Commercial 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. For example, inland marine insurance, which is included in the commercial lines sector, may cover some personal property such as expensive jewelry and fine art.

Leading Companies

Top 10 Writers Of Commercial Lines Insurance By Direct Premiums Written, 2018

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 Travelers Companies Inc. $17,580,086 5.5%
2 Chubb Ltd. 17,533,247 5.5
3 Liberty Mutual 15,910,049 5.0
4 American International Group (AIG) 12,715,146 4.0
5 Zurich Insurance Group 12,171,979 3.8
6 Berkshire Hathaway Inc. 10,341,805 3.2
7 CNA Financial Corp. 10,216,730 3.2
8 Hartford Financial Services 9,071,385 2.8
9 Nationwide Mutual Group 7,951,827 2.5
10 Tokio Marine Group 6,959,032 2.2

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Commercial Insurance Brokers Of U.S. Business By Revenue, 2018 (1)

($ millions)

Rank Company Brokerage revenues
1 Marsh & McLennan Cos. Inc. (2), (3) $7,524.0
2 Aon PLC (2) $4,654.4
3 Willis Towers Watson PLC  $3,954.1
4 Arthur J. Gallagher & Co. (2) $3,574.6
5 BB&T Insurance Holdings Inc. (2) $2,016.3
6 Brown & Brown Inc. (2) $2,009.9
7 Hub International Ltd. (2) $1,674.4
8 USI Insurance Services LLC (2) $1,665.4
9 Alliant Insurance Services Inc. (2) $1,346.2
10 Acrisure LLC (2) $1,323.0

(1) Companies that derive more than 49 percent of revenues from personal lines are not ranked.
(2) Reported U.S. acquisitions in 2018 and 2019.
(3) Pro forma to reflect the acquisition of Jardine Lloyd Thompson Group PLC in April 2019.

Source: Business Insurance (www.businessinsurance.com), July 2019.

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Workers Compensation Insurance And Excess Workers Compensation

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; and accident year results only include losses from a particular year. Excess workers compensation, a coverage geared to employers that self-insure for workers compensation, comes into play when claims exceed a designated dollar amount.

Workers Compensation Insurance, 2009-2018

($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
2009 $32,247,870 -12.7% 107.9 6.4 pts. 107 3 pts.
2010 31,643,087 -1.9 116.1 8.2 114 7
2011 35,664,230 12.7 117.6 1.5 110 -4
2012 38,947,491 9.2 110.4 -7.2 102 -8
2013 41,147,216 5.6 103.0 -7.4 96 -6
2014 43,753,885 6.3 101.9 -1.2 92 -4
2015 45,355,102 3.7 95.5 -6.4 92 0
2016 45,619,831 0.6 95.6 0.1 93 1
2017 45,047,380 -1.3 92.2 -3.4 96 3
2018 48,343,292 7.3 86.2 -5.9 97 (6) 1

(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 S&P Global Market Intelligence.
(4) Calculated from unrounded data.
(5) Accident year data are from the National Council on Compensation Insurance (NCCI).
(6) Estimated by NCCI.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute; ©National Council on Compensation Insurance.

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Excess Workers Compensation Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
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
2014 920,223 9.0 108.2 39.0
2015 929,393 1.0 113.6 5.4
2016 889,191 -4.3 111.6 -2.0
2017 796,587 -10.4 101.0 -10.6
2018 722,354 -9.3 110.4 9.4

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Workers Compensation Medical Costs, 2009-2018

 

(1) Based on states where the National Council on Compensation Insurance provides ratemaking services. Represents costs for injuries that resulted in time off from work. Data for 2018 are preliminary.

Source: U.S. Bureau of Labor Statistics; ©National Council on Compensation Insurance.

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Workers Compensation Benefits, Coverage And Costs, 2015-2016

 

  2015 2016 Percent change,
2015-2016
Covered workers (000) 135,850 138,251 1.8%
Covered wages ($ billions) $7,198 $7,422 3.1
Workers compensation benefits paid ($ billions) 62.0 61.9 -0.2
     Medical benefits 31.2 31.1 -0.3
     Cash benefits 30.8 30.8 (1)
Employer costs for workers compensation ($ billions) 95.5 96.5 1.1

(1) Less than -0.1 percent.

Source: Workers Compensation: Benefits, Coverage, and Costs, October 2018, National Academy of Social Insurance.

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Other Liability Insurance

Other liability insurance 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 includes errors and omissions, umbrella liability and liquor liability. Product liability, a separate line of insurance, 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.

