The Nation’s Largest Insurance Budgets

The PIA Western Alliance state of California has the largest insurance department budget in the country. California Insurance Commissioner Ricardo Lara oversees a budget that is a third more than second place New York.

This information is courtesy of the National Association of Insurance Commissioners (NAIC). It found the combined budgets of all of the nation’s insurance departments will hit $1.625 billion in 2021.

Last year’s total was $1.607 billion.

Staffing is also increasing. The number of workers in the nation’s insurance departments went up slightly from 10,846 last year to 10,857 in 2022.

Here’s the list of the top-5:

1. California

Budget: $227 million

2. New York

Budget: 160 million

3. Texas

Budget: $126 million

4. New Jersey

Budget: $76 million

5. Florida

Budget: $51 million