Michigan Inland Marine Insurance Profitability (2023)
In 2023, Inland Marine insurers earned $787.5M in premiums in Michigan and ran a 51.1% loss ratio — the 7th-highest of 51 states (one of the highest loss ratio for the line).
Source: NAIC 2023 Report on Profitability by Line by State. Loss ratio = incurred losses ÷ premiums earned.
Nationally, Inland Marine ran a 45.0% loss ratio in 2023, so Michigan is above the national average. See how every state compares on the Inland Marine market page.
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A higher loss ratio means carriers paid out more of each premium dollar in claims, which tends to push Michigan inland marine rates up and thin the field of carriers competing for the business; a lower one signals a more profitable, more competitive market. A 16.0% underwriting profit means the line stood on its own in Michigan without leaning on investment income. Counting investment income, carriers earned a 14.1% profit on inland marine insurance transactions in Michigan in 2023 — NAIC's broadest profitability measure for the line. Either way, these are industry aggregates — your own inland marine rate depends on your business, and the only way to see it is to compare filed rates and real quotes.
Michigan's $788M in inland marine premiums is the 13th-largest of the 51 states NAIC reports for the line. Across those states, loss ratios span from 59.7% in Alabama — the toughest market for carriers — down to 20.1% in District of Columbia, the most profitable; Michigan's 51.1% places it 7th of 51. For buyers, a state near the top of that spread usually means firmer inland marine pricing and fewer competing carriers, while a state near the bottom tends to run softer and more competitive. By premium, Michigan is about 3.6% of the $21.8B national inland marine market, and its loss-ratio rank places it in the toughest quartile of states for carrier profitability — context that shapes how aggressively carriers compete for Michigan inland marine business.
Key takeaways
- Michigan inland marine: $788M in 2023 premiums at a 51.1% loss ratio (NAIC).
- That ranks Michigan 7th of 51 states by loss ratio for the line — carriers struggle here.
- These are industry aggregates, not a quote — your inland marine rate depends on your business; compare filed rates and real quotes.
Getting Inland Marine coverage in Michigan
See recent Michigan rate filings on the Michigan rate page, learn how Inland Marine works in our Inland Marine guide, see typical contractors' tools & equipment costs, then compare real quotes for your business.
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