NAIC Releases ‘2024 Auto Insurance Database Average Premium Supplement’
The National Association of Insurance Commissioners (NAIC) has released the Auto Insurance Database Average Premium Supplement for 2024. The supplement provides written premium and exposure data for calendar years 2020–2024.
The NAIC created the supplement to release the written premium and exposure data more quickly than the timeline for the release of the full Auto Insurance Database Report allows. The tables in the 2024 Auto Insurance Database Average Premium Supplement will also be included in the full Auto Insurance Database Report 2023–2024, which will be released later this year.
The insurance data was obtained from the following statistical agents: the American Association of Insurance Services; the Insurance Services Office; the National Independent Statistical Service; the Independent Statistical Service; the Massachusetts Commonwealth Automobile Reinsurers; and the Maryland Automobile Insurance Fund. Data were also obtained from the California Department of Insurance and the Texas Department of Insurance.
The NAIC is appreciative of the assistance of these organizations in developing this report. There may be some data from other small statistical agencies that are not included.
Key highlights from the 2024 Auto Insurance Database Average Premium Supplement include:
- Combined average premiums increased by 12.12% in 2024.
- In 2024, average expenditures increased to $1,431.63, a 36.64% increase since 2020.
- Comprehensive average premiums increased by 18.66% in 2024, although comprehensive written exposures only increased 0.35%.
The complete supplement is available on the NAIC website.
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.