Need some rough estimates of personal auto information

Professional Actuarial Topics Property/Casualty
1

Hi. I am the university liaison at my nearby college, and I am assembling information to give a general “What is insurance?” talk.

I am retired and of course have no access to subscription-only data sources. III does have some good industry statistics.

Would someone kindly share the following very rough estimates of personal auto?

  1. If you were using a one-parameter Pareto distribution for BI severity, what q value would you use?
  2. If you were using a one-parameter Pareto distribution for collision severity, what q value would you use?
  3. What is an approximate industry ratio of expenses (comm, gen, OA, tax) to written premium?

This is simply for a talk to college students. I am not making a rate filing or publishing a paper. I will not quote you in this talk.

Thank you.

2

Also retired, so I can’t access parameter updates.

The NAIC does make some industry composite data available that is free. You might find some of the Annual Statement expense info by line useful:

The NAIC profitability by line by state report may also be useful. Check out page 21 here:

3

Thanks Arthuritas.

4

I’ll observe that when I put “average bodily injury loss personal auto” and “average collision loss personal auto” into Google, I do get values that, after trending, could be useful to solve for the desired parameter.

(I haven’t touched personal auto in the US in many years, so I’m not a good person to comment on the plausibility of Google’s guidance.)