Inland Marine Insurance Loss Ratios by State (2026): Where Catastrophes Hit | GBC
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Inland Marine Insurance Loss Ratios by State: 2026

Inland marine — the coverage for tools, equipment, contractors' gear, and goods in transit — earned $21.8B in 2023 premium. Nationally it runs a 45.0% loss ratio and a healthy 17.6% underwriting profit — but results still vary by state: loss ratios range from 20.1% in DC to 59.7% in AL.

National loss ratio (2023)
45.0%
Claims paid per $100 of premium (before insurer expenses)
Underwriting profit
17.6%
Positive = a profitable line for carriers nationally
Premiums earned (2023)
$21.8B
51 states ranked below

Source: NAIC 2023 Report on Profitability by Line by State (public regulator data). Loss ratio = incurred losses ÷ premiums earned. Inland marine covers movable and specialized property, and it has run as one of the steadiest, most profitable major commercial lines.

Commercial property loss ratio by state — worst first

Click a column heading to re-sort.

# State Loss ratio Premiums earned Underwriting profit
1 AL 59.7% $479.6M 4.7%
2 ND 57.9% $114.5M 6.2%
3 DE 57.5% $194.4M 12.4%
4 NV 53.3% $298.9M 11.3%
5 TX 52.7% $3.3B 13.3%
6 SD 51.5% $104.0M 14.3%
7 MI 51.1% $787.5M 16.0%
8 VT 49.5% $70.0M 14.5%
9 WY 48.1% $73.3M 21.1%
10 AR 47.9% $302.6M 16.8%
11 IL 47.8% $1.2B 18.8%
12 CA 47.6% $4.3B 19.4%
13 NY 47.3% $2.4B 18.6%
14 NM 47.2% $159.3M 15.0%
15 MD 47.1% $541.6M 18.1%
16 CO 46.6% $696.1M 18.7%
17 OK 46.0% $351.4M 18.9%
18 AZ 45.0% $633.8M 21.1%
19 HI 44.3% $149.2M 20.3%
20 SC 44.3% $557.3M 15.8%
21 FL 43.9% $2.5B 21.5%
22 MA 43.6% $867.4M 20.7%
23 KS 43.1% $282.0M 24.2%
24 NC 43.0% $1.0B 21.1%
25 RI 42.6% $119.9M 21.6%
26 MS 42.4% $298.1M 13.6%
27 NJ 42.4% $1.1B 22.9%
28 VA 42.4% $762.0M 22.2%
29 NH 41.9% $149.7M 24.5%
30 UT 40.9% $304.8M 22.0%
31 MO 40.8% $569.3M 26.5%
32 ID 40.5% $184.8M 26.7%
33 LA 40.5% $565.7M 22.6%
34 IN 40.2% $552.1M 17.6%
35 TN 40.2% $697.9M 24.2%
36 NE 39.1% $253.6M 29.6%
37 MN 38.9% $570.4M 29.8%
38 GA 38.4% $1.1B 24.3%
39 IA 38.0% $330.3M 30.5%
40 WA 37.8% $869.3M 26.5%
41 AK 37.5% $93.8M 26.4%
42 WI 37.0% $508.9M 29.4%
43 OH 36.2% $930.1M 31.1%
44 CT 35.3% $473.4M 31.6%
45 MT 34.5% $134.4M 30.5%
46 PA 34.3% $1.2B 33.0%
47 OR 33.9% $415.6M 32.8%
48 WV 33.9% $103.6M 31.5%
49 ME 32.0% $138.6M 34.6%
50 KY 24.7% $351.0M 40.2%
51 DC 20.1% $167.3M 54.5%

Loss ratio by state — charted

AL59.7%ND57.9%DE57.5%NV53.3%TX52.7%SD51.5%MI51.1%VT49.5%WY48.1%AR47.9%IL47.8%CA47.6%NY47.3%NM47.2%MD47.1%CO46.6%OK46.0%AZ45.0%HI44.3%SC44.3%FL43.9%MA43.6%KS43.1%NC43.0%RI42.6%MS42.4%NJ42.4%VA42.4%NH41.9%UT40.9%MO40.8%ID40.5%LA40.5%IN40.2%TN40.2%NE39.1%MN38.9%GA38.4%IA38.0%WA37.8%AK37.5%WI37.0%OH36.2%CT35.3%MT34.5%PA34.3%OR33.9%WV33.9%ME32.0%KY24.7%DC20.1%
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How inland marine compares to other commercial lines

National 2023 loss ratio by line — inland marine 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 46.0%
Workers Compensation 45.1%
Inland Marine ← this study 45.0%

Frequently asked questions

What is inland marine insurance?
Inland marine covers movable and specialized property — contractors' tools and equipment, goods in transit, and property kept away from a fixed location. Despite the name it has little to do with boats.
Is inland marine profitable for insurers?
Yes. In 2023 it ran roughly a 45% loss ratio and a positive ~18% underwriting profit (NAIC), making it one of the most profitable major commercial lines.
Does a profitable line mean cheaper coverage?
A profitable, competitive line tends to have stable pricing, but your rate depends on the value and type of equipment, where it travels, and your loss history.
Are these numbers a quote?
No. These are aggregate NAIC industry results by state — not a quote. For your actual rate, compare quotes across carriers.
⬇ Download the data (CSV)
Cite this study
Get Business Coverage. (2026). Inland Marine Insurance Loss Ratios by State: 2026. Retrieved from https://www.getbusinesscoverage.com/research/inland-marine-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 Inland Marine line. Inland marine covers movable property — contractors' equipment, tools, cargo, and goods in transit — and is typically among the most profitable commercial lines. 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 for any business.

Data Study #6 · Get Business Coverage. Aggregate NAIC industry results, not individual premiums. Compiled 2026 from public regulator data.

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