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Quantity II takes a have a look at Combination Premium Quantity & Premium Quantity by Line of Enterprise
Quantity II of the Nationwide Affiliation of Insurance coverage Commissioners’ (“NAIC”) annual Insurance coverage Division Assets Report (IDRR) builds on the info mentioned in Quantity I by turning its focus onto the sources and regulatory actions of the 56 NAIC-member jurisdictions. As talked about beforehand, the Report, launched in two separate volumes every year, has been printed yearly for the previous 36 years.
Every of the 2 Volumes focuses on completely different elements of Insurance coverage Departments from throughout the nation and is compiled by way of an in depth survey of every of the NAIC member states. In Quantity II, the main focus is on “… premium knowledge [as well as providing] …ratios that display the relationships between the finances, income and premium knowledge.”
Lastly, you will need to be aware that all the statistics included on this article characteristic knowledge from 2022, the final 12 months for which full knowledge is offered to the NAIC to research.
Key Factors from this 12 months’s version
- Whole premium collected nationally throughout all traces of enterprise was $3.1 trillion, representing a rise of 6.4% over 2021.
- By way of states with essentially the most premium written in all traces of enterprise, California is the chief, adopted by New York, Texas, Florida, and Ohio, who collectively characterize 40% of all insurance coverage premiums within the nation.
- Premium quantity by traces of enterprise for 2022:
The highest 20 states with essentially the most premium written
When Company Checklists first began reporting on this report a few years in the past, Massachusetts was included as one of many prime ten largest states as ranked by Written Premium. The next is an entire record of the highest 20 largest states as ranked by premium quantity:
RANK/STATE | 2022 PREMIUM VOLUME | 2021 RANK |
---|---|---|
1. California | $374,616,357,753 | 1 |
2. New York | $265,231,506,061 | 2 |
3. Texas | $242,596,011,167 | 4 |
4. Florida | $232,209,744,649 | 3 |
5. Ohio | $142,919,476,488 | 6 |
6. Pennsylvania | $139,314,571,102 | 5 |
7. Illinois | $108,365,798,771 | 7 |
8. New Jersey | $94,876,977,674 | 9 |
9. Delaware | $87,446,745,000 | 8 |
10. Michigan | $85,260,731,896 | 10 |
11. North Carolina | $81,002,914,236 | 11 |
12. Georgia | $73,776,313,306 | 12 |
13. Virginia | $70,533,846,685 | 13 |
14. Massachusetts | $70,231,483,547 | 14 |
15. Minnesota | $58,945,513,817 | 16 |
16. Washington | $58,137,068,000 | 15 |
17. Tennessee | $54,790,318,501 | 17 |
18. Missouri | $51,419,835,695 | 20 |
19. Maryland | $50,765,640,873 | 25 |
20. Indiana | $50,247,449,186 | 19 |
As for the remaining states in our area, they’re ranked as follows:
- Connecticut is ranked twenty sixth, down three spots from final 12 months, with $43,523,389,253 in premium quantity.
- New Hampshire is ranked forty third with $12,447,680,941 in premium quantity. This is identical spot it held final 12 months.
- Straight following New Hampshire is Rhode Island, ranked forty fourth, with $10,467,623,094 in premium quantity (similar as final 12 months).
- Proper after Rhode Island is Maine, ranked forty fifth with $10,205,115,313 in premium quantity (similar spot as final 12 months).
- Vermont is the fiftieth state within the rankings with $4,930,166,927 in premium quantity (similar spot as final 12 months as nicely).
