North Carolina Product Liability Insurance Profitability (2023)

A higher loss ratio means carriers paid out more of each premium dollar in claims, which tends to push North Carolina product liability rates up and thin the field of carriers competing for the business; a lower one signals a more profitable, more competitive market. With a 5.2% underwriting loss, North Carolina carriers relied on investment income to make the line work in 2023 — a sign of rate pressure ahead. Counting investment income, carriers earned a 9.2% profit on product liability insurance transactions in North Carolina in 2023 — NAIC's broadest profitability measure for the line. Either way, these are industry aggregates — your own product liability rate depends on your business, and the only way to see it is to compare filed rates and real quotes.

North Carolina's $138M in product liability premiums is the 11th-largest of the 51 states NAIC reports for the line. Across those states, loss ratios span from 147.2% in Pennsylvania — the toughest market for carriers — down to -4.5% in Delaware, the most profitable; North Carolina's 52.5% places it 23rd of 51. For buyers, a state near the top of that spread usually means firmer product liability pricing and fewer competing carriers, while a state near the bottom tends to run softer and more competitive. By premium, North Carolina is about 3.2% of the $4.3B national product liability market, and its loss-ratio rank places it in the harder half of states for carrier profitability — context that shapes how aggressively carriers compete for North Carolina product liability business.

Getting Product Liability coverage in North Carolina

See recent North Carolina rate filings on the North Carolina rate page, learn how Product Liability works in our Product Liability guide, then compare real quotes for your business.