Are rising insurance payments crimping consumers?

With median insurance payments rising an average of 5.7% since 2020, how are growing home and auto premiums impacting consumers?

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David Tinsley

August 2023

Key takeaways

  • We use aggregated and anonymized Bank of America internal data to analyze how rising auto and home insurance premiums are impacting consumers. We find homeowners' median payments have risen by an annual average of 5.7% over the last three years.
  • At the state level there is significant variation, with some southern states amongst the biggest risers.
  • So what's next? There appear to be both short- and medium-term upside influences on insurance payments, including labor shortages in the vehicle repair sector and the apparent increasing frequency of disruptive weather events.

Read our full analysis for a more in-depth look at these trends.