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, 2019

  2019 Percent change,
2015-2019
Covered workers (000) 144,407 6.2%
Covered wages ($ billions)  $8,560 18.7
Workers compensation benefits paid ($ billions)  63.0 0.4
     Medical benefits  31.3 -1.1
     Cash benefits  31.8 2.0
Employer costs for workers compensation ($ billions)  100.2 0.9

Source: Workers Compensation: Benefits, Coverage, and Costs, October 2021, National Academy of Social Insurance.

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Private Passenger Auto Insurance Losses, 2011-2020 (1)

 

  Liability
  Bodily injury (2) Property damage (3)
Year Claim frequency (4) Claim severity (5), (6) Claim frequency (4) Claim severity (5), (6)
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 0.97 15,384 3.41 3,516
2015 0.89 17,014 3.45 3,628
2016 0.95 16,913 3.45 3,843
2017 1.00 16,761 3.45 3,933
2018 1.02 17,596 3.33 4,165
2019 1.01 18,680 3.27 4,331
2020 0.85 20,235 2.48 4,711
  Physical damage (7)
  Collision Comprehensive (8)
Year Claim frequency (4) Claim severity (5) Claim frequency (4), (9) Claim severity (5), (9)
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 5.93 3,169 2.79 1,572
2015 6.01 3,377 2.72 1,679
2016 6.13 3,442 2.76 1,747
2017 6.14 3,423 2.86 1,811
2018 6.13 3,578 3.02 1,832
2019 6.07 3,752 3.23 1,777
2020 4.63 3,588 2.94 1,995

(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 earned 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.
(9) Includes glass losses.

Source: ISO®, a Verisk Analytics® business.

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Incurred Losses For Accident And Health Insurance, 2015-2019 (1)

($000)

Year Incurred losses
2015 $3,990,585
2016 4,512,513
2017 4,649,220
2018 4,555,251
2019 4,900,860

(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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