Is Commercial Multiple Peril Insurance Profitable in 2026? Loss Ratios by State
Commercial Multiple Peril bundles property and liability (the carrier basis behind most Business Owner's Policies). Its state loss ratios show where bundled small-business coverage is priced tightly.
Source: NAIC 2023 Report on Profitability by Line by State (public regulator data). Loss ratio = incurred losses ÷ premiums earned; lower is more profitable for carriers.
Commercial Multiple Peril profitability by state (2023)
| State | Loss ratio | Premiums earned | Underwriting profit |
|---|---|---|---|
| HI | 276.4% | $250.1M | -244.8% |
| AR | 107.5% | $474.2M | -53.5% |
| KY | 96.3% | $700.1M | -42.9% |
| GA | 89.5% | $1.6B | -38.9% |
| OK | 88.3% | $759.1M | -31.5% |
| TN | 84.1% | $1.1B | -29.8% |
| IA | 78.6% | $615.9M | -19.0% |
| MN | 76.6% | $1.0B | -19.3% |
| MO | 76.1% | $1.1B | -18.7% |
| NM | 73.2% | $315.6M | -21.0% |
| OH | 73.1% | $1.7B | -13.4% |
| IL | 72.5% | $2.3B | -16.4% |
| MS | 72.2% | $482.8M | -15.9% |
| WA | 69.6% | $1.2B | -16.5% |
| CO | 67.4% | $1.3B | -11.0% |
| NV | 65.1% | $496.8M | -14.0% |
| CA | 64.1% | $6.8B | -11.9% |
| SD | 63.7% | $221.3M | -3.7% |
| MI | 63.5% | $1.5B | -6.7% |
| IN | 61.6% | $1.1B | -4.3% |
| MA | 60.5% | $1.7B | -7.2% |
| AZ | 59.5% | $893.7M | -3.4% |
| WI | 59.3% | $979.5M | 0.1% |
| ID | 58.4% | $335.2M | -1.0% |
| WV | 57.8% | $261.5M | -1.5% |
| TX | 57.3% | $4.6B | -0.3% |
| ND | 56.9% | $194.6M | 3.1% |
| NY | 56.8% | $5.2B | -5.6% |
| ME | 56.5% | $333.1M | -2.8% |
| KS | 56.4% | $551.4M | 1.3% |
| PA | 56.0% | $2.4B | -1.3% |
| UT | 54.0% | $443.5M | 2.8% |
| AK | 53.6% | $117.5M | 4.5% |
| LA | 53.5% | $762.1M | -0.7% |
| AL | 52.1% | $879.3M | 4.3% |
| MD | 50.6% | $848.9M | 7.2% |
| OR | 50.6% | $712.9M | 7.4% |
| RI | 50.4% | $231.6M | 7.3% |
| NJ | 49.2% | $2.0B | 6.1% |
| CT | 49.2% | $837.8M | 6.2% |
| SC | 49.1% | $794.8M | 6.8% |
| NE | 49.0% | $432.7M | 12.2% |
| NH | 47.5% | $332.5M | 7.5% |
| NC | 46.4% | $1.4B | 11.3% |
| MT | 44.0% | $281.4M | 10.6% |
| DC | 44.0% | $219.6M | 13.3% |
| WY | 43.6% | $146.5M | 16.1% |
| VA | 40.8% | $1.1B | 19.3% |
| FL | 37.5% | $3.5B | 16.6% |
| VT | 37.0% | $174.3M | 20.0% |
| DE | 26.9% | $353.0M | 44.5% |
All 51 states/territories with 2023 NAIC data for this line, sorted by loss ratio (highest first). A high loss ratio means carriers pay out more in claims relative to premium — often a signal that rates are rising.
What this means for your business
Loss ratios and underwriting profit shape what carriers charge. Learn how Commercial Multiple Peril coverage works in our Commercial Multiple Peril guide, then compare real quotes for your business.
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