KANSAS CITY, Mo. (July 12, 2024)
ÐÓ°ÉÊÓƵ Releases Latest ‘Auto Insurance Database Average Premium Supplement’
The ÐÓ°ÉÊÓƵ (ÐÓ°ÉÊÓƵ) today released the Auto Insurance Database Average Premium Supplement for 2022. The supplement provides written premium and exposure data for calendar years 2018–2022.
The ÐÓ°ÉÊÓƵ created the supplement to release the written premium and exposure data quicker than the release of the full Auto Insurance Database Report timeline allows. The tables in the Auto Insurance Database Average Premium Supplement will also be included in the full Auto Insurance Database Report 2021–2022, which will be released later this year.
The insurance data was obtained from the following statistical agents: American Association of Insurance Services (AAIS); Insurance Services Office (ISO); National Independent Statistical Service (NISS); Independent Statistical Service, Inc. (ISS); Massachusetts Commonwealth Automobile Reinsurers (M-CAR); and Maryland Auto Insurance Fund (MAIF). Data was also obtained from the California Department of Insurance and the Texas Department of Insurance. The ÐÓ°ÉÊÓƵ 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 Auto Insurance Database Average Premium Supplement include:
- Combined average premiums increased by 5.75% in 2022.
- In 2022, average expenditures increased to $1,126.94, a 6.51% increase since 2018.
- Comprehensive written premiums increased by 10.32% in 2022.
The complete supplement is available on the ÐÓ°ÉÊÓƵ website.
About the ÐÓ°ÉÊÓƵ
As part of our state-based system of insurance regulation in the United States, the ÐÓ°ÉÊÓƵ (ÐÓ°ÉÊÓƵ) 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 ÐÓ°ÉÊÓƵ, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. ÐÓ°ÉÊÓƵ staff supports these efforts and represents the collective views of state regulators domestically and internationally.