We all know it is 2023 but apparently it takes a couple of years for the National Association of Insurance Commissioners (NAIC) to tally all the numbers for a specific year.
The year in question for this story is the annual Insurance Department Resources Report (IDRR) for 2021. It was released in early December and is the 35th one issued by the NAIC.
It comes in two parts.
This story concerns part two and it covers insurance premiums by the type of insurance and the state where the insurance is sold. Here are some statistics:
- In 2021 there were 5,978 domestic U.S. insurers
- Revenue collected for those insurers hit $29.8 billion
- That’s a 2.7% jump over 2020
- Total premiums for all lines of insurance was $2.9 trillion
- That’s an 8.2% hike over 2020
Here is a breakdown of the policies sold:
- Health — 43.9%
- Life & annuities — 30.3%
- Property & casualty — 24.8%
The NAIC said those sales generated 259,345 official complaints and 1.5 million inquiries.
These are the top 10 states in terms of premiums sold. The PIA Western Alliance state of California tops the list. New York, Florida, Texas, and Pennsylvania follow in terms of sales, and those states and California account for 40% of the insurance premiums generated in the U.S.
Here are the top 10 states in terms of premiums for 2021:
California — $394,783,039,653
New York — $267,801,017,919
Florida — $202,122,398,069
Texas — $202,064,318,441
Pennsylvania — $129,631,484,466
Ohio — $122,874,419,525
Illinois — $108,471,408,364
Delaware — $94,280,340,000
New Jersey — $88,030,408,416
Michigan — $80,198,299,008
If you’re interested, the first volume of the IDRR, it looks at state insurance departments and the number of staff involved in regulating the business, annual budgets, how revenues flow, the number of producers, insurers and complaints.
Source link: NAIC — https://bit.ly/3WeqrC9
