Auto Insurance Industry Statistics 2024: What’s Driving Premiums and Policy Changes?

<h2>Editor's Choice: Key Statistics</h2>
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<li><strong>$316 billion</strong>: The projected size of the <strong>global auto insurance market</strong> by the end of 2024, growing at a rate of <strong>4.5%</strong> from 2023.</li>
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<li><strong>15% increase</strong>: In electric vehicle insurance premiums compared to traditional vehicles, due to the higher cost of repairs and specialized components.</li>
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<li><strong>50% of consumers</strong> in the U.S. find auto insurance <strong>unaffordable</strong>, reflecting a growing challenge in the industry.</li>
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<li><strong>California</strong> tops the list for the highest <strong>average premiums</strong>, with an annual rate of <strong>$2,065</strong>.</li>
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<li><strong>25% of new auto insurance policies</strong> in 2024 will be based on <strong>usage-based insurance (UBI)</strong>, leveraging telematics data to calculate rates.</li>
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<li><strong>37 million claims</strong> were filed in the U.S. in 2023, a <strong>3% increase</strong> from the previous year.</li>
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<li><strong>$43.7 billion</strong>: The combined revenue of the top five <strong>auto insurance companies</strong> in the U.S. as of the first quarter of 2024.</li>
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