National Association of Insurance Commissioners releases 2007/2008 Auto Insurance Database Report
Dec 21, 2010
The National Association of Insurance Commissioners (“NAIC”) has released its 2007/2008 Auto Insurance Database Report (“Report”), which features state-by-state auto insurance data designed to provide necessary information for insurance regulators, consumers and policymakers.
Issued annually and available for purchase from the NAIC, the Report is based on data from written premium and exposure data from calendar years 2004 to 2008 for the combined voluntary and residual market. The report also includes earned premium and exposure data, as well as incurred loss and claims data, from calendar years 2005 to 2007 for voluntary and residual market business.
In the Report, average premium and expenditures, pure premium, loss ratio, claim frequency and claim severity are calculated by coverage. Types of auto insurance included are bodily injury and property damage liability, uninsured and under-insured motorist, medical payment, collision and comprehensive. Factors affecting a state’s expenditures and premiums are taken into account, such as underwriting costs, driving locations, accident rates, traffic density, auto theft statistics, repair costs and state laws.
Data provided in the 2007/2008 report may differ from that released in previous reports, inasmuch as updated information from insurers is periodically obtained and included in the most recent report.
To view the complete NAIC news release on the Report, which includes a sample portion of the document, click here.
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