• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / Latest News / Facts & Figures About the New England Insurance Industry 2023

Facts & Figures About the New England Insurance Industry 2023

October 23, 2023 by AC Editor


This is the 36th Edition of the NAIC Annual Report

The National Association of Insurance Commissioners (“NAIC”) has published its annual Insurance Department Resources Report (IDRR). Divided into two separate “Volumes”, the report has been published annually for the past 36 years.

Key focus of Volume 1

The IDRR uses data culled from extensive data obtained from NAIC member states. The first of the two-volume report focuses on the resources and regulatory activities of the 56 NAIC-member jurisdictions including the 50 states, in addition to U.S. territories like Guam and Puerto Rico. The report is organized into five different sections: Staffing, Budget and Funding; Examination and Oversight; Insurance Producers; and Consumer and Antifraud.

Key facts from this year’s report

Some of the highlights from this year’s survey of NAIC members revealed the following:

  • There were 5,965 domestic U.S. insurers in 2022, as compared to 5,978 in 2021.
  • Revenues collected increased 9.8% to $32.7 billion in 2022.
  • State insurance departments received 282,567 official complaints and 1.5 million inquiries.

Total Number of Domestic Insurers & Regulated Entities in Massachusetts

The chart below illustrates the number of Domestic Insurers there are in each state throughout the country as of 2022. Focusing on New England, Massachusetts had a total of 84 Domestic Insurers, one more than in 2021 and up from 78 in 2020. Vermont, Connecticut, and Maine each increased in the number of domestic insurers by one, with 108. 103, and 23 respectively, while New Hampshire and Rhode Island’s counts remained the same at 57 and 30.



Trend of Domestic Insurers over the years

The following data from the NAIC’s IDRR report shows the overall trend in the number of domestic insurers across the country since 2014.


A Spotlight on New England insurance industry

Turning the to the size and scope of domestic and insurers in both Massachusetts and New England, Agency Checklists has reviewed the IDRR to compile the following graphs which break down the numbers between domestic and foreign insurers in each of the six New England states.


Domestic Insurers in both Massachusetts & New England by type:

DOMESTIC INSURER TYPEMAVTNHMECTRI
Life/Annuities16103261
Property/Casualty471147116420
Health185109108
Fraternal200010
Title110000
Risk Retention Group0830020
Other070001

Foreign Insurers in both Massachusetts & New England by type:

FOREIGN INSURER TYPEMAVTNHMECTRI
Life/Annuities376351328348353387
Property/Casualty760758760757775792
Health820416311
Fraternal261517133527
Title201719212118
Risk Retention Group11755929110491
Other13137091053

2023/2024 Insurance Department Budgets

The Massachusetts Division of Insurance is funded 100 percent by a combination of fees and assessments. For the upcoming year, the projected 2024 budget for the Division is $19,000,000, placing it as the 27th largest state budget. Connecticut is 17th with a slated 2024 budget of $36,152,373. New Hampshire is 40th with a projected budget of $13,829,702, followed by Maine ranked 43rd with a budget of $12,021,357 and Vermont ranked 44th with a budget of $11,512,673.

For comparison purposes, the 10 states with the largest insurance department budgets are as follows (in descending order of their 2024 Budget):

2024 RANKSTATEBUDGET2023 RANK
1.California$259,319,0001
2.New York$184,972,0002
3.Texas$138,408,3053
4.Illinois$87,328,4008
5.Florida$83,377,7795
6.Alabama$77,135,9686
7.New Jersey$76,299,0007
8.North Carolina$54,059,5874
9.Arizona$43,923,24310
10.Ohio$43,316,6699

Revenues, Fees, Fines & Penalties for Massachusetts and the other New England states

The Massachusetts Division of Insurance had revenues totaling $752,927,248 in 2022 as compared to $634,799,685 in 2021. The breakdown of the Division’s funding and expenses is 80% for Administration and Regulation expenses and the remaining 20% covering Operational expenses.

