The U.S. inland marine insurance sector has achieved 20 consecutive years of underwriting profitability, with a net combined ratio of 84.2 reported for 2024, according to an April 3 statement. All U.S. states, along with the District of Columbia and Puerto Rico, recorded profitable results for this line in 2024 except New Mexico.
This milestone is significant as it highlights the resilience and competitiveness of inland marine insurance within the broader property and casualty market. The combined ratio—a key measure calculated by dividing claim-related losses and expenses by premium—remained well below the threshold that would indicate losses outweighing premiums collected.
Inland marine policies cover goods in transit over land and are divided into commercial (about 80 percent) and personal (about 20 percent) categories. Commercial coverage includes construction equipment, transported freight, and infrastructure such as bridges, while personal coverage protects high-value items like fine art or jewelry. As of this year, pet insurance is tracked separately from inland marine.
Premium changes in this market are closely linked to macroeconomic factors such as freight transportation costs, construction activity, and prices for goods like glass or cattle. The line’s performance tends to reflect actual economic conditions rather than legal system issues that affect other types of insurance. After a brief contraction during pandemic shutdowns in 2020, premiums rebounded strongly—growing by double digits in both 2021 and 2022—and continued rising by more than six percent in each subsequent year.
Assessing claims frequency and severity remains challenging due to limited public data on claim counts across diverse risks covered under inland marine policies; however, proxies such as freight traffic statistics help fill information gaps. Trends show strong correlations between nominal GDP changes or incurred loss ratios relative to GDP—further confirming that this segment is tied directly to tangible economic activity.
Market competition has also increased over time: Between 2015 and 2024 the Herfindahl-Hirschman Index (HHI), used by the Department of Justice to measure concentration levels among insurers, decreased at an annual rate of nearly five percent nationally—with all jurisdictions remaining below thresholds considered highly concentrated.
The Insurance Information Institute supports stakeholders including consumers, media and policymakers by providing resources in English and Spanish according to its official website. The organization established ties with The Institutes in November 2020 according to its official website.
Representing more than fifty member companies—including regional, national, and global carriers—the Insurance Information Institute aims to provide data-driven insights on risk management for education purposes according to its official website. It ranks as a leading online source for insurance information through various digital channels according to its official website while hosting events designed to advance understanding across audiences according to its official website.
