The National Association of Insurance Commissioners (NAIC) released two
annual reports Monday - the Homeowners Insurance Report for 2015 and
the 2014-2015 Auto Insurance Database Report. These reports provide
validated data on market distribution and average cost by policy form and
amount of insurance.
"Thorough data collection, validation and distribution are essential
services provided by the NAIC to the state insurance departments, companies and
the public," said Julie Mix McPeak, NAIC President and Tennessee
Commissioner of Commerce and Insurance. "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 critical
insight into the insurance marketplace."
The Homeowners Insurance Report for 2015 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 2014-2015 Auto Insurance Database Report features
state-by-state auto insurance data based on date through year-end 2014 and
2015. It is the most current compilation of automobile insurance costs
throughout the United Sates. The report also contains a summarization of the
2015 average expenditures and combined average premiums for each state.
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 2014/2015 report may differ from previous reports, as updated
information from insurers is periodically obtained and included in the most
recent report.