GITNUXREPORT 2026

Auto Insurance Industry Statistics

The auto insurance industry is growing globally despite recent profitability and price challenges.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

Our Commitment to Accuracy

Rigorous fact-checking · Reputable sources · Regular updatesLearn more

Statistic 1

Auto theft claims cost $4.4 billion in 2022.

Statistic 2

Bodily injury claims averaged $26,000 in 2022.

Statistic 3

Collision claims cost $5,200 average.

Statistic 4

Property damage claims hit $4,800 avg.

Statistic 5

Total U.S. auto claims paid $170 billion in 2022.

Statistic 6

Hit-and-run claims up 20% since 2020.

Statistic 7

Fraudulent claims cost $40 billion annually.

Statistic 8

Weather-related claims $15 billion in 2023.

Statistic 9

Medical payment claims avg $8,500.

Statistic 10

Uninsured motorist claims up 15%.

Statistic 11

6 million crashes filed claims in 2022.

Statistic 12

Rental reimbursement claims $2 billion.

Statistic 13

Average claim settlement time 30 days.

Statistic 14

Catastrophe losses $25 billion for auto.

Statistic 15

Distracted driving claims 30% of total.

Statistic 16

Repair costs rose 8% YoY to $4,000 avg.

Statistic 17

Total loss claims 40% of collisions.

Statistic 18

PIP claims avg $10,000 in no-fault states.

Statistic 19

Glass claims frequency up 12%.

Statistic 20

EV repair claims 50% costlier.

Statistic 21

Litigation costs added $15B to claims.

Statistic 22

Claims denial rate 5-10% average.

Statistic 23

Fire claims $1.5 billion annually.

Statistic 24

Hail damage claims peak at 1M/year.

Statistic 25

Average liability claim $23,000.

Statistic 26

13% of drivers uninsured, causing $30B claims.

Statistic 27

54% of Americans shopped for new policies in 2023.

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65% prioritize price over coverage.

Statistic 29

Satisfaction score 830/1000 in 2023.

Statistic 30

40% use comparison sites.

Statistic 31

Millennials switch carriers every 2 years.

Statistic 32

72% of Gen Z want digital-first experiences.

Statistic 33

Women file 10% more claims.

Statistic 34

25% drop coverage during inflation.

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Urban dwellers 2x more likely to shop.

Statistic 36

Loyalty rate fell to 65% in 2023.

Statistic 37

30% influenced by social media ads.

Statistic 38

Hispanics over-index in shopping by 15%.

Statistic 39

80% renew digitally.

Statistic 40

Price sensitivity up 20% post-rate hikes.

Statistic 41

Boomers prefer agents 40% vs. 20% young.

Statistic 42

45% read reviews before buying.

Statistic 43

EV owners 3x more likely to switch.

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60% want usage-based insurance.

Statistic 45

Complaint volume up 12% in 2023.

Statistic 46

Mobile app usage for claims 70%.

Statistic 47

Low-income drop full coverage 15%.

Statistic 48

Personalized pricing accepted by 55%.

Statistic 49

35% pay annually for discounts.

Statistic 50

Regional shopping spikes in high-rate states.

Statistic 51

50% unaware of telematics discounts.

Statistic 52

The U.S. auto insurance market reached $320 billion in direct premiums written in 2023.

Statistic 53

Global auto insurance premiums grew by 4.5% in 2022 to $850 billion.

Statistic 54

Auto insurance accounted for 36% of the U.S. P&C insurance market in 2023.

Statistic 55

The market is projected to grow at a CAGR of 5.2% from 2024-2028.

Statistic 56

U.S. auto insurance premiums increased 17% year-over-year in 2023.

Statistic 57

Commercial auto insurance premiums hit $50 billion in 2022.

Statistic 58

Personal auto lines grew 14% in 2023 per NAIC data.

Statistic 59

Europe's auto insurance market valued at €250 billion in 2023.

Statistic 60

U.S. auto insurers reported $1.1 trillion in assets in 2022.

Statistic 61

Telematics adoption drove 6% market growth in 2023.

Statistic 62

Auto insurance penetration rate in India reached 65% in 2023.

Statistic 63

U.S. market share leader Progressive holds 15% in 2023.

Statistic 64

Premiums per vehicle averaged $2,543 in 2023.

Statistic 65

Chinese auto insurance market exceeded ¥1 trillion in 2022.

