Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 279

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1A
Chunk 279
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%  
     71.8%  
     58.9% 
  
    Home and farm 
     71.1%  
     61.1%  
     137.6% 
  
    Crop 
     42.9%  
     41.8%  
     55.9% 
  
    All other 
     46.1%  
     13.1%  
     68.6% 
  
    Total loss and loss adjustment expenses ratio 
     66.9%  
     63.8%  
     89.0% 

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

Private passenger auto – The net loss and loss
adjustment expenses ratio decreased 14.8 percentage points in 2024 compared to 2023. This decrease was driven by lower levels of weather-related
losses in the current year due to the mild winter in the Midwest compared to elevated winter weather-related losses in the prior year
as well as favorable prior year loss reserve development. Both periods were positively affected by earned premium growth. The net loss
and loss adjustment expenses ratio decreased 12.1 percentage points in 2023 compared to 2022. This decrease was the result of recent significant
rate increases, lower loss frequency compared to the prior year, and favorable prior year loss reserve development, partially offset by
elevated loss costs due to high levels of inflation.

Non-Standard auto – The net loss and loss adjustment
expenses ratio increased 8.1 percentage points in 2024 compared to 2023. This increase was driven by unfavorable prior year loss reserve
development related to elevated bodily injury losses, partially offset by earned premium growth resulting from new business growth and
significant rate increases. We continue to take significant underwriting actions as a result of these elevated losses and challenging
market conditions. The net loss and loss adjustment expenses ratio increased 12.9 percentage points in 2023 compared to 2022. This increase
was driven by elevated loss severity as a result of inflationary factors as well as unfavorable prior year loss reserve development, partially
offset by significant rate increases.

32 

Home and farm – The net loss and loss adjustment
expenses ratio increased 10.0 percentage points in 2024 compared to 2023. This increase was driven by higher loss severity and