A Firm Foundation: How Insurance Supports the Economy

The Insurance Industry’s Contribution To The Healthcare Industry

The healthcare industry is a prime recipient of claims filed under auto, workers compensation and other liability insurance policies.

 

Workers Compensation Benefits, Coverage And Costs, 2013-2014

 

  2013 2014 Percent change,
2013-2014
Covered workers (000) 130,245 132,673 1.9%
Covered wages ($ billions) $6,466 $6,820 5.5
Workers compensation benefits paid ($ billions) 62.5 62.3 -1.2
     Medical benefits 31.4 31.4 (1)
     Cash benefits 31.1 30.9 -0.6
Employer costs for workers compensation ($ billions) 87.6 91.8 4.9

(1) Less than 0.1 percent.

Source: Workers Compensation: Benefits, Coverage, and Costs, 2014, National Academy of Social Insurance.

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Private Passenger Auto Insurance Losses, 2006-2015 (1)

 

  Liability
  Bodily injury (2) Property damage (3)
Year Claim frequency (4) Claim severity (5), (6) Claim frequency (4) Claim severity (5), (6)
2006 0.98 $12,907 3.40 $2,796
2007 0.90 13,361 3.46 2,847
2008 0.91 14,067 3.42 2,903
2009 0.89 13,891 3.49 2,869
2010 0.91 14,406 3.53 2,881
2011 0.92 14,848 3.56 2,958
2012 0.95 14,690 3.50 3,073
2013 0.95 15,441 3.55 3,231
2014 0.87 16,640 3.66 3,290
2015 0.91 17,024 3.73 3,493
  Physical damage (7)
  Collision Comprehensive (8)
Year Claim frequency (4) Claim severity (5) Claim frequency (4) Claim severity (5)
2006 4.87 $3,194 2.40 $1,528
2007 5.20 3,109 2.48 1,524
2008 5.35 3,005 2.57 1,551
2009 5.48 2,869 2.75 1,389
2010 5.69 2,778 2.62 1,476
2011 5.75 2,861 2.79 1,490
2012 5.57 2,950 2.62 1,585
2013 5.71 3,144 2.57 1,621
2014 5.95 3,161 2.80 1,567
2015 6.05 3,350 2.73 1,671

(1) For all limits combined. Data are for paid claims.
(2) Excludes Massachusetts and most states with no-fault automobile insurance laws.
(3) Excludes Massachusetts, Michigan and New Jersey.
(4) Claim frequency is claims per 100 car years. A car year is equal to 365 days of insured coverage for one vehicle.
(5) Claim severity is the size of the loss.
(6) Includes loss adjustment expenses.
(7) Excludes Massachusetts, Michigan and Puerto Rico. Based on coverage with a $500 deductible.
(8) Excludes wind and water losses.

Source: ISO®, a Verisk Analytics® business.

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Incurred Losses For Accident And Health Insurance, 2011-2015 (1)

($000)

Year Incurred losses
2011 $3,871,901
2012 3,875,249
2013 3,964,421
2014 3,726,676
2015 3,990,585

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

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

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