A Firm Foundation: How Insurance Supports the Economy

The Insurance Industry’s Contribution To The Auto Repair Industry

The primary recipients of auto insurance claim payments are auto repair and auto body shops and window glass installers. Others include new and used car dealers, tire dealers and manufacturers of the parts required for vehicle repair and restoration.

Collision and comprehensive coverages pay for damage to or theft of a policyholder's car. Additional sums are paid by insurers to repair other vehicles damaged by the policyholder in a crash. This money is paid under the liability portion of the policy, which also covers legal costs.

Incurred Losses For Auto Insurance, 2014-2018 (1)

($000)

  2014 2015 2016 2017 2018
Private passenger auto          
     Liability $72,008,280 $79,098,617 $88,249,238 $90,495,835 $91,726,649
     Physical damage 45,301,757 48,564,511 55,738,221 57,052,411 58,763,318
Commercial auto          
     Liability 11,957,182 13,587,152 14,987,073 15,528,570 17,774,673
     Physical damage 3,645,335 3,902,124 4,279,414 4,874,748 4,993,846
Total $132,912,554 $145,152,404 $163,253,946 $167,951,564 $173,258,486

(1) Losses occurring within a fixed period, whether or not adjusted or paid during the same period, after reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence.

View Archived Tables