Statistic 66

U.S. auto insurance net income fell 20% in 2023.

Statistic 67

Latin America auto market grew 8% in premiums 2023.

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Top 10 insurers control 55% of U.S. auto market.

Statistic 69

Premiums rose 20% in California alone in 2023.

Statistic 70

Global market projected to hit $1.2 trillion by 2030.

Statistic 71

U.S. private passenger auto premiums up 16.5% in 2023.

Statistic 72

Australian auto insurance market at AUD 15 billion in 2023.

Statistic 73

Insurtech investments in auto reached $5 billion in 2023.

Statistic 74

U.S. auto insurance combined ratio hit 110% in 2023.

Statistic 75

Market fragmentation with 2,500+ carriers in U.S.

Statistic 76

Premium growth slowed to 3% in Q1 2024.

Statistic 77

U.K. motor insurance premiums up 27% in 2023.

Statistic 78

Canadian auto market premiums CAD 30 billion in 2023.

Statistic 79

EV insurance segment grew 25% in 2023.

Statistic 80

Southeast Asia auto premiums up 10% YoY.

Statistic 81

U.S. auto insurers surplus $500 billion in 2023.

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Average full coverage premium reached $2,685 in 2023.

Statistic 83

Minimum coverage premiums averaged $800 annually in 2023.

Statistic 84

Rates increased 24% nationwide in 2023.

Statistic 85

Michigan had highest average premium at $3,589.

Statistic 86

Louisiana premiums up 38% in two years.

Statistic 87

Men pay 5% more than women on average.

Statistic 88

Drivers over 70 pay 15% less than under 25.

Statistic 89

Clean record saves 40% on premiums.

Statistic 90

Bundling home and auto saves 25%.

Statistic 91

High-risk drivers pay $4,000+ annually.

Statistic 92

EV premiums 20-30% higher than gas cars.

Statistic 93

Urban drivers pay 25% more than rural.

Statistic 94

Credit-based rates affect 40% of premiums.

Statistic 95

Multi-car discount averages 15% savings.

Statistic 96

Teens add $1,500 to family premiums.

Statistic 97

Florida rates up 40% post-hurricanes.

Statistic 98

Good student discount saves 10-25%.

Statistic 99

Defensive driving course cuts 10%.

Statistic 100

New cars cost 10% more to insure.

Statistic 101

Sports cars premiums 50% higher.

Statistic 102

Annual mileage under 7,500 saves 5-10%.

Statistic 103

Paperless billing saves $50/year average.

Statistic 104

Loyalty discounts average 5-10%.

Statistic 105

Ohio rates filed for 26% increase in 2024.

Statistic 106

Seniors get 10% discount in most states.

Statistic 107

GAP insurance adds $20-30/month.

Statistic 108

Comprehensive coverage averages $200/year.

Statistic 109

Collision deductibles impact 15% of premium.

Statistic 110

Telematics users save 30% on premiums.

Statistic 111

AI detects fraud in 90% of claims.

Statistic 112

45% of insurers use drones for claims.

Statistic 113

Blockchain pilots reduce fraud 40%.

Statistic 114

Autonomous vehicles could cut premiums 40%.

Statistic 115

IoT sensors in 20% of new policies.

Statistic 116

Chatbots handle 60% customer queries.

Statistic 117

Predictive analytics cut losses 15%.

Statistic 118

Mobile claims apps used by 75%.

Statistic 119

Insurtech startups 500+ in auto space.

Statistic 120

VR training for adjusters saves 20% time.

Statistic 121

Big data pricing models adopted 80%.

Statistic 122

Cyber risks add to auto policies 10%.

Statistic 123

5G enables real-time claims 50% faster.

Statistic 124

Embedded insurance via apps 30% growth.

Statistic 125

Machine learning scores risk 95% accurately.

Statistic 126

Digital wallets pay 40% premiums.

Statistic 127

AV insurance market $1B by 2025.

Statistic 128

RPA automates 70% admin tasks.

Statistic 129

Biometrics verify identity 99%.

Statistic 130

Cloud migration 85% of insurers.

Statistic 131

NFTs for policy ownership trialed.

Statistic 132

AR assists repairs 25% faster.

Statistic 133

Quantum computing pilots for pricing.

Statistic 134

Open banking integrates 50% policies.

Statistic 135

Generative AI chat 80% satisfaction.

Statistic 136

Metaverse claims processing tested.

