NAIC Releases Annual Homeowners Insurance Report
Feb 24, 2016
The National Association of Insurance Commissioners (“NAIC”) released its latest Homeowners Insurance Report today, February 24, 2016, in which it published the most recently validated data on market distribution and average cost by policy form and amount of insurance.
To view the report, click here.
“This report provides the most comprehensive collection of homeowners insurance data in the world,” said John M. Huff, NAIC President and Missouri Insurance Director. “In addition to being the largest insurance repository of data and analysis, the NAIC also provides an abundance of resources to help consumers understand how to make informed decisions about protecting their homes and apartments.”
National and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies are included in the report. It also contains data descriptions and a discussion about the way certain economic, demographic and natural phenomena impact the price of homeowners insurance.
“Nationwide, homeowners’ premiums rose an average of six percent,” Director Huff added. “Major cost drivers for insurance rates include exposure to catastrophes, the value of homes and construction cost.”
The report includes written exposure (earned house years) and aggregate written premiums by state and countrywide. It contains tables that show state and countrywide exposures by policy type, individual policy form, as well as insurance coverage amount, which is divided into ranges with total exposure percentages provided for each range.
Data from the report was collected from insurance statistical agents for all states except Texas and California, both of which supply data directly to the NAIC. Some data from residual market mechanisms are now included in the report.
Should you have any questions or comments, please contact Colodny Fass.
To unsubscribe from this newsletter, please send an e-mail to email@example.com.