The Big I Virginia Summer 2022

MARKETPLACE SUMMARY
Virginia Loss Ratio Perspective
As can be seen in the above, loss ratios can vary in the short run from the long run. Loss ratios can also vary by state.
For added perspective on Virginia’s loss ratios, below is a table of the 2021 Virginia loss ratios contrasted with the United
States average loss ratios.
2021 Virginia Loss Ratio 2021 United States Loss Ratio
Aircraft (all perils) 24% 54%
All Commercial Auto 58% 64%
All Private Passenger Auto 64% 69%
Allied Perils Only 34% 79%
Boiler & Machinery 91% 38%
Burglary & Theft 61% 52%
Commercial Multi-Peril 37% 61%
Earthquake -1% 3%
Excess Workers' Comp 7% 41%
Farmowners Multi-Peril 46% 65%
Federal Flood 6% 48%
Fidelity 43% 28%
Fire 39% 68%
Homeowners Multi-Peril 50% 69%
Inland Marine 65% 49%
Medical Malpractice 46% 55%
Multiperil Crop 61% 76%
Ocean Marine 64% 54%
Other Liability (Claims-made) 59% 56%
Other Liability (Occurrence) 52% 61%
Private Crop 62% 89%
Private Flood 2% 46%
Products Liability 45% 52%
Surety 10% 16%
Workers' Compensation (*) 43% 51%
Total (All Lines) 54% 63%
Source: © A.M. Best Company — used by permission (*Individual state experience for workers’ compensation in North
Dakota, Ohio, Washington and Wyoming is not used for highlights as these are monopolistic fund states and premiums
are small and loss ratios can vary widely. Also International is not shown due to limited data.)
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SUMMER 2022 THE BIG I VIRGINIA 19