New Jersey Product Liability Insurance Profitability (2023)
In 2023, Product Liability insurers earned $230.0M in premiums in New Jersey and ran a 74.6% loss ratio — the 9th-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, Product Liability ran a 49.3% loss ratio in 2023, so New Jersey is above the national average. See how every state compares on the Product Liability 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 New Jersey 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 26.3% underwriting loss, New Jersey carriers relied on investment income to make the line work in 2023 — a sign of rate pressure ahead. Counting investment income, carriers earned a 7.4% profit on product liability insurance transactions in New Jersey 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.
New Jersey's $230M in product liability premiums is the 6th-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; New Jersey's 74.6% places it 9th 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, New Jersey is about 5.3% of the $4.3B national product liability 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 New Jersey product liability business.
Key takeaways
- New Jersey product liability: $230M in 2023 premiums at a 74.6% loss ratio (NAIC).
- That ranks New Jersey 9th of 51 states by loss ratio for the line — carriers struggle here.
- These are industry aggregates, not a quote — your product liability rate depends on your business; compare filed rates and real quotes.
Getting Product Liability coverage in New Jersey
See recent New Jersey rate filings on the New Jersey rate page, learn how Product Liability works in our Product Liability guide, then compare real quotes for your business.
Compare New Jersey Product Liability Quotes →