Is Commercial Property Insurance Profitable in 2026? Loss Ratios by State
Commercial Property profitability swings with catastrophe activity by state — loss ratios reveal where property carriers are winning and where wildfire, wind, and flood exposure is squeezing margins.
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 Property profitability by state (2023)
| State | Loss ratio | Premiums earned | Underwriting profit |
|---|---|---|---|
| HI | 399.1% | $169.6M | -357.1% |
| SD | 99.9% | $75.4M | -32.1% |
| KY | 99.5% | $228.7M | -27.9% |
| VT | 94.1% | $36.2M | -25.6% |
| CT | 89.2% | $219.1M | -21.3% |
| ID | 83.6% | $90.3M | -11.3% |
| LA | 67.7% | $606.6M | 0.4% |
| GA | 64.7% | $647.9M | 4.5% |
| MN | 63.6% | $385.5M | 9.1% |
| IN | 62.3% | $458.4M | 9.3% |
| MS | 56.4% | $236.6M | 14.2% |
| OH | 55.8% | $607.3M | 16.4% |
| RI | 55.2% | $67.2M | 15.1% |
| OR | 53.7% | $217.6M | 19.4% |
| IA | 53.0% | $265.1M | 20.0% |
| WA | 51.8% | $430.8M | 21.3% |
| TN | 50.7% | $469.3M | 22.4% |
| TX | 49.7% | $3.4B | 21.4% |
| WI | 49.7% | $359.3M | 25.9% |
| NH | 48.8% | $60.9M | 25.3% |
| VA | 48.7% | $366.7M | 25.1% |
| MD | 48.1% | $261.9M | 25.1% |
| AL | 44.7% | $390.4M | 26.8% |
| CO | 43.9% | $378.5M | 28.2% |
| NM | 43.9% | $79.0M | 27.9% |
| NC | 42.1% | $513.0M | 30.8% |
| MI | 42.1% | $484.9M | 31.5% |
| IL | 40.4% | $876.6M | 35.7% |
| ND | 40.1% | $69.4M | 33.3% |
| AZ | 37.1% | $289.3M | 37.5% |
| NY | 36.6% | $1.4B | 34.2% |
| MO | 36.1% | $393.7M | 36.9% |
| DE | 35.5% | $56.1M | 40.1% |
| MA | 34.7% | $518.3M | 34.7% |
| AK | 33.5% | $78.4M | 40.3% |
| SC | 32.9% | $558.3M | 29.6% |
| CA | 32.7% | $2.9B | 38.4% |
| NJ | 32.2% | $594.0M | 41.0% |
| OK | 32.2% | $290.8M | 41.0% |
| MT | 31.7% | $66.3M | 38.6% |
| DC | 31.5% | $75.6M | 42.8% |
| WV | 31.1% | $83.2M | 43.1% |
| FL | 30.9% | $2.5B | 39.4% |
| KS | 29.7% | $184.2M | 42.1% |
| ME | 29.5% | $78.7M | 42.6% |
| AR | 29.3% | $249.4M | 43.8% |
| PA | 27.5% | $709.7M | 46.4% |
| UT | 27.5% | $151.4M | 48.1% |
| NV | 22.9% | $180.5M | 51.3% |
| NE | 17.2% | $130.7M | 60.6% |
| WY | 11.7% | $39.2M | 64.9% |
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.
Who actually files this line
72 carrier groups hold an active filing footprint for this line across 47 states — 132,432 filings observed in the public SERFF record. The most active groups: Liberty Mutual, Berkley, Nationwide, Zurich, AmTrust, CNA.
Filing breadth measures market participation — not a price or a rate. Comparison sites cannot legally publish this data; it comes from the public regulatory record.
What this means for your business
Loss ratios and underwriting profit shape what carriers charge. Learn how Commercial Property coverage works in our Commercial Property guide, then compare real quotes for your business.
Compare Commercial Property Quotes →