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, 2018-2022 (1)

($000)

Year Incurred losses
2018 $56,252,556
2019 54,056,503
2020 63,871,983
2021 66,786,451
2022 74,164,594

(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, 2018-2022 (1)

($000)

Year Incurred losses
2018 $148,768,919
2019 155,085,961
2020 172,088,107
2021 184,973,037
2022 202,732,883

(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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