Which commercial insurance lines lost money in 2023? Loss ratios by line
In 2023, commercial auto ran the worst loss ratio of the major commercial lines (74.4%), while workers' comp and inland marine were the most profitable for insurers (~45%).
Not all commercial insurance lines are equally profitable — and the gap drives which lines see rate increases. In 2023 (NAIC), loss ratios across the major commercial lines ranged widely: commercial auto ran the worst at 74.4%, then commercial multiple peril (BOP) 62.6%, general liability 60.2%, medical professional liability 57.6%, product liability 49.3%, commercial property 46.0%, workers' comp 45.1%, and inland marine 45.0% — the most profitable. A higher loss ratio means insurers pay out more per premium dollar, which is the pressure behind rate increases; see the state-by-state detail on our market profitability pages.
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Methodology
Loss ratios are from the NAIC 2023 Report on Profitability by Line by State (countrywide). Loss ratio is incurred losses divided by earned premium; it excludes expenses, so it is not the same as underwriting profit. Lines shown are the major commercial lines in the report.
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Reviewed by Jason Wootton, NPN 7694718 Verify ↗