1/136

Sources

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Strap in for a revealing look at the trillion-dollar auto insurance industry, a dynamic global market where soaring premiums, tech-driven transformations, and dramatic regional shifts are reshaping how we protect our vehicles.

Key Takeaways

The U.S. auto insurance market reached $320 billion in direct premiums written in 2023.
Global auto insurance premiums grew by 4.5% in 2022 to $850 billion.
Auto insurance accounted for 36% of the U.S. P&C insurance market in 2023.
Average full coverage premium reached $2,685 in 2023.
Minimum coverage premiums averaged $800 annually in 2023.
Rates increased 24% nationwide in 2023.
Auto theft claims cost $4.4 billion in 2022.
Bodily injury claims averaged $26,000 in 2022.
Collision claims cost $5,200 average.
54% of Americans shopped for new policies in 2023.
65% prioritize price over coverage.
Satisfaction score 830/1000 in 2023.
Telematics users save 30% on premiums.
AI detects fraud in 90% of claims.
45% of insurers use drones for claims.

The auto insurance industry is growing globally despite recent profitability and price challenges.

Claims and Payouts

Auto theft claims cost $4.4 billion in 2022.
Bodily injury claims averaged $26,000 in 2022.
Collision claims cost $5,200 average.
Property damage claims hit $4,800 avg.
Total U.S. auto claims paid $170 billion in 2022.
Hit-and-run claims up 20% since 2020.
Fraudulent claims cost $40 billion annually.
Weather-related claims $15 billion in 2023.
Medical payment claims avg $8,500.
Uninsured motorist claims up 15%.
6 million crashes filed claims in 2022.
Rental reimbursement claims $2 billion.
Average claim settlement time 30 days.
Catastrophe losses $25 billion for auto.
Distracted driving claims 30% of total.
Repair costs rose 8% YoY to $4,000 avg.
Total loss claims 40% of collisions.
PIP claims avg $10,000 in no-fault states.
Glass claims frequency up 12%.
EV repair claims 50% costlier.
Litigation costs added $15B to claims.
Claims denial rate 5-10% average.
Fire claims $1.5 billion annually.
Hail damage claims peak at 1M/year.
Average liability claim $23,000.
13% of drivers uninsured, causing $30B claims.

Claims and Payouts Interpretation

It seems we've built a system where your car might be stolen, a distracted driver could total it in a weather-related crash, and after waiting a month for a settlement inflated by fraud and litigation, you'll still need to dodge the one in eight uninsured motorists on your way home from the overpriced repair shop.

Consumer Trends

54% of Americans shopped for new policies in 2023.
65% prioritize price over coverage.
Satisfaction score 830/1000 in 2023.
40% use comparison sites.
Millennials switch carriers every 2 years.
72% of Gen Z want digital-first experiences.
Women file 10% more claims.
25% drop coverage during inflation.
Urban dwellers 2x more likely to shop.
Loyalty rate fell to 65% in 2023.
30% influenced by social media ads.
Hispanics over-index in shopping by 15%.
80% renew digitally.
Price sensitivity up 20% post-rate hikes.
Boomers prefer agents 40% vs. 20% young.
45% read reviews before buying.
EV owners 3x more likely to switch.
60% want usage-based insurance.
Complaint volume up 12% in 2023.
Mobile app usage for claims 70%.
Low-income drop full coverage 15%.
Personalized pricing accepted by 55%.
35% pay annually for discounts.
Regional shopping spikes in high-rate states.
50% unaware of telematics discounts.

Consumer Trends Interpretation

It appears the auto insurance industry is caught in a perfect storm where a price-obsessed, digitally-native, and increasingly fickle customer base, empowered by constant comparison, is rapidly abandoning loyalty while demanding flawless digital service, forcing insurers to walk a tightrope between personalized pricing and rising customer frustration.

