保险：不断攀升的保险成本削减了消费者的预算

Insurance: Climbing costs cut into consumer budgets 26 June 2025 Key takeaways •Property (auto and housing) insurance payment growth slowed in the year through May 2025, according to Bank of Americainternal data. But median payments still rose 6% year-over-year (YoY) and by over 40% since the period June 2020-May 2021.This has taken household property insurance payments as a percentage of income up to 5%. •There is a slight skew in payment growth towards younger generations, who may be at a life-stage where they need more livingspace and larger vehicles. Meanwhile, from a geographic perspective, most states have seen broadly similar rises in propertyinsurance payments, though it appears the increases in Texas and Washington have been slightly larger, while New Jersey andMichigan have seen smaller ones. •The outlook for property insurance payments is complex. For autos, two positives are that the vehicle fatality rate has declinedfrom its post-pandemic peak, and car price inflation is currently low. But there is a risk that tariffs could increase car prices,which would put upward pressure on auto insurance payments. •At the same time, house price inflation has slowed somewhat across the US, which takes some pressure off home insurance.But the outlook is complicated by the risk of continued escalation in claims caused by acute weather-related events. Insurance payment growth has slowedInsuring one’s property–both car and home–is expensive, and has become more so over the past few years for many households. Using aggregated and anonymized Bank of America customer data to track combined payments (see methodology)for both auto and home insurance (we use the term“property insurance”here), we find that the median annual payment rose 6%in the year through May 2025 (Exhibit 1). Exhibit2:Renters and homeowners have experienced similarproperty insurance inflation since 2020/21Median annual property insurance payments according to Bank of Exhibit1:There has been some slowing in property (auto andhome) insurance payment growth in 2024/25Median annual property insurance payments according to Bank of America internal data, split by homeowners and renters (index relative tooverall median payment in June 2020/May 2021=100) America internal data (% year-over-year (YoY)) The good news is this property insurance payment growth is the slowest in four years. But while it is down from the 13% riseseen between June 2023-May 2024, it is still a significant increase. And since the period from June 2020-May 2021, the medianhousehold property insurance payment has risen by over 40%. InExhibit 2we split the data by homeowners and renters and look at how the median payment for each has evolved relative tothe overall annual median in June 2020-May 2021. As would be expected, homeowners have higher property insurance paymentsoverall as they have to insure their properties as well as the contents. But the relative increase since June 2020-May 2021 is verysimilar for the two groups. Property insurance payments are also taking up more household incomeOver the past few years, the US labor market has been strong, with robust job growth and relatively healthy increases in wages and salaries, as mentioned in ourJune Consumer Checkpoint. This has meant that rising household income has helped cover thegrowth in property insurance payments–but not totally.Exhibit 3shows that in Bank of America internal data, the medianannual property insurance payment has risen from just over 4% as a percentage of total household income in June 2020-May2021 to around 5% in June 2024-May 2025. It is not a surprise, perhaps, that younger generations have seen the largest property insurance payment increase (Exhibit 4).These younger groups, especially Gen Z and Millennials, may be at a stage in their life where they need more space, leading themto buy bigger and more expensive homes and vehicles. But it is noteworthy, in our view, that even Gen X has seen a rise inproperty insurance payments of 45% relative to June 2020-May 2021. Exhibit4: Younger generations have seen the largestincreaseinmedian property insurance paymentsMedian annual property insurance payments according to Bank of Exhibit3: Property insurance payments have risen from around4% of household income to close to 5%Median annual property insurance payments according to Bank of America internal data by household generation (% change June 2020-May 2021 to June 2024-May 2025) America internal data, as a percentage of household income (%) Property insurance payments vary by state, but most have seen risesWhat about differences across the country? The median annual property insurance payment varies widely across US states. Looking at Bank of America internal data, we find households in Illinois, North Carolina and Oregon had the lowest annualproperty insurance payments relative to the US median in the year through May 2025, with payments at least 15% below the USmedian. At the other en