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From time to time AdvisorSmith looks at all things insurance. In this case it’s states where the business of insurance isn’t all that profitable. The company says whether a state is profitable or not depends on size and how competitive the market can be.
Competition — AdvisorSmith — said can be brutal.
In the case of smaller states, profits for insurers can be driven down by higher loss ratios. Some of the states on the AdvisorSmith’s least profitable list are among the PIA Western Alliance states. They are Montana, Nevada, California and New Mexico. Here’s the least profitable list:
1. Colorado Average profitability 2014-2019: 0.2% Written premium in 2019: $13.843,000
2. Montana Average profitability 2014-2019: 2.6% Written premium in 2019: $2.574,000
3. Nevada Average profitability 2014-2019: 3.4% Written premium 2019: 6,073,000
4. Georgia Average profitability 2014-2019: 3.4% Written premium in 2019: $22,393,000
5. Texas Average profitability 2014-2019: 3.8% Written premium in 2019: $60,458,000
6. California Average profitability 2014-2019: 4.5% Written premium in 2019: $82,478,000
7. Nebraska Average profitability 2014-2019: 4.9% Written premium in 2019: $5,131,000
8. Florida Average profitability 2014-2019: 5.6% Written premium in 2019: $55,288,000
9. New Mexico Average profitability 2014-2019: 5.6% Written premium in 2019: $3,671,000
10. Wyoming Average profitability 2014-2019: 6.7% Written premium in 2019: $1,261,000
Source link: PropertyCasualty360.com — https://bit.ly/3AQZFXl |
About PIA Western Alliance
The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.
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