Market Size and Growth

The U.S. auto insurance market reached $320 billion in direct premiums written in 2023.
Global auto insurance premiums grew by 4.5% in 2022 to $850 billion.
Auto insurance accounted for 36% of the U.S. P&C insurance market in 2023.
The market is projected to grow at a CAGR of 5.2% from 2024-2028.
U.S. auto insurance premiums increased 17% year-over-year in 2023.
Commercial auto insurance premiums hit $50 billion in 2022.
Personal auto lines grew 14% in 2023 per NAIC data.
Europe's auto insurance market valued at €250 billion in 2023.
U.S. auto insurers reported $1.1 trillion in assets in 2022.
Telematics adoption drove 6% market growth in 2023.
Auto insurance penetration rate in India reached 65% in 2023.
U.S. market share leader Progressive holds 15% in 2023.
Premiums per vehicle averaged $2,543 in 2023.
Chinese auto insurance market exceeded ¥1 trillion in 2022.
U.S. auto insurance net income fell 20% in 2023.
Latin America auto market grew 8% in premiums 2023.
Top 10 insurers control 55% of U.S. auto market.
Premiums rose 20% in California alone in 2023.
Global market projected to hit $1.2 trillion by 2030.
U.S. private passenger auto premiums up 16.5% in 2023.
Australian auto insurance market at AUD 15 billion in 2023.
Insurtech investments in auto reached $5 billion in 2023.
U.S. auto insurance combined ratio hit 110% in 2023.
Market fragmentation with 2,500+ carriers in U.S.
Premium growth slowed to 3% in Q1 2024.
U.K. motor insurance premiums up 27% in 2023.
Canadian auto market premiums CAD 30 billion in 2023.
EV insurance segment grew 25% in 2023.
Southeast Asia auto premiums up 10% YoY.
U.S. auto insurers surplus $500 billion in 2023.

Market Size and Growth Interpretation

Despite soaring premiums and shrinking profits—a paradox only possible in a market where a $1.2 trillion global forecast and a 110% U.S. loss ratio collide—it seems we're all paying more for the privilege of driving each other crazy.

Premiums and Rates

Average full coverage premium reached $2,685 in 2023.
Minimum coverage premiums averaged $800 annually in 2023.
Rates increased 24% nationwide in 2023.
Michigan had highest average premium at $3,589.
Louisiana premiums up 38% in two years.
Men pay 5% more than women on average.
Drivers over 70 pay 15% less than under 25.
Clean record saves 40% on premiums.
Bundling home and auto saves 25%.
High-risk drivers pay $4,000+ annually.
EV premiums 20-30% higher than gas cars.
Urban drivers pay 25% more than rural.
Credit-based rates affect 40% of premiums.
Multi-car discount averages 15% savings.
Teens add $1,500 to family premiums.
Florida rates up 40% post-hurricanes.
Good student discount saves 10-25%.
Defensive driving course cuts 10%.
New cars cost 10% more to insure.
Sports cars premiums 50% higher.
Annual mileage under 7,500 saves 5-10%.
Paperless billing saves $50/year average.
Loyalty discounts average 5-10%.
Ohio rates filed for 26% increase in 2024.
Seniors get 10% discount in most states.
GAP insurance adds $20-30/month.
Comprehensive coverage averages $200/year.
Collision deductibles impact 15% of premium.

Premiums and Rates Interpretation

The grim reality of auto insurance is that while shopping smart can save you a bundle, the deck is increasingly stacked with steeper rates for riskier profiles, as seen in everything from your credit score and zip code to your vehicle choice and teenage driver.

Technology and Future Trends

Telematics users save 30% on premiums.
AI detects fraud in 90% of claims.
45% of insurers use drones for claims.
Blockchain pilots reduce fraud 40%.
Autonomous vehicles could cut premiums 40%.
IoT sensors in 20% of new policies.
Chatbots handle 60% customer queries.
Predictive analytics cut losses 15%.
Mobile claims apps used by 75%.
Insurtech startups 500+ in auto space.
VR training for adjusters saves 20% time.
Big data pricing models adopted 80%.
Cyber risks add to auto policies 10%.
5G enables real-time claims 50% faster.
Embedded insurance via apps 30% growth.
Machine learning scores risk 95% accurately.
Digital wallets pay 40% premiums.
AV insurance market $1B by 2025.
RPA automates 70% admin tasks.
Biometrics verify identity 99%.
Cloud migration 85% of insurers.
NFTs for policy ownership trialed.
AR assists repairs 25% faster.
Quantum computing pilots for pricing.
Open banking integrates 50% policies.
Generative AI chat 80% satisfaction.
Metaverse claims processing tested.

Technology and Future Trends Interpretation

The auto insurance industry is rapidly morphing into a high-tech command center, where your car's data, AI fraud hunters, and drones are working together to create a future of hyper-personalized, often lower premiums, so long as you're comfortable with your insurer knowing exactly how you drive and a chatbot being your first point of contact.