While the pandemic caused an upheaval in the auto physical damage insurance market and carriers rebated premiums, many states were more profitable for insurers during 2020 than before the pandemic.
The latest data from the National Association of Insurance Commissioners (NAIC) illustrates how the first year impacted by the COVID-19 pandemic increased profits for private passenger auto physical damage insurance across the U.S. and its largest territories. In its most recent report on auto insurance profitability by line by state, the NAIC report shows that auto physical damage insurance profits across the U.S. increased 3.8 percentage points to 9.5% in
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