Virginia Inland Marine Insurance Profitability (2023)
In 2023, Inland Marine insurers earned $762.0M in premiums in Virginia and ran a 42.4% loss ratio — the 27th-highest of 51 states (a mid-range 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 Virginia is below 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 Virginia 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 22.2% underwriting profit means the line stood on its own in Virginia without leaning on investment income. Counting investment income, carriers earned a 19.2% profit on inland marine insurance transactions in Virginia 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.
Virginia's $762M in inland marine premiums is the 14th-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; Virginia's 42.4% places it 27th 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, Virginia is about 3.5% of the $21.8B national inland marine market, and its loss-ratio rank places it in the more profitable half of states for carrier profitability — context that shapes how aggressively carriers compete for Virginia inland marine business.
Key takeaways
- Virginia inland marine: $762M in 2023 premiums at a 42.4% loss ratio (NAIC).
- That ranks Virginia 27th of 51 states by loss ratio for the line — a mid-pack market.
- 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 Virginia
See recent Virginia rate filings on the Virginia 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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