The Big I Virginia Summer 2022

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MARKETPLACE SUMMARYPREMIUM GROWTH RATES: AGENT-FOCUSED LINES OF BUSINESSSource: © A.M. Best Company — used by permission. (International not shown, as less than 5 years data is available)Notes or Comments: The above bar chart shows the percentage change in direct written premiums for the 26 lines ofbusiness focused on by independent agents. The 1-year percentage is the percentage change in premiums from 2020to 2021. The 5-year growth rate is the constant percentage from the first year to the last year to exactly equal the directwritten premium in 2021, when applied for the 4 previous annual periods on a compounded basis. The Total (IA-FocusedLines) shown last is the average growth rates for the 26 lines of business focused on by independent agents.20 THE BIG I VIRGINIA SUMMER 2022
MARKETPLACE SUMMARYVirginia Growth Rate PerspectivePremium growth rates can vary considerably by line of business. They can also vary considerably by state. To provideperspective on Virginia growth rates, below is the 1-year growth rates by line of business in Virginia contrasted withaverage growth rates in United States.Virginia 1-Year GrowthUnited States 1-Year GrowthAircraft (all perils) 1% 14%All Commercial Auto 16% 17%All Private Passenger Auto 4% 5%Allied Perils Only 6% 12%Boiler & Machinery 10% 11%Burglary & Theft 8% 7%Commercial Multi-Peril 8% 8%Earthquake 19% 11%Excess Workers' Comp 4% 2%Farmowners Multi-Peril 4% 5%Federal Flood 1% 1%Fidelity 5% 7%Fire Peril Only 2% 13%Homeowners Multi-Peril 7% 8%Inland Marine 16% 15%Medical Malpractice 21% 10%Multi-Peril Crop 32% 37%Ocean Marine 24% 13%Other Liability (Claims-made) 36% 31%Other Liability (Occurrence) 9% 16%Private Crop 5% 14%Private Flood 29% 45%Products Liability -14% 4%Surety -3% 7%Workers' Compensation -3% 3%Total (IA-Focused Lines) 8% 10%Source: © A.M. Best Company — used by permission.Continued on page 22 >>SUMMER 2022 THE BIG I VIRGINIA 21
Page 1 and 2: SUMMER 2022VIRGINIATHE MAGAZINE FOR
Page 3 and 4: BuildersMutual.comTHE BEST-PROTECTE
Page 5 and 6: Built To FitHow is it that The Iroq
Page 8 and 9: PRESIDENT & CEOROBERT N.BRADSHAW, J
Page 10 and 11: STATE NATIONAL DIRECTORMICHAEL F. F
Page 12 and 13: THANK YOU 2022 PARTNERSPlatinumGold
Page 14 and 15: MARKETPLACE SUMMARYPREMIUMS: ALL P-
Page 16 and 17: MARKETPLACE SUMMARYPREMIUMS: TOP AG
Page 18 and 19: MARKETPLACE SUMMARYLOSS RATIOS: AGE
Page 22 and 23: MARKETPLACE SUMMARYPENETRATION: TOP
Page 24 and 25: MARKETPLACE SUMMARYCOMMISSIONS: TOP
Page 26 and 27: MARKETPLACE SUMMARYVirginia Surplus
Page 28 and 29: ICUMI - ROUGH NOTES121946262 © Piy
Page 30 and 31: ICUMI - ROUGH NOTES“We can substi
Page 32: MORE IMAGINATION.MORE TO LOVEFROM A

The Big I Virginia Summer 2022

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