Commercial Property Insurance Loss Ratios by State (2026): Where Catastrophes Hit | GBC
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Commercial Property Insurance Loss Ratios by State: 2026

Commercial property — the coverage almost every business with a building carries — earned $18.8B in 2023 premium. Nationally it runs a 46.0% loss ratio and a healthy 13.8% underwriting profit — but a single catastrophe can wipe out a state: loss ratios range from 11.7% in WY to 399.1% in HI.

National loss ratio (2023)
46.0%
Claims paid per $100 of premium (before insurer expenses)
Underwriting profit
13.8%
Positive = a profitable line for carriers nationally
Premiums earned (2023)
$18.8B
51 states ranked below

Source: NAIC 2023 Report on Profitability by Line by State (public regulator data). Loss ratio = incurred losses ÷ premiums earned. Property results are catastrophe-driven, so a single major event (wildfire, hurricane, hail) can push a state's loss ratio far above 100% for the year.

Commercial property loss ratio by state — worst first

Click a column heading to re-sort.

# State Loss ratio Premiums earned Underwriting profit
1 HI 399.1% $169.6M -357.1%
2 SD 99.9% $75.4M -32.1%
3 KY 99.5% $228.7M -27.9%
4 VT 94.1% $36.2M -25.6%
5 CT 89.2% $219.1M -21.3%
6 ID 83.6% $90.3M -11.3%
7 LA 67.7% $606.6M 0.4%
8 GA 64.7% $647.9M 4.5%
9 MN 63.6% $385.5M 9.1%
10 IN 62.3% $458.4M 9.3%
11 MS 56.4% $236.6M 14.2%
12 OH 55.8% $607.3M 16.4%
13 RI 55.2% $67.2M 15.1%
14 OR 53.7% $217.6M 19.4%
15 IA 53.0% $265.1M 20.0%
16 WA 51.8% $430.8M 21.3%
17 TN 50.7% $469.3M 22.4%
18 TX 49.7% $3.4B 21.4%
19 WI 49.7% $359.3M 25.9%
20 NH 48.8% $60.9M 25.3%
21 VA 48.7% $366.7M 25.1%
22 MD 48.1% $261.9M 25.1%
23 AL 44.7% $390.4M 26.8%
24 CO 43.9% $378.5M 28.2%
25 NM 43.9% $79.0M 27.9%
26 MI 42.1% $484.9M 31.5%
27 NC 42.1% $513.0M 30.8%
28 IL 40.4% $876.6M 35.7%
29 ND 40.1% $69.4M 33.3%
30 AZ 37.1% $289.3M 37.5%
31 NY 36.6% $1.4B 34.2%
32 MO 36.1% $393.7M 36.9%
33 DE 35.5% $56.1M 40.1%
34 MA 34.7% $518.3M 34.7%
35 AK 33.5% $78.4M 40.3%
36 SC 32.9% $558.3M 29.6%
37 CA 32.7% $2.9B 38.4%
38 NJ 32.2% $594.0M 41.0%
39 OK 32.2% $290.8M 41.0%
40 MT 31.7% $66.3M 38.6%
41 DC 31.5% $75.6M 42.8%
42 WV 31.1% $83.2M 43.1%
43 FL 30.9% $2.5B 39.4%
44 KS 29.7% $184.2M 42.1%
45 ME 29.5% $78.7M 42.6%
46 AR 29.3% $249.4M 43.8%
47 PA 27.5% $709.7M 46.4%
48 UT 27.5% $151.4M 48.1%
49 NV 22.9% $180.5M 51.3%
50 NE 17.2% $130.7M 60.6%
51 WY 11.7% $39.2M 64.9%

Loss ratio by state — charted

HI399.1%SD99.9%KY99.5%VT94.1%CT89.2%ID83.6%LA67.7%GA64.7%MN63.6%IN62.3%MS56.4%OH55.8%RI55.2%OR53.7%IA53.0%WA51.8%TN50.7%TX49.7%WI49.7%NH48.8%VA48.7%MD48.1%AL44.7%CO43.9%NM43.9%MI42.1%NC42.1%IL40.4%ND40.1%AZ37.1%NY36.6%MO36.1%DE35.5%MA34.7%AK33.5%SC32.9%CA32.7%NJ32.2%OK32.2%MT31.7%DC31.5%WV31.1%FL30.9%KS29.7%ME29.5%AR29.3%PA27.5%UT27.5%NV22.9%NE17.2%WY11.7%
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How commercial property compares to other commercial lines

National 2023 loss ratio by line — commercial property highlighted. Higher = less profitable for carriers.

Commercial lineNational loss ratio (2023)
Commercial Auto 74.4%
Commercial Multiple Peril 62.6%
Commercial General Liability 60.2%
Medical Professional Liability 57.6%
Product Liability 49.3%
Commercial Property ← this study 46.0%
Workers Compensation 45.1%
Inland Marine 45.0%

Frequently asked questions

What is a loss ratio for commercial property insurance?
A loss ratio is incurred losses divided by premiums earned. A ~46% national loss ratio (2023) means insurers paid about $46 in claims for every $100 of commercial-property premium — a profitable level before their own expenses.
Why is commercial property profitable nationally but terrible in some states?
Property losses are catastrophe-driven. One major event blows out a state's results for the year — Hawaii ran roughly a 400% loss ratio in 2023 from catastrophe losses — while catastrophe-light states stay very profitable (Wyoming was under 12%).
Does a high state loss ratio mean my property rate will rise?
Catastrophe-exposed states (coastal wind, wildfire, hail, convective storm) see the steepest commercial-property rate pressure. Your specific rate also depends on your building's construction, age, protection class, and location.
Are these numbers a quote?
No. These are aggregate NAIC industry results (loss ratio, premiums earned, underwriting profit) by state — not a quote. For your building's actual rate, compare quotes across carriers.
⬇ Download the data (CSV)
Cite this study
Get Business Coverage. (2026). Commercial Property Insurance Loss Ratios by State: 2026. Retrieved from https://www.getbusinesscoverage.com/research/commercial-property-loss-ratios-by-state-2026

Methodology

Figures are from the NAIC 2023 Report on Profitability by Line by State — the National Association of Insurance Commissioners' public compilation of insurer financial results, for the Commercial Property (Fire + Allied) line. 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. Property loss ratios are catastrophe-driven and can swing sharply year to year — a single major event can push a state well above 100%. These are aggregate carrier economics, not a quote for any business.

Data Study #5 · Get Business Coverage. Aggregate NAIC industry results, not individual premiums. Compiled 2026 from public regulator data.

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