NAIC Report Shows Total Premiums Across All Lines Grew 6% In 2020
The National Association of Insurance Commissioners (NAIC) today 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, 2021. 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 IDRR 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 who collectively represent 41% of all insurance premiums in the nation.
Top 10 States In Terms of Premiums for 2020
| California: $371,617,922,345 | Ohio: $109,679,782,638 |
| New York: $244,568,766,683 | Illinois: $97,914,911,836 |
| Texas: $193,518,506,504 | New Jersey: $82,218,230,358 |
| Florida: $181,844,723,166 | Delaware: $79,397,976,000 |
| Pennsylvania: $122,624,542,146 | Michigan: $76,767,332,988 |
Premium Volume by Top Lines of Business for 2020
| Health Insurance (43.9%) |
| Life/Annuity (30.2%) |
| Property/Casualty (24.8%) |
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.