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Wednesday, 29 September 2021 19:02

NAIC Report Shows Total Premiums Across All Lines Grew 6% In 2020

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The National Association of Insurance Commissioners (NAIC) on Sept. 29 released the second volume of the 34th edition of the Insurance Department Resources Report (IDRR).

The report includes premium volume by type and state and demonstrates a healthy state-based insurance market for 2020.

 

The first volume of the 2020 IDRR was released Sept. 8. This report includes information by state on the number of departmental staff and their functions, annual budgets, revenue flows, the number of insurers and insurance producers, and the number of consumer complaints and inquires.

 

Significant Findings in IDDR Volume Two Include:

 

  • Total premium collected nationally across all lines of business was $2.7 trillion, representing an increase of 6% since 2019.
  • In terms of states with the most premium written in all lines of business, California is the leader, followed by New York, Texas, Florida and Pennsylvania, which collectively represent 41% of all insurance premiums in the nation. 

 

Top 10 State in Terms of Premiums for 2020:

 

  1. California: $371.6 billion
  2. New York: $244.6 billion
  3. Texas: $193.5 billion
  4. Florida: $181.8 billion
  5. Pennsylvania: $122.6 billion
  6. Ohio: $109.7 billion
  7. Illinois: $97.9 billion
  8. New Jersey: $82.2 billion
  9. Delaware: $79.4 billion
  10. Michigan: $76.8 billion

 

Premium Volume by Top Lines of Business in 2020:

 

  • Health insurance---43.9%
  • Life/annuity---30.2%
  • Property/casualty---24.8%

 

Source: National Association of Insurance Commissioners

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