|
Where the US Homeowners Insurance Premium Dollar
Goes 2001– 2002
Homeowners insurance accounted for 11.3% of all P/C premiums and
23.3% of all personal lines insurance in 2003.
In 2002 (latest data available at close of publishing) claims accounted
for $78 of every $100 earned in homeowners insurance premiums, down
significantly from $89 reported in 2001.
US expenses, including commissions, state premium taxes, general
overhead expenses, licenses and fees, accounted for $29 out of every
$100 in premium dollars earned in 2002 and 2001.
2002 investments added $4 to income, up from investment gains of
$3 in 2001.
Property damage claims and theft in 2002 accounted for 78% of claims
payments. In 2001 they accounted for 81% of claims payments, compared
to 74% in 1998. Liability claims accounted for 6.4% in 2002 and
5.6% in 2001 (10% in 1998). The cost of settling these claims in
2002 accounted for the remaining 15.4% of total claim costs, compared
to about 13% in 2001.
1 Includes vandalism and malicious mischief
2 Includes interest, dividends and realized capital gains
Sources: Estimated by the Insurance Information Institute (III),
based on data from Insurance Services Office, Inc. and the National
Association of Insurance Commissioners. Reprinted from III
Fact Book, 2004 and 2005 editions.
|
