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, 2017-2021 (1)


  2017 2018 2019 2020 2021
Private passenger auto          
     Liability $90,495,835 $91,736,331 $96,183,910 $81,622,205 $96,104,094
     Physical damage $57,052,411 $58,766,743 $62,636,230 $54,684,358 $73,846,463
Commercial auto          
     Liability $15,528,570 $17,810,709 $20,402,267 $19,315,713 $21,110,314
     Physical damage $4,874,748 $4,999,100 $5,395,145 $4,813,714 $5,766,122
Total $167,951,564 $173,312,883 $184,617,552 $160,435,990 $196,826,993

(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, Insurance Information Institute.

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