Auto insurance premiums earned up over 12% last year.
Total direct premiums earned on private passenger auto insurance were $303.5 billion in the U.S. in 2023, up 12.3% from 270.3 billion in 2022 according to data released March 18 by the National Association of Insurance Commissioners (NAIC). In comparison, during 2022, earned premiums were up 4.86% from 2021. Earned premiums also grew 3.1% in 2021 after a slight decline in 2020 due to the pandemic.
The 10 largest private passenger automobile insurers as a group saw their market share decrease slightly in 2023 versus the previous year. The decrease in
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