NAIC Releases 2017-2018 Auto Insurance Database Report

The National Association of Insurance Commissioners has released its Auto Insurance Database Report for the years 2017-2018. Providing valuable data on market distribution and average cost by policy form and amount of insurance, the report features a state-by-state look at automobile insurance costs throughout the United States.

Key findings from the Report:

Amongst the findings from this year’s Report include the following key points:

• Liability premiums grew 30% from 2014 to 2018, while the number of vehicles insured for the same period only grew 7%.
• The national average annual expense per insured vehicle was $1,190 in 2018, a 20.87% increase from 2014.
• The countrywide total liability losses incurred in 2017 were $96.4B, a 6.3% increase from 2015.

In providing the data, the NAIC notes that many factors can affect a state’s expenditures and premiums, including underwriting costs, driving locations, accident rates, traffic density, auto theft statistics, repair costs and state laws. As such, a state-by-state comparison of auto insurance rates is complicated by the nature of each state’s different approach.

With that said, however, the following are some key data points pulled from this year’s report. For those interested in accessing the full report, an official copy may be accessed on the NAIC website.

Snapshots from the Report for Massachusetts & New England

Average Expenditures for Massachusetts & New England

Combined Average Premium

How to access the full Report

For those interested in accessing the full Auto Insurance Database Report for 2017-2018 which contains a plethora of information about the state of the auto insurance marketplace, it can be accessed on the NAIC website.