FOR IMMEDIATE RELEASE
NAIC Releases Insurance Reports
WASHINGTON, D.C. (Jan. 19, 2017) —The National Association of Insurance Commissioners (NAIC) today released a number of reports including the Homeowners Insurance Report for 2014, 2013-2014 Auto Insurance Database Report and Report on Profitability by Line by State in 2015. The reports provide validated data on market distribution and average cost by policy form and amount of insurance.
"Robust data collection, validation and dissemination are core services provided by the NAIC to state insurance departments, companies and the public," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "As the world's largest centralized repository of insurance data and analysis, reports such as these demonstrate the NAIC's commitment to insurance research and produce insight in the insurance marketplace."
The Homeowners Insurance Report for 2014 compiles national and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies. It also contains data descriptions and a discussion of how certain economic, demographic and natural phenomena impact the price of homeowners insurance. Data from the report was collected from insurance statistical agents for all states except Texas and California, which supply data directly to the NAIC. Some data from residual market mechanisms are now included in the report.
The 2013-2014 Auto Insurance Database Report features state-by-state auto insurance data from calendar years 2010-2014 for the combined voluntary and residual market. The report contains earned premium and exposure data – as well as incurred loss and claims data (separately) – from calendar/accident years 2011-2013 for voluntary and residual market business.
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 2013/2014 report may differ from previous reports, as updated information from insurers is periodically obtained and included in the most recent report.
The Report on Profitability by Line by State in 2015 combines calendar year data by line and state from exhibits of the annual statement to develop estimates of profits on earned premium and the return on net worth. The ability to analyze results on a by state by line basis enhances transparency on the financial impact that the economic climate has had on each of these lines. Combined with other material, this information can be utilized in further analysis of competition and market performance.