U.S. Department of the Treasury Releases Report on Personal Auto Insurance Markets and Technological Change

WASHINGTON – The U.S. Department of the Treasury’s (Treasury) Federal Insurance Office (FIO) today released its Report on Personal Auto Insurance Markets and Technological Change. The report is part of Treasury’s ongoing efforts to assess costs facing U.S. consumers.Personal auto insurance is significant for the national economy and consumers’ financial stability. Most Americans rely on private automobiles for transportation, particularly to get to their places of employment. With one exception, all states and the District of Columbia require vehicle owners to maintain personal liability auto insurance. Personal auto insurance premiums were about 35.8 percent of the entire U.S. property and casualty insurance market in 2023, or about $318 billion.The report examines costs in the personal auto insurance market for consumers, as well as technological changes in the personal auto insurance sector.