Other Liability Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $36,184,065 -6.3% 105.5 11.7 pts.
2010 35,802,772 -1.1 108.1 2.6
2011 36,511,575 2.0 96.1 -12.0
2012 38,307,679 4.9 103.2 7.0
2013 42,075,315 9.8 96.8 -6.4
2014 44,181,272 5.0 96.6 -0.2
2015 45,585,794 3.2 101.6 5.0
2016 44,591,885 -2.2 110.8 9.2
2017 46,676,454 4.7 100.8 -9.9
2018 58,405,698 25.1 100.1 -0.8

(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: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Products Liability Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $2,365,681 -14.8% 124.0 (4)
2010 2,050,619 -13.3 157.1 33.1 pts.
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
2014 2,674,183 -1.6 134.4 -20.9
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 2,790,125 3.8 122.4 20.3

(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.
(4) Less than 0.1 point.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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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, 2009-2018

 

Total ($000)  
Year Net
premiums
written (1)
Annual
percent
change
Year Net
premiums
written (1)
Annual
percent
change
 
2009 $28,926,363 -7.5% 2014 $34,375,127 3.4%  
2010 28,913,516 (2) 2015 34,741,695 1.1
2011 29,995,201 3.7 2016 34,099,664 -1.8
2012 31,502,689 5.0 2017 34,190,669 0.3
2013 33,245,146 5.5 2018 37,541,437 9.8
  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)
2009 $17,927,074 -1.7% 98.3 -9.4 pts. 2014 $21,983,697 4.4% 96.8 3.5 pts.
2010 18,210,612 1.6 102.9 4.5 2015 21,478,010 -2.3 91.6 -5.2
2011 18,657,799 2.5 119.1 16.2 2016 20,840,849 -3.0 98.2 6.6
2012 19,513,568 4.6 113.9 -5.1 2017 20,673,258 -0.8 111.8 13.6
2013 21,058,709 7.9 93.3 -20.6 2018 22,553,970 9.1 107.7 -4.0
  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)
2009 $10,999,289 -8.9% 94.2 -3.2 pts. 2014 $12,391,430 1.7% 103.6 -0.2 pts.
2010 10,702,904 -2.7 96.0 1.8 2015 13,263,685 7.0 99.2 -4.4
2011 11,337,402 5.9 101.8 5.8 2016 13,258,815 (2) 105.5 6.4
2012 11,989,121 5.7 94.1 -7.7 2017 13,517,411 2.0 101.4 -4.1
2013 12,186,437 1.6 103.8 9.7 2018 14,987,467 10.9 103.3 1.8

(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: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

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Farmowners Multiple Peril Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $2,612,262 1.0% 107.9 -11.6 pts.
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
2014 3,628,084 3.3 95.4 1.5
2015 3,762,451 3.7 89.9 -5.6
2016 3,802,197 1.1 93.6 3.8
2017 3,925,285 3.2 105.7 12.1
2018 4,128,898 5.2 96.9 -8.8

(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: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute

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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 Professional Liability Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $9,206,794 -3.3% 85.5 6.3 pts.
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 8,531,233 -2.1 89.4 -3.8
2014 8,475,474 -0.7 104.8 15.4
2015 8,201,438 -3.2 102.3 -2.5
2016 8,194,935 -0.1 106.4 4.1
2017 8,062,046 -1.6 101.6 -4.8
2018 8,344,628 3.5 104.2 2.6

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute

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Fire And Allied Lines Insurance

Fire insurance provides coverage against losses caused by fire and lightning. It is usually sold as part of a package policy such as commercial multiple peril. Allied lines insurance includes property insurance that is usually bought in conjunction with a fire insurance policy. It includes coverage for wind and water damage and vandalism.

Fire Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $10,109,161 2.1% 78.6 -13.7 pts.
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
2014 11,501,516 2.4 86.0 6.9
2015 11,417,751 -0.7 84.9 -1.1
2016 11,005,907 -3.6 92.0 7.2
2017 10,688,228 -2.9 118.6 26.6
2018 11,622,400 8.7 111.4 -7.2

(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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Allied Lines Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $7,744,256 0.7% 93.6 -34.5 pts.
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 9,251,852 13.4 90.2 -47.7
2014 9,209,843 -0.5 89.5 -0.7
2015 9,119,738 -1.0 88.1 -1.4
2016 9,758,591 7.0 98.5 10.4
2017 8,711,204 -10.7 166.3 67.8
2018 10,169,806 16.7 132.9 -33.4

(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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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.

