Naic Releases 2022/2023 Auto Insurance Database Report

The following information was released by the National Association of Insurance Commissioners (NAIC):

The National Association of Insurance Commissioners (NAIC) has released the2022/2023 Auto Insurance Database Report. The report provides information based on data through year-end for the years 2022 and 2023. The data is the most current compilation of automobile insurance costs throughout the United States.

The2022/2023 Auto Insurance Database Reportalso contains a summarization of the 2023 average expenditures and combined average premiums for each state.

Key findings from the 2022/2023 report include:

The national combined average premium per issued vehicle was $1,438, a 14.42% increase from 2022 to 2023.

National total liability incurred losses were $120.5B in 2022, a 9.4% increase from 2021.

The average incurred loss per collision claim increased 17.6% from $6,113 per claim in 2021 to $7,191 per claim in 2022.

Liability premiums grew 19% from 2019 to 2023, while the number of vehicles insured for the same period grew 5.5%.

The national average expense per insured vehicle per year was $1,281 in 2023, a 19.24% increase from 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 2022/2023 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.

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