State of the States: Insurance reports from NAIC
The National Association of Insurance Commissioners (NAIC) recently released two volumes of insurance reports offering state-by-state detailed data about the insurance industry. The 2014 NAIC Insurance Department Resources Report Volume 1 (PDF) focuses on insurance personnel and resources - including state insurance bureaus, licensed insurers and producers. It includes a variety of reports depicting the volume of consumer complaints, fraud investigations, actions against producers and more. Volume Two (PDF) of the Insurance Department Resources Report focuses on premium data.
Julia Ybarra of Agency Checklists does an excellent job breaking down the data for Massachusetts in Volume 1 and Volume 2, focusing on Massachusetts numbers.
We've extracted the NAIC Report Overview (below) and a pie chart depicting premium by lines of business. We've also pulled out a few key numbers for New England states, below.
Overview: Vol. One & Vol. Two (NAIC)
"Budget levels for fiscal year 2016 are expected to rise by 1.5% from 2015 amounts and to increase by 7.0% since 2012. Total projected fiscal year 2016 budgets total nearly $1.4 billion. California reported the largest 2016 budget, which is $48 million greater than the second-largest 2016 budget (New York). Thirty-two states reported increased 2016 budget amounts from their 2015 reported budgets.
Revenues collected from the insurance industry increased 7.08% since 2013 to $22 billion. Total taxes collected increased by 6.8%.
The number of U.S. domestic insurers increased from 6,086 to 6,118 companies since 2013. The total number of company examinations completed was 2,021. There were 260 liquidations in progress at year-end, as well as 36 rehabilitations in progress.
Premiums increased by 5.4% to $1.9 trillion since 2013. The five states with the most premiums written in all lines were, in order of premium volume, California, New York, Texas, Florida and Pennsylvania. These five states accounted for 39.5% of all insurance premiums in
the United States."
Premium ranking* of New England states
#43 New Hampshire
#44 Rhode Island
*Total list = 56, including DC and US territories
# Domestic insurers by state
61 New Hampshire
27 Rhode Island
Licensed Producers: Total / Resident / Non-resident
Connecticut 110,392 / 20,769 / 89,623
Maine 107,504 / 8,160 / 99,344
Massachusetts 111,527 / 31,372 / 80,155
New Hampshire 67,716 / 6,332 / 61,384
Rhode Island 66,154 / 5,193 / 60,961
Vermont 61,930 / 3,313 / 58,617