Types of coverages purchased Relative amounts of coverages purchased Use of telematics Use of credit Weather Driving locations Accident rates Traffic density Vehicle theft rates Auto repair costs Market costs for repair - labor Costs associated with particular type of automobile Population density Medical and legal costs Per capita disposable income Rate and form filing laws Liability insurance requirements Auto laws (seat belt, speed limits, etc.) Theories of Affordability Description of ways affordability has been defined. Historical uses and discussions of various affordability metrics and other auto insurance studies (Examples of what could be included in this section below) State Department of Insurance Reports Auto Insurance (C/D) Working of Reports on “Compendium the Pricing of Personal Automobile Insurance,” November 2014. Federal Insurance Office Study on the Affordability of Personal – Automobile Insurance (January 2017) Academic Studies Affordability as a construct under the existing state insurance regulatory structure Legal and regulatory aspects of insurance rates Summary of the metrics and/or illustrations agreed upon by the Working Group Methodology and Data Data collection, clean up and aggregation methods Data validations Summary of findings when data from statistical agents was compared. The ZIP code data was aggregated to the state level and compared to the NAIC Auto Insurance Database Report state data. Removal of specific records from the dataset that had ZIP codes from states that were not the state of the garaging ZIP code indicated associated with the state. Data limitations
Types of coverages purchased Relative amounts of coverages purchased Use of telematics Use of credit Weather Driving locations Accident rates Traffic density Vehicle theft rates Auto repair costs Market costs for repair - labor Costs associated with particular type of automobile Population density Medical and legal costs Per capita disposable income Rate and form filing laws Liability insurance requirements Auto laws (seat belt, speed limits, etc.) Theories of Affordability Description of ways affordability has been defined. Historical uses and discussions of various affordability metrics and other auto insurance studies (Examples of what could be included in this section below) State Department of Insurance Reports Auto Insurance (C/D) Working “Compendium of Reports on the Pricing of Personal Automobile Insurance,” November 2014. Federal Insurance Office – Study on the Affordability of Personal Automobile Insurance (January 2017) Academic Studies Affordability as a construct under the existing state insurance regulatory structure Legal and regulatory aspects of insurance rates Summary of the metrics and/or illustrations agreed upon by the Working Group Methodology and Data Data collection, clean up and aggregation methods Data validations Summary of findings when data from statistical agents was compared. The ZIP code data was aggregated to the state level and compared to the NAIC Auto Insurance Database Report state data. Removal of specific records from the dataset that had ZIP codes from states that were not the state of the garaging ZIP code indicated associated with the state. Data limitations
cmte_c_d_auto_insurance_wg_exposure_outline_auto_insurance_report.docx