFT INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $138,307 11.8% 68.3 1.5 pts.
2005 120,170 -13.1 63.6 -4.7
2006 143,132 19.1 64.3 0.7
2007 160,703 12.3 56.4 -7.9
2008 160,434 -0.2 48.2 -8.3
2009 152,197 -5.1 59.6 11.5
2010 167,152 9.8 69.4 9.8
2011 194,661 16.5 61.6 -7.8
2012 220,831 13.4 58.6 -3.0
2013 205,239 -7.1 42.0 -16.6

(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: SNL Financial LC.

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BOILER AND MACHINERY INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $1,572,195 -1.2% 67.1 -1.3 pts.
2005 1,582,964 0.7 60.2 -6.9
2006 1,675,347 5.8 73.1 12.9
2007 1,741,099 3.9 73.1 (4)
2008 1,728,595 -0.7 87.7 14.6
2009 1,803,376 4.3 71.7 -16.1
2010 1,721,764 -4.5 71.5 -0.2
2011 1,810,941 5.2 75.0 3.5
2012 1,887,625 4.2 80.8 5.8
2013 1,979,514 4.9 72.2 -8.6

(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.
(4) Less than 0.1 point.

Source: SNL Financial LC.

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CROP INSURANCE

There are two kinds of crop insurance: crop-hail, which is provided by the private market and covers just hail, fire and wind, and federally sponsored multiple peril crop insurance, which is sold and serviced by the private market but subsidized and reinsured by the federal government.

CROP-HAIL INSURANCE, 2004-2013

($000)

Year Direct premiums written (1) Annual percent change Loss ratio (2) Annual point change
2004 $427,567 1.3% 58 2 pts. 
2005 434,711 1.7 44 -14
2006 405,254 -6.8 50 6
2007 489,649 20.8 48 -2
2008 669,436 36.7 83 35
2009 621,322 -7.2 91 8
2010 682,188 9.8 67 -24
2011 843,801 23.7 116 49
2012 958,163 13.6 74 -42
2013 959,912 0.2 68 -6

(1) Before reinsurance transactions, total for all policyholders of crop-hail insurance.
(2) The percentage of each premium dollar spent on claims and associated costs. A drop in the loss ratio represents an improvement; an increase represents a deterioration.

Source: National Crop Insurance Services. 

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MULTIPLE PERIL CROP INSURANCE, 2004-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2004 $2,203,143 29.4% 76.1 -33.8 pts.
2005 2,234,630 1.4 91.3 15.2
2006 2,824,769 26.4 77.9 -13.3
2007 3,648,996 29.2 74.7 -3.2
2008 5,077,625 39.2 90.1 15.3
2009 3,964,690 -21.9 79.7 -10.4
2010 3,501,631 -11.7 73.9 -5.8
2011 5,456,991 55.8 90.6 16.8
2012 5,321,811 -2.5 104.0 13.3
2013 4,942,547 -7.1 103.3 -0.7

(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: SNL Financial LC.

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REINSURANCE

Reinsurance is essentially insurance for insurance companies. It is a way for primary insurers to protect against unforeseen or extraordinary losses. Reinsurance also serves to limit liability on specific risks, to increase individual insurers' capacity to write business, and to help insurers stabilize their business in the face of the wide swings in profit and loss margins which are inherent in the insurance business.

NET PREMIUMS WRITTEN, MAJOR U.S. PROPERTY/CASUALTY REINSURERS, 2004-2013 (1)

($000)

Year Net premiums written Annual percent change Combined ratio (2) Annual point change
2004 $28,759,085 -6.1% 106.2 5.0 pts.
2005 25,330,697 -11.9 129.4 23.2
2006 25,834,026 2.0 94.9 -34.5
2007 22,711,994 -12.1 94.7 -0.2
2008 23,920,333 5.3 101.8 7.1
2009 23,906,150 -0.1 93.5 -8.3
2010 23,305,291 -2.5 95.4 1.9
2011 26,390,657 13.2 107.2 11.8
2012 29,481,444 11.7 96.2 -11.0
2013 26,843,064 -8.9 86.8 -9.4

(1) Based on reinsurance companies responding to quarterly surveys conducted by the Reinsurance Association of America.
(2) After dividends to policyholders.

Source: Reinsurance Association of America.

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WARRANTY INSURANCE

Warranty insurance coverage compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers.

WARRANTY INSURANCE, 2008-2013

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2008 $2,086,935 NA 94.3 NA
2009 1,757,247 -15.8% 97.9 3.6 pts.
2010 1,864,139 6.1 106.4 8.5
2011 1,695,799 -9.0 97.1 -9.3
2012 1,386,404 -18.2 99.5 2.5
2013 1,155,338 -16.7 104.2 4.7

(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.

NA=Data not available.

Source: SNL Financial LC.

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TOP TEN WRITERS OF WARRANTY INSURANCE BY DIRECT PREMIUMS WRITTEN, 2010

($000)

Rank Company/group Direct premiums written (1) Market share (2)
1 American International Group $885,551 31.7%
2 GMAC Insurance Group  470,999 16.9
3 Virginia Surety Co. 283,739 10.2
4 Zurich Financial Services Ltd. (3) 226,415 8.1
5 AmTrust Financial Services 151,323 5.4
6 Courtesy Insurance Co. 125,879 4.5
7 American Road Insurance Co. 91,319 3.3
8 Wells Fargo & Co.  82,357 3.0
9 Dealers Assurance Co. 78,599 2.8
10 Old United Casualty Co. 74,915 2.7

(1) Before reinsurance transactions, excluding state funds.
(2) Based on U.S. total including territories.
(3) Data for Farmers Group and Zurich Financial Group (which owns Farmers’ management company) are reported separately by SNL.

Source: SNL Financial LC.

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