Inland Marine Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $8,686,660 -7.7% 89.2 -3.5 pts.
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 10,147,908 5.7 83.6 -12.4
2014 10,990,045 8.3 83.3 -0.2
2015 11,417,332 3.9 83.8 0.4
2016 11,407,517 -0.1 83.4 -0.3
2017 11,973,636 5.0 90.0 6.5
2018 14,588,257 21.8 86.3 -3.7

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Ocean Marine Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $2,941,486 -5.1% 91.8 -11.3 pts.
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
2014 2,910,377 1.6 91.2 -7.0
2015 2,831,564 -2.7 94.3 3.1
2016 2,549,417 -10.0 97.0 2.7
2017 2,370,488 -7.0 110.3 13.2
2018 2,885,727 21.7 100.6 -9.6

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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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, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $4,835,409 -2.5% 79.5 12.6 pts.
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
2014 5,000,382 2.7 69.5 -3.3
2015 5,139,873 2.8 73.8 4.3
2016 5,138,543 (4) 72.0 -1.8
2017 5,368,773 4.5 72.1 0.2
2018 6,384,998 18.9 70.5 -1.7

(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 numbers.
(4) Less than 0.1 percent.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Fidelity Bonds, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $1,098,372 -3.7% 105.4 21.2 pts.
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
2014 1,165,280 3.7 92.7 -0.2
2015 1,161,375 -0.3 77.3 -15.4
2016 1,093,925 -5.8 80.1 2.8
2017 986,403 -9.8 73.9 -6.1
2018 1,215,457 23.2 73.3 -0.6

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Mortgage Guaranty Insurance

Private mortgage insurance (PMI), also known as mortgage guaranty insurance, guarantees that in the event of a default, the insurer will pay the mortgage lender for any loss resulting from a property foreclosure, up to a specific amount. PMI, which is purchased by the borrower but protects the lender, is sometimes confused with mortgage life insurance, a life insurance product that pays off the mortgage if the borrower dies before the loan is repaid. Banks generally require PMI for all borrowers with down payments of less than 20 percent of the home price. The industry’s combined ratio, a measure of profitability, deteriorated (i.e., rose) significantly in 2007 and 2008, reflecting the economic downturn and the subsequent rise in mortgage defaults, and remained at high levels through 2012. In 2016 the combined ratio fell to 49.9, the lowest level since it was 47.3 in 2000.

Mortgage Guaranty Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $4,564,406 -15.0% 201.9 -17.9 pts.
2010 4,248,798 -6.9 198.4 -3.6
2011 4,242,340 -0.2 219.0 20.7
2012 3,965,896 -6.5 189.7 -29.4
2013 4,329,947 9.2 98.0 -91.7
2014 4,180,006 -3.5 70.2 -27.7
2015 4,681,917 12.0 58.1 -12.1
2016 4,410,832 -5.8 49.9 -8.1
2017 4,376,797 -0.8 40.4 -9.5
2018 4,693,844 7.2 29.2 -11.2

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Mortgage Guaranty Insurance By Direct Premiums Written, 2018

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 Arch Capital Group Ltd. $1,112,064 21.4%
2 MGIC Investment Corp. 1,104,774 21.2
3 Radian Group Inc. 1,081,607 20.8
4 Genworth Financial Inc. 785,300 15.1
5 Essent Group Ltd.  668,853 12.8
6 NMI Holdings Inc. 287,791 5.5
7 PMI Group Inc. 96,082 1.8
8 Old Republic International Corp. 72,302 1.4
9 Southern Pioneer P&C Insurance Co. 127 (3)
10 Chubb Ltd. 42 (3)

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.
(3) Less than 0.1 percent.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Financial Guaranty Insurance

Financial guaranty insurance, also known as bond insurance, helps expand financial markets by increasing borrower and lender leverage. It guarantees the principal and interest payments on municipal obligations.

Financial guaranty insurers are specialized, highly capitalized companies that traditionally had the highest rating. The insurer’s high rating attaches to the bonds thus lowering the risk of the bonds to investors. With their credit rating thus enhanced, municipalities can issue bonds that pay a lower interest rate, enabling them to borrow more for the same outlay of funds. The combined ratio climbed to 421.4 in 2008 at the height of the economic downturn. In 2013 the combined ratio fell below zero as several companies reduced loss reserves by more than $2 billion combined as a result of strains created by the financial crisis. Over the years financial guaranty insurers have expanded their reach beyond municipal bonds and now insure a wide array of products, including mortgage-backed securities, pools of credit default swaps and other structured transactions.

