Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 164

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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.4%  
     74.8%  
     70.6% 

Below are comments regarding significant changes in the net losses
and loss adjustment expenses, and the net loss and loss adjustment expense ratios, by business segment:

Private Passenger Auto – The net loss and loss
adjustment expense ratio decreased 28.9 percentage points and 10.3 percentage points in the three- and six-month periods ended June 30,
2025, respectively, compared to the same periods in 2024. These decreases in the current year were driven by improved loss severity on
physical damage claims.

Non-Standard Auto – The net loss and loss adjustment
expense ratio increased 44.0 percentage points and 25.9 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same period in 2024. These increases were driven by higher unfavorable prior year development on liability loss reserves
in the current year periods compared to the same periods in 2024.

Home and Farm – The net loss and loss adjustment
expense ratio increased 26.2 percentage points and 2.8 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same periods in 2024. These increases in net loss and loss adjustment expense ratios were driven by losses from a significant
catastrophe event in North Dakota during the second quarter of 2025 that exceeded the Company’s $20,000 retention as well as the
related ceded premiums earned. Although the results for the six-month period ended June 30, 2024, were impacted by elevated non-catastrophe
weather losses in North Dakota and Nebraska, there were no catastrophes during that period. Catastrophe losses, net of reinsurance, for
the Home and Farm segment accounted for 94.7 and 45.1 percentage points of the net loss and loss adjustment expense ratio for the three-
and six-month periods ended June 30, 2025, respectively, and did not have a negative impact for the same periods in 2024.

Crop – The net loss and loss adjustment expense
ratio increased 12.5 percentage points and 16.1 percentage points in the three- and six-month periods ended June 30, 2025, respectively,
compared to the same periods in 2024. These increases were driven by less favorable crop growing conditions compared to the