A historic have a look at premium quantity in Massachusetts & New England 2016-2021
NE STATE | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
---|---|---|---|---|---|---|
Massachusetts | $70,231,483,547 | $64,233,568,974 | $60,098,950,184 | $58,616,364,928 | $56,721,795,550 | $53,492,161,175 |
Connecticut | $43,523,389,253 | $44,232,332,178 | $43,794,724,747 | $39,040,132,344 | $37,334,444,774 | $35,705,966,688 |
Maine | $10,205,115,313 | $9,475,709,355 | $8,554,466,255 | $8,328,208,618 | $8,106,802,692 | $7,346,721,660 |
New Hampshire | $12,447,680,941 | $11,590,137,179 | $10,742,650,062 | $10,753,553,862 | $10,300,944,722 | $8,709,540,948 |
Rhode Island | $10,467,623,094 | $10,412,361,894 | $9,389,152,929 | $9,384,813,431 | $9,384,813,431 | $8,768,249,733 |
Vermont | $4,930,166,927 | $3,965,921,678 | $3,915,601,080 | $3,854,292,583 | $3,715,814,144 | $3,555,849,204 |
A have a look at every New England state by premium quantity by line of enterprise
NE STATE | LIFE/ANNUITIES | PROPERTY/CASUALTY | HEALTH | TITLE | RISK RETENTION | OTHER |
---|---|---|---|---|---|---|
Massachusetts | $28,567,620,567 | $18,183,298,752 | $22,801,563,801 | $409,128,827 | $269,871,600 | $0 |
Connecticut | $21,449,589,987 | $9,614,681,745 | $11,941,349,568 | $199,009,888 | $176,634,423 | $142,123,642 |
Maine | $2,226,401,265 | $2,845,364,421 | $5,059,395,082 | $65,679,899 | $8,274,646 | $0 |
New Hampshire | $4,352,774,890 | $2,864,081,491 | $5,153,588,681 | $61,407,873 | $15,828,006 | $0 |
Rhode Island | $2,907,333,208 | $2,789,077,513 | $4,701,850,836 | $52,899,568 | $16,461,969 | $0 |
Vermont | $1,883,514,701 | $1,394,498,172 | $1,620,654,814 | $24,297,879 | $7,201,361 | $0 |
Extra & Surplus Strains premium quantity by New England state
NE STATE | U.S. | ALIEN | TOTAL |
---|---|---|---|
Massachusetts | |||
Connecticut | $781,006,668 | $257,484,730 | $1,038,491,398 |
Maine | $132,561,831 | $38,459,100 | $171,020,931 |
New Hampshire | $147,292,774 | $42,853,146 | $190,145,920 |
Rhode Island | $209,522,326 | $91,458,150 | $300,980,476 |
Vermont | $156,279,852 | $98,314,570 | $57,965,282 |
Captive Insurers by New England state
NE STATE | DOMESTIC CAPTIVE INSURERS | DIRECT WRITTEN PREMIUM | REINSURANCE ASSUMED | TOTAL PREMIUM |
---|---|---|---|---|
Massachusetts | ||||
Connecticut | 43 | $396,067,902 | $350,993,341 | $747,061,243 |
Maine | 3 | $2,160,000 | $0 | $2,160,000 |
New Hampshire | 0 | $0 | $0 | $0 |
Rhode Island | 0 | $0 | $0 | $0 |
Vermont | 551 | $14,039,513,528 | $25,070,066,359 | $39,109,579,887 |
Income by New England state
NE STATE | TOTAL REVENUES | TOTAL TAXES | FEES & ASSESSMENTS | FINES & PENALTIES | OTHER |
---|---|---|---|---|---|
Massachusetts | |||||
Connecticut | $223,230,509 | $79,205,680 | $140,943,265 | $3,081,564 | $0 |
Maine | $151,475,295 | $107,371,503 | $24,323,022 | $189,800 | $19,590,970 |
New Hampshire | $154,934,863 | $126,526,378 | $27,949,089 | $459,396 | $0 |
Rhode Island | $209,030,308 | $159,612,298 | $5,524,011 | $171,742 | $43,722,257 |
Vermont | $113,520,604 | $62,655,983 | $50,545,871 | $318,750 | $0 |
Hyperlinks to different helpful details about this report
For these taken with viewing all the report it may be accessed on the NAIC website here.
For these , click on right here to view our report on Volume I of the NAIC’s Annual Insurance coverage Division Assets Report (IDRR):
Info & Figures About Massachusetts & New England Insurance coverage Departments & Insurance coverage Producers
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