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, 2021

 

  2021 Percent change,
2017-2021
Covered workers (000) 140,227 -0.1%
Covered wages ($ billions)  $9,497 22.0
Workers compensation benefits paid ($ billions)  60.0 -4.3
     Medical benefits  28.5 -9.3
     Cash benefits  31.5 0.7
Employer costs for workers compensation ($ billions)  96.0 -5.6

Source: Workers Compensation: Benefits, Coverage, and Costs, February 2024, National Academy of Social Insurance.

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Private Passenger Auto Insurance Losses, 2013-2022 (1)

 

  Liability
  Bodily injury (2) Property damage (3)
Year Claim frequency (4) Claim severity (5), (6) Claim frequency (4) Claim severity (5), (6)
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 1.04   16,082   3.41   3,969 
2017 1.06   16,234   3.16   3,797 
2018 1.05   17,451   3.04   3,924 
2019 1.01   18,443   3.03   4,061 
2020 0.85   19,965   2.27   4,450 
2021 0.72   23,172   2.12   4,710 
2022 0.74   24,211   2.37   5,313 
  Physical damage (7)
  Collision Comprehensive (8)
Year Claim frequency (4) Claim severity (5) Claim frequency (4), (9) Claim severity (5), (9)
2013 5.71  $3,144   2.57  $1,621 
2014 5.93   3,169   2.79   1,572 
2015 6.01   3,377   2.62   1,679 
2016 5.51   3,454   2.30   1,951 
2017 5.98   3,517   2.86   1,811 
2018 5.99   3,661   3.01   1,834 
2019 5.96   3,826   3.23   1,778 
2020 4.49   3,709   2.94   1,995 
2021 4.46   5,136   3.20   2,132 
2022 4.88   5,992   3.31   2,738 

(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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