Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 69

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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    All Other 
     73.2%  
     70.2%  
     43.1%  
     48.0% 
  
    Total loss and loss adjustment expense ratio 
     78.2%  
     78.2%  
     76.0%  
     73.3% 

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 1.4 percentage points and 7.3 percentage points in the three- and nine-month periods ended September
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 and rate increases impacting net premiums earned.

Non-Standard Auto – The net loss and loss adjustment
expense ratio increased 52.5 percentage points and 31.3 percentage points in the three- and nine-month periods ended September 30, 2025,
respectively, compared to the same period in 2024. These increases were driven by higher unfavorable prior year development on liability
loss reserves due to higher loss frequency and severity.

Home and Farm – The net loss and loss adjustment expense
ratio decreased 15.3 percentage points and 3.6 percentage points in the three- and nine-month periods ended September 30, 2025, respectively,
compared to the same periods in 2024. The elevated 2025 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 there were no catastrophes during 2024, the net loss and loss adjustment expense ratios for the
three- and nine-month periods ended September 30, 2024, were impacted by elevated non-catastrophe weather losses in North Dakota and Nebraska.
Catastrophe losses, net of reinsurance, for the Home and Farm segment accounted for 29.0 percentage points of the net loss and loss adjustment
expense ratio for the nine-month period ended September 30, 2025, and did not have a negative impact for the same periods in 2024.

Crop – The net loss and loss adjustment