NAIC Releases Annual Homeowners Insurance Report

The National Association of Insurance Commissioners (NAIC) announced Thursday, Feb. 8 the release of the 2004 Homeowners Insurance Report, which provides data on market distribution and average cost by policy form and amount of insurance.

The report provides countrywide and state–specific premium and exposure information for non–commercial dwelling fire insurance and for homeowners insurance package policies. It contains descriptions of the data and a discussion about the way certain economic, demographic and natural phenomena impact the price of homeowners insurance.

The data in the report includes written exposures (earned house years) and aggregate written premiums by state and countrywide for the 2004 data year. It contains three tables that show individual state and countrywide exposures by policy type, individual policy form, as well as amount of insurance coverage, which is divided into ranges with percentages of total exposures provided for each range.

Data for the report was collected from insurance statistical agents for all states, with the exception of Texas and California, both of which supply data directly to the NAIC. Data for Illinois is collected from insurance statistical agents, as well as State Farm Mutual Insurance Company.

Highlights of the report include:

Sample: Countrywide Exposures, Premiums and Aggregate Premiums
State Average Premiums by Policy Form
Important Information (Caveats) about Comparing Average State Premiums

The tables shown contain countrywide exposures, premiums and average premiums for several different types of policies. The entire report has, among its many features, a state–by–state breakdown of this information.

The full report is available for purchase on the NAIC website at external-apps.naic.org.

Source: NAIC

Posted: Friday, February 09, 2007 12:00:00 AM. Modified: Friday, February 09, 2007 1:40:20 PM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.