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The U.S. personal auto insurance industry saw a significant turnaround in 2024, achieving its best underwriting result since the pandemic began. In fact, with a net combined ratio of 95.3, personal auto insurance has outperformed the broader property and casualty insurance industry in terms of underwriting profitability for 10 out of the last 20 years. While the overall P/C industry outpaced personal auto in premium growth from 2018 to 2022, personal auto saw a strong rebound in 2023 and 2024, with double-digit premium growth rates of 14.4 percent and 12.8 percent, respectively.

A major factor influencing auto insurance premiums has been the significant rise in replacement costs for vehicles and parts after the pandemic. Insurers adjusted rates in response to these increased costs. The changes in consumer prices for new and used vehicles, as well as parts and repairs, have shown a strong correlation with average insurance rate adjustments over the past decade.

(As of June 12, 2025)

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Previous Trends and Insights: Personal Auto ÐÓ°ÉÔ­´´ Rates

• June 10, 2024
• September 28, 2022