Commercial Multiple Peril (BOP) Loss Ratios by State: 2026
Commercial Multiple Peril — the package policy most small businesses buy as a Business Owners Policy (BOP) — is a $51.9B line that ran a 62.6% loss ratio and a 7.3% underwriting loss in 2023 — and loss ratios run from 26.9% in DE to 276.4% in HI, the pressure behind rising BOP rates in the hardest-hit states.
Source: NAIC 2023 Report on Profitability by Line by State (public regulator data). "Commercial Multiple Peril" is the package line that includes most small-business BOPs (property + liability bundled). Loss ratio = incurred losses ÷ premiums earned; higher = less profitable for carriers, which pushes rates up.
Commercial multiple peril loss ratio by state — worst first
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| # | State | Loss ratio | Premiums earned | Underwriting profit |
|---|---|---|---|---|
| 1 | HI | 276.4% | $250.1M | -244.8% |
| 2 | AR | 107.5% | $474.2M | -53.5% |
| 3 | KY | 96.3% | $700.1M | -42.9% |
| 4 | GA | 89.5% | $1.6B | -38.9% |
| 5 | OK | 88.3% | $759.1M | -31.5% |
| 6 | TN | 84.1% | $1.1B | -29.8% |
| 7 | IA | 78.6% | $615.9M | -19.0% |
| 8 | MN | 76.6% | $1.0B | -19.3% |
| 9 | MO | 76.1% | $1.1B | -18.7% |
| 10 | NM | 73.2% | $315.6M | -21.0% |
| 11 | OH | 73.1% | $1.7B | -13.4% |
| 12 | IL | 72.5% | $2.3B | -16.4% |
| 13 | MS | 72.2% | $482.8M | -15.9% |
| 14 | WA | 69.6% | $1.2B | -16.5% |
| 15 | CO | 67.4% | $1.3B | -11.0% |
| 16 | NV | 65.1% | $496.8M | -14.0% |
| 17 | CA | 64.1% | $6.8B | -11.9% |
| 18 | SD | 63.7% | $221.3M | -3.7% |
| 19 | MI | 63.5% | $1.5B | -6.7% |
| 20 | IN | 61.6% | $1.1B | -4.3% |
| 21 | MA | 60.5% | $1.7B | -7.2% |
| 22 | AZ | 59.5% | $893.7M | -3.4% |
| 23 | WI | 59.3% | $979.5M | 0.1% |
| 24 | ID | 58.4% | $335.2M | -1.0% |
| 25 | WV | 57.8% | $261.5M | -1.5% |
| 26 | TX | 57.3% | $4.6B | -0.3% |
| 27 | ND | 56.9% | $194.6M | 3.1% |
| 28 | NY | 56.8% | $5.2B | -5.6% |
| 29 | ME | 56.5% | $333.1M | -2.8% |
| 30 | KS | 56.4% | $551.4M | 1.3% |
| 31 | PA | 56.0% | $2.4B | -1.3% |
| 32 | UT | 54.0% | $443.5M | 2.8% |
| 33 | AK | 53.6% | $117.5M | 4.5% |
| 34 | LA | 53.5% | $762.1M | -0.7% |
| 35 | AL | 52.1% | $879.3M | 4.3% |
| 36 | MD | 50.6% | $848.9M | 7.2% |
| 37 | OR | 50.6% | $712.9M | 7.4% |
| 38 | RI | 50.4% | $231.6M | 7.3% |
| 39 | CT | 49.2% | $837.8M | 6.2% |
| 40 | NJ | 49.2% | $2.0B | 6.1% |
| 41 | SC | 49.1% | $794.8M | 6.8% |
| 42 | NE | 49.0% | $432.7M | 12.2% |
| 43 | NH | 47.5% | $332.5M | 7.5% |
| 44 | NC | 46.4% | $1.4B | 11.3% |
| 45 | DC | 44.0% | $219.6M | 13.3% |
| 46 | MT | 44.0% | $281.4M | 10.6% |
| 47 | WY | 43.6% | $146.5M | 16.1% |
| 48 | VA | 40.8% | $1.1B | 19.3% |
| 49 | FL | 37.5% | $3.5B | 16.6% |
| 50 | VT | 37.0% | $174.3M | 20.0% |
| 51 | DE | 26.9% | $353.0M | 44.5% |
Loss ratio by state — charted
How commercial multiple peril compares to other commercial lines
National 2023 loss ratio by line — commercial multiple peril highlighted. Higher = less profitable for carriers.
| Commercial line | National loss ratio (2023) |
|---|---|
| Commercial Auto | 74.4% |
| Commercial Multiple Peril ← this study | 62.6% |
| Commercial General Liability | 60.2% |
| Medical Professional Liability | 57.6% |
| Product Liability | 49.3% |
| Commercial Property | 46.0% |
| Workers Compensation | 45.1% |
| Inland Marine | 45.0% |
Frequently asked questions
Methodology
Figures are from the NAIC 2023 Report on Profitability by Line by State for the Commercial Multiple Peril line — the package line that bundles property and liability, and the basis for most small-business Business Owners Policies (BOPs). Loss ratio is incurred losses divided by premiums earned; underwriting profit reflects the insurance result after expenses. We rank states worst-first by loss ratio. These are aggregate carrier economics, not a quote.
Data Study #4 · Get Business Coverage. Aggregate NAIC industry results, not individual premiums. Compiled 2026 from public regulator data.