Financial Guaranty Insurance, 2009-2018 (1)

($000)

Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2009 $1,793,410 -43.5% 100.6 -320.7 pts.
2010 1,371,908 -23.5 228.4 127.8
2011 968,898 -29.4 219.0 -9.4
2012 692,541 -28.5 181.6 -37.4
2013 710,480 2.6 -3.4 -184.9
2014 488,482 -31.2 91.3 94.7
2015 418,792 -14.3 99.0 7.8
2016 364,531 -13.0 177.6 78.6
2017 420,844 15.4 318.7 141.1
2018 364,313 -13.4 130.5 -188.3

(1) Based on Insurance Expense Exhibit (IEE) data. Financial Guaranty Insurance Co. did not file an IEE in 2012. Several companies in 2013 reduced loss reserves as a result of strains from the financial crisis, creating a negative combined ratio.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top Nine Writers Of Financial Guaranty Insurance By Direct Premiums Written, 2018

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 Assured Guaranty Ltd. $250,934 60.1%
2 MBIA Inc. 68,592 16.4
3 Build America Mutual Assurance Co. 43,049 10.3
4 Ambac Financial Group Inc. 35,101 8.4
5 Syncora Guarantee Inc. 11,058 2.7
6 Financial Guaranty Insurance Co. 5,127 1.2
7 Transamerica Casualty Insurance Co. 3,000 0.7
8 Radian Group Inc. 679 0.2
9 ACA Financial Guaranty Corp. 3 (3)

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.
(3) Less than 0.1 percent.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Burglary And Theft Insurance 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, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $152,197 -5.1% 59.6 11.5 pts.
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 207,225 -6.2 42.2 -16.4
2014 226,247 9.2 59.9 17.7
2015 230,777 2.0 61.4 1.5
2016 255,466 10.7 46.5 -14.9
2017 222,936 -12.7 48.9 2.4
2018 280,103 25.6 77.4 28.5

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Boiler And Machinery Insurance, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2009 $1,803,376 4.3% 71.7 -16.1 pts.
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
2014 1,998,967 1.0 76.3 4.1
2015 1,682,090 -15.9 69.3 -6.9
2016 1,892,160 12.5 78.6 9.3
2017 2,043,204 8.0 76.4 -2.2
2018 2,600,761 27.3 86.4 9.9

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Crop Insurance

Federally sponsored multiple peril crop insurance provides coverage for growing crops against miscellaneous perils such as wind, hail and vandalism. Multiple peril crop insurance is serviced by the private market but subsidized and reinsured by the federal government by the Federal Crop Insurance Corp. Private crop insurance provides the same coverage but is not reinsured by the Federal Crop Insurance Corporation.

Private Crop Insurance, 2014-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
2014 $582,817 NA 138.8 NA
2015 584,600 0.3% 146.2  7.3 pts.
2016 455,410 -22.1 122.3 -23.9
2017 498,804 9.5 66.6 -55.7
2018 693,254 39.0 126.9 60.3

(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: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Multiple Peril Crop Insurance, 2009-2018 (1)

($000)

Year Net premiums written (2) Annual percent change Combined ratio (3) Annual point change (4)
2009 $3,964,690 -21.9% 79.7 -10.4 pts.
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
2014 4,189,765 -15.2 104.9 1.6
2015 3,680,768 -12.1 99.9 -5.1
2016 3,321,281 -9.8 81.7 -18.2
2017 4,742,005 42.8 95.8 14.1
2018 5,380,068 13.5 85.0 -10.8

(1) Includes private crop insurance in 2013 and prior years.
(2) After reinsurance transactions, excludes state funds.
(3) After dividends to policyholders. A drop in the combined ratio represents an improvement; an increase represents a deterioration.
(4) Calculated from unrounded numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Multiple Peril Crop Insurance By Direct Premiums Written, 2018

($000)

Rank Group/company Direct premiums written (1) Market share (2)
1 Chubb Ltd. $1,787,814 17.7%
2 Zurich Insurance Group 1,496,266 14.8
3 QBE Insurance Group Ltd. 1,332,650 13.2
4 CGB Insurance Co. 1,008,270 10.0
5 Great American Insurance Group 926,534 9.2
6 Sompo Holdings Inc. 784,190 7.8
7 Tokio Marine Group 622,789 6.2
8 Farmers Mutual Hail Insurance Co. of  Iowa 620,493 6.1
9 American International Group (AIG) 524,706 5.2
10 Fairfax Financial Holdings 424,231 4.2

(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, includes territories.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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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, 2009-2018

($000)

Year Net premiums written (1) Annual percent change Combined ratio (2) Annual point change (3)
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
2014 1,020,188 -11.7 93.5 -10.8
2015 1,017,790 -0.2 107.9 14.4
2016 930,240 -8.6 88.8 -19.1
2017 1,090,590 17.2 90.6 1.8
2018 1,247,678 14.4 95.4 4.8

(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 numbers.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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