WASHINGTON (March 13, 2020) — The National Association of Insurance Commissioners (NAIC) today announced the release of its 2016/2017 Auto Insurance Database Report, which provides the average costs associated with personal automobile insurance nationwide.
Developed by the Casualty Actuarial and Statistical Task Force of the NAIC's Property and Casualty Insurance (C) Committee, the report features state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers.
The data used for this report includes written premium and exposure data from calendar years 2013-2017 for the combined voluntary and residual market. The report also includes earned premium and exposure data, as well as incurred loss and claims data (separately), from calendar/accident years 2014-2016 for voluntary and residual market business.
For each state and coverage there are calculations for average premium and expenditures, pure premium, loss ratio, claim frequency and claim severity. The types of auto insurance coverage included are bodily injury and property damage liability (including no-fault), uninsured and underinsured motorist, medical payment, collision and comprehensive.
Highlights from the report include:
- Written liability premiums grew 26% from 2013 to 2017 and the number of vehicles insured for one year with liability coverage grew 7% for the same period.
- National average expenditure per insured vehicle per year increased to $1,005 in 2017, a 6% increase from 2016.
- National total liability incurred losses was $94.4B in 2016, a 16% increase from 2014.
- Collision national average claim frequency increased 4% between 2014 to 2016.
- The average incurred loss per collision claim increased 9% from under $3700 per claim in 2014, to over $4000 per claim in 2016.
The NAIC recognizes the differences in state requirements for insurance coverage, limits and benefits. 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. These variances make direct state-by-state comparisons difficult. Data contained in the 2016/2017 report may differ from data released in previous reports since updated information is periodically obtained
The complete report is also available free of charge through the NAIC Store.