The following is a look at the most recent revenue numbers for both Massachusetts and the other New England states (Rhode Island’s budget did not appear in the IDRR list for this section):

REVENUESMAVTNHMECT
Total Revenues$752,927,248$113,520,604$154,934,863$151,475,295$223,230,509
Total Taxes$496,242,752$62,655,983$126,526,378$107,371,503$79,205,680
Fees & Assessments Collected$256,624,141$50,545,871$27,949,089$24,323,022$140,943,265
Fines & Penalties$60,355$318,750$459,396$189,800$3,081,564
Other Revenue$0$0$0$19,590,970$0

Financial, Market Conduct Examinations and Formal Hearings

According to the IDRR “…[f]inancial examinations investigate a company’s accounting methods, procedures and financial statement presentation.” Alternatively, market conduct examinations include reviewing “…agent licensing issues, complaints, types of products sold by the company and/or agents, agent sales practices, rating practices, claims handling, and other market-related aspects of an insurer’s operation.”

The following is a listing of all the market conduct and financial examinationss undertaken by the insurance departments of each New England state during 2022.

MAVTNHMECTRI
Financial Examinations
Only
20175493
Market Conduct Examinations Only6020453
Combined Financial/Market Conduct Examinations000000
Total Examinations Completed261774546

Insurance Producers

Licensed Producers

A total of 12.5 million individuals (and entities) were licensed to sell insurance in the U.S. during the year 2022. These include Producers, Surplus Lines Brokers, Bail Bonds, and adjusters. As for New England, the following graphs show how many of these producers were in New England over the past year.

IndividualsMAVTNHMECTRI
Resident29,5921,9256,6177,71220,2985,537
Non-Resident152,07971,377110,380216,617150,231107,691
Total181,67173,302116,997224,329170,529113,228
Business EntitiesMAVTNHMECTRI
Resident2,1201565328241,620350
Non-Resident6,0234,8337,1487,6189,7494,488
Total8,1434,9897,6808,44211,3694,838

Licensed Producers/Adjusters

MAVTNHMECTRI
Producers224,32973,302116,997224,329181,898114,531
Surplus Lines Brokers2,502733,4362,5023,4822,409
Bail Bonds012002290
Adjusters20,02982,30599,28720,029120,32196,817
Other070002,1602,972

Actions Against Producers

MAVTNHMECTRI
Number of Fines5116162
Amount of Fines$5,500$65,750$382,000$750$16,000$8,000
Number of Restitutions005000
Amount of Restitution$0$0$108,787$0$0$0
Other001021

Consumer Complaints & Inquiries

In addition to the above information, the NAIC also tracks the number of consumer complaints and inquiries state insurance departments have received over the course of the year. The following is a breakdown of the complaints for Massachusetts as well as for the rest of New England during 2022:

NEW ENGLAND STATECONSUMER COMPLAINTSCONSUMER INQUIRIES
Massachusetts2,0795,623
Connecticut3,94112,993
Maine4994,313
New Hampshire9294,310
Rhode Island3411,109
Vermont3532,187

Primary Sidebar

New Episode

MA Insurance Lawyers

SPONSORED

Career News

Davis & Towle Insurance Group Announces Christopher Nicolopoulos to be CEO: Other Leadership Changes

AAU Announces Hire of Roderiques in Boston, MA

AAU Announces Hire of Roderiques in Boston, MA

MIB Elects New Chair, Vice Chair, and Directors to its Board

Plymouth Rock Home Assurance Corporation Names Colleen Finn as Chief Marketing Officer 

Plymouth Rock Home Assurance Corporation Names Colleen Finn as Chief Marketing Officer 

View More Career News

In Memoriam

In Memoriam: Cheryl Ann (Rounsevell) Kuechler, 1945-2025

In Memoriam: Howard Shea, 1937-2025

In Memoriam: Rita Julia Messier, 1936-2025

In Memoriam: Rita Julia Messier, 1936-2025

Company News

RMV, AAA Northeast Promote Safe Driving for Teens Ahead of Summer

Arbella Insurance Foundation Launches Annual “Let’s Drive Out Hunger” Program to Raise Funds for Hunger Relief Programs Across New England

Arbella Insurance Foundation Launches Annual “Let’s Drive Out Hunger” Program to Raise Funds for Hunger Relief Programs Across New England

Progressive Drives Small Business Forward with $1 Million in Commercial Vehicle Grants

Agency Checklists, MA Insurance News, Mass. Insurance News, MA Life Insurance Companies, Boston Mutual

Boston Mutual Life Insurance Company’s Making An Impact Program Celebrates Seven Years of Giving Back

Footer

Agency Checklists

Contact us

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

Explore Our Archives

Copyright © 2025 · Agency Checklists · All rights reserved.

 

Loading Comments...