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Inland marine insurers hit lowest loss ratio in more than a decade
AM Best said 2025 delivered the line’s 11-year-low net loss and loss adjustment expense ratio, alongside the lowest combined ratio and highest profit margin over the past 11 years.
Inland marine insurers posted their best underwriting performance in more than a decade in 2025, with AM Best reporting an 11-year low for the line’s net loss and loss adjustment expense ratio.
The rating agency said inland marine outperformed the broader property and casualty industry by more than 20 percentage points annually over the past four years, and that 2025 produced the lowest combined ratio and highest profit margin of the past 11 years.
AM Best attributed the sustained profitability to underwriters’ ability to keep pace with increasingly complex risks, even as the size and scope of projects needing coverage have grown.
The line covers goods transported across land and inventory stored temporarily off-site, plus on-site construction materials and special high-value items such as fine arts, computers and diagnostic medical equipment, with AM Best noting an 80/20 split historically between commercial exposures and personal niche items. It also pointed to the Biden administration’s Infrastructure Investment and Jobs Act as a factor behind some marine premium growth in 2022 and 2023.