NAIC: Auto Insurers Earned Big Bucks in 2020 During Worst Economic Year of Pandemic

Private passenger auto insurers earned $250.6 billion in 2020 a report by the National Association of Insurance Commissioners (NAIC) determines.

The NAIC Report on Profitability by Line by State notes that findings are not determinations of “whether current rates are adequate to cover future costs.”

The report states that insurance companies incurred $56.1 million in losses in 2020.

California earned the highest profitability with $30.3 billion. Insurance companies in Texas earned $22.7 billion.

On the lower end, Vermont insurance companies earned $386.5 million. Colorado brought in $5.3 million.

Insured drivers in Alaska paid $506 million in 2020, and Washington, D.C. drivers paid $376.8 million.

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