NAIC Releases 2019–2020 Auto Insurance Database Report
The National Association of Insurance Commissioners (NAIC) has released the 2019–2020 Auto Insurance Database Report. The report provides information based on data through year-end for the years 2019 and 2020. The data is the most current compilation of automobile insurance costs throughout the United States. This is the first Auto Insurance Database Report released that includes data from after the pandemic began, which contributed to the decrease in written premium for 2020.
The 2019–2020 Auto Insurance Database Report also contains a summarization of the 2020 average expenditures and combined average premiums for each state.
Key findings from the 2019–2020 report include:
- The national combined average premium per insured vehicle was $1,176, a 2.4% decrease from 2019 to 2020.
- The national total liability incurred losses was $105.4B in 2019, a 6.79% increase from 2017.
- The average incurred loss per collision claim increased 9.56% from $4,400 per claim in 2017 to over $4,821 per claim in 2019.
Many factors affect a state's expenditures and premiums, including underwriting costs, driving locations, accident rates, traffic density, auto theft statistics, repair costs, and state laws. There are also differences in state requirements for insurance coverage, limits, and benefits. These variances make direct state-by-state comparisons difficult. Data contained in the 2019–2020 report may differ from previous reports, as updated information from insurers is periodically obtained and included in the most recent report.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.