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, 2018-2022 (1)


  2018 2019 2020 2021 2022
Private passenger auto          
     Liability $91,736,331 $96,183,910 $81,622,211 $96,103,658 $117,875,684
     Physical damage 58,766,743 62,636,230 54,684,357 73,849,765 91,020,987
Commercial auto          
     Liability 17,810,709 20,402,267 19,315,713 21,125,756 26,341,725
     Physical damage 4,999,100 5,395,145 4,813,714 5,771,405 7,692,547
Total $173,312,883 $184,617,552 $160,435,995 $196,850,584 $242,930,943

(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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