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A Firm Foundation: How Insurance Supports the Economy

The insurance industry’s contribution to the construction industry

The construction industry benefits from claims filed under homeowners and commercial property insurance policies.

Incurred Losses for Homeowners Insurance, 2019-2023 (1)

($000)

Year Incurred losses
2019 $54,057,537
2020 64,515,524
2021 65,534,158
2022 73,708,401
2023 90,485,651

(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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Incurred Losses For Commercial Insurance, 2019-2023 (1)

($000)

Year Incurred losses
2019 $154,852,263
2020 171,257,364
2021 186,094,738
2022 202,958,686
2023 222,488,074

(1) Losses occurring within a fixed period, whether or not adjusted or paid during the same period, after reinsurance transactions. Does not include incurred losses from certain insurers that write health insurance but file financial statements with state regulators on a property/casualty basis.

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

View Archived Tables