|
| ||
|
FOR IMMEDIATE RELEASE NAIC RELEASES 2004/2005 AUTO INSURANCE DATABASE REPORT KANSAS CITY, Mo. (Sept. 24, 2007) - The National Association of Insurance Commissioners (NAIC) today announced the release of its 2004/2005 Auto Insurance Database Report, which provides the average costs associated with personal automobile insurance nationwide. The report, which features state-by-state auto insurance data, is designed to provide necessary information and analysis to insurance regulators, consumers and policymakers. Developed by the Statistical Information Task Force of the NAIC's Property and Casualty Insurance (C) Committee, the 2004/2005 report was compiled to make information about cost factors in each state readily available to the public, as well as insurance regulators monitoring the market. The information used for this report includes written premium and exposure data from calendar years 2001-2005 for the combined voluntary and residual market. The report also includes earned premium and exposure data, as well as incurred loss and claims data (separately), from calendar/accident years 2002-2004 for voluntary and residual market business. For each state, average premium and expenditures, pure premium, loss ratio, claim frequency and claim severity are calculated by coverage. The types of auto insurance coverage included are bodily injury and property damage liability (including no-fault), uninsured and underinsured motorist, medical payment, collision and comprehensive. The NAIC recognizes the differences in state requirements for insurance coverage, limits and benefits. 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. These variances make direct state-by-state comparisons difficult. Also, data contained in the 2004/2005 report might differ from data released in previous reports, as updated information from insurers is periodically obtained and included in the most recent report. A sample of the report is posted on the Pressroom page of the NAIC Web site. The complete, 247-page report also is available for purchase at the InsPubs section of the NAIC Store.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC's overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.
You are currently subscribed to the "NAIC
News Release" electronic service. To unsubscribe from NAIC Electronic Services, send a blank e-mail to NAIC Opt Out services. |
| |
|
©2007 National Association of Insurance Commissioners. All rights reserved. | ||
