National Association of Insurance Commissioners Releases 2017-2018 Auto Insurance Database Report

WASHINGTON, March 10 (TNSRep) -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) released the 2017-2018 Auto Insurance Database Report. The report provides validated data on market distribution and average cost by policy form and amount of insurance.

The 2017-2018 Auto Insurance Database Report features state-by-state auto insurance data based on date through year-end 2017 and 2018. It is the most current compilation of automobile insurance costs throughout the United Sates. The report also contains a summarization of the 2018 average expenditures and combined average premiums for each state.

Key findings from the report include:*

* 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 was $96.4B, a 6.3% increase from 2015.

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 2017/2018 report may differ from previous reports, as updated information from insurers is periodically obtained and included in the most recent report.

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REPORT: https://www.naic.org/prod_serv/AUT-PB-17.pdf