Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1554

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 1554
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 increases in the Chicago market.

Home and farm – Net premiums earned for 2024
increased $7,372, or 8.8%, from 2023. Results were driven by new business growth in North Dakota, rate increases, and increased insured
property values, which were primarily the result of higher inflationary factors. These increases were partially offset by lower retention
rates and new business levels in Nebraska and South Dakota as a result of underwriting actions taken to improve profitability. Net premiums
earned for 2023 increased $5,008, or 6.4%, from 2022. This increase was driven by rate increases along with increased insured property
values, which were primarily the result of higher inflationary factors. These premium increases were partially offset by lower levels
of new business production as a result of underwriting actions taken to improve profitability

Crop – Net premiums earned for 2024 decreased
$4,675, or 18.1%, from 2023. This decrease was driven by a reduction in acres insured and lower commodity prices, which are a key determinant
of premiums on a Federal multi-peril crop insurance policy, in the current year. Net premiums earned for 2023 decreased $8,904, or 25.6%,
from 2022. This decrease was driven by lower commodity prices and lower muti-peril crop insurance rates in 2023, combined with fewer acres
insured compared to the prior year. In addition, the strong multi-peril crop results for 2023 resulted in higher ceded premiums as required
by the SRA.

All other – Net premiums earned for 2024 increased
$877, or 7.4%, from 2023. Results were driven by rate and insured value increases for the commercial and excess lines of business, partially
offset by the continued run-off of our participation in an assumed domestic and international reinsurance pool of business. Net premiums
earned for 2023 decreased $2,331, or 16.5%, from 2022. This 

31 

decrease was driven by the decision to non-renew our participation in an assumed
domestic and international reinsurance pool of business as of January 1, 2022.

Losses and Loss Adjustment Expenses

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    Net losses and loss adjustment expenses: 

    Direct losses and loss adjustment