This is the 33rd annual edition of the NAIC’s annual Insurance Department Resources Report
The National Association of Insurance Commissioners has published Volume II of its annual Insurance Department Resources Report (IDRR). The Report, released in two separate volumes each year, has been published annually for the past 33 years.
While the first of the two-volume report, published earlier this year, focuses on the resources and regulatory activities of the 56 NAIC-member jurisdictions, Volume Two, compiled through an extensive survey of each of the NAIC member states, focuses on “… premium data [as well as providing]…ratios that demonstrate the relationships between the budget, revenue and premium data.”
A snapshot of the U.S. insurance industry for the year 2019
According to the NAIC noted overall premiums increased year-over-year by 5.7%. The five largest insurance markets: California, New York, Texas, Florida, and Pennsylvania, however, represented approximately 40.9% of all insurance premiums in the U.S.
A look at Aggregate Premium Volume and Premium Volume by Line of Business
The following charts take a look at aggregate premium volume in the U.S. over the last nine years.
The next chart provides a breakdown of premium volume by line of business for 2019:
Property/Casualty provides approximately 25.8% of all written premium volume as measured by lines of business, which is slightly less than in 2018. Both Health (43.4%) and Life/Annuities (29.8%), however, actually provide more premium volume than Property/Casualty with a combined total of 73.2% of the total Premium Volume in the U.S.
The top 20 states with the most premium written
When Agency Checklists first started reporting on this report many years ago, Massachusetts was included as one of the top ten largest states as ranked by Written Premium. This fact, however, has changed. In fact, over the past couple of years, we have seen Massachusetts continue to slide in the rankings with respect to the total premium written vis a vis other states. With that said we are now including the top 20 states as ranked by premium volume:
| Rank | State | 2019 Premium Volume |
|---|---|---|
| 1. | California | $357,721,936,129 |
| 2. | New York | $210,545,265,664 |
| 3. | Texas | $181,902,001,463 |
| 4. | Florida | $178,131,888,016 |
| 5. | Pennsylvania | $119,479,148,298 |
| 6. | Ohio | $103,624,299,331 |
| 7. | Illinois | $92,411,893,236 |
| 8. | New Jersey | $80,528,454,458 |
| 9. | Michigan | $73,021,788,623 |
| 10. | Delaware | $66,790,071,874 |
| 11. | Georgia | $64,871,265,000 |
| 12. | Massachusetts | $58,616,364,928 |
| 13. | North Carolina | $57,277,145,862 |
| 14. | Virginia | $56,564,615,130 |
| 15. | Minnesota | $47,436,624,322 |
| 16. | Tennessee | $46,743,899,739 |
| 17. | Washington | $44,905,695,839 |
| 18. | Indiana | $43,681,713,107 |
| 19. | Wisconsin | $42,945,463,199 |
| 20. | Missouri | $40,536,350,046 |
Massachusetts holds steady as the 12th largest state in the nation as ranked by premium volume
Mirroring its ranking for the past couple of years, Massachusetts stays the course as the 12th largest marketplace in the country as ranked by premium volume. It has been ranked as the 12th largest since 2017.
As for total premium volume, Massachusetts has premium volume totalling $58,616,364,928, up slightly from 2018’s total of $56,721,795,550. The breakdown of premium by lines of insurance is as follows:
In a change from past years, this year Agency Checklists is including information on the other New England states, in addition to Massachusetts. Since many of our readers do business throughout the region, hopefully readers will find this expanded look more useful and informative.
A look at each New England state by premium volume by line of business
| Rank | NE State | Total | Life/Annuities | Property/Casualty | Health | Title | Risk Retention | Other |
|---|---|---|---|---|---|---|---|---|
| 12th | Massachusetts | $58,616,364,928 | $22,252,238,919 | $15,586,718,616 | $20,210,355,111 | $321,423,367 | $245,628,915 | $0 |
| 44th | Rhode Island | $9,384,813,431 | $2,650,105,125 | $2,514,931,205 | $4,172,375,996 | $36,601,134 | $10,799,971 | $0 |
| 22nd | Connecticut | $39,040,132,344 | $20,360,628,106 | $8,469,662,428 | $9,806,618,446 | $118,775,973 | $135,596,000 | $148,851,391 |
| 50th | Vermont | $3,854,292,583 | $1,103,521,370 | $1,452,852,828 | $1,278,220,152 | $14,643,528 | $5,054,705 | $0 |
| 43rd | New Hampshire | $10,753,553,862 | $4,778,400,750 | $2,501,487,386 | $3,420,306,407 | $41,450,446 | $11,908,873 | $0 |
| 45th | Maine | $8,328,208,618 | $1,815,171,205 | $2,371,582,019 | $4,096,022,825 | $40,245,090 | $5,187,479 | $0 |
A historical look at premium volume in Massachusetts & New England 2016-2019
| NE State | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|
| Massachusetts | $58,616,364,928 | $56,721,795,550 | $53,492,161,175 | $52,943,560,858 |
| Rhode Island | $9,384,813,431 | $9,185,487,123 | $8,768,249,733 | $8,308,087,603 |
| Connecticut | $39,040,132,344 | $37,334,444,774 | $35,705,966,688 | $32,651,796,614 |
| Vermont | $3,854,292,583 | $3,715,814,144 | $3,555,849,204 | $3,521,611,259 |
| New Hampshire | $10,753,553,862 | $10,300,944,722 | $8,709,540,948 | $9,737,903,882 |
| Maine | $8,328,208,618 | $8,106,802,692 | $7,346,721,660 | $7,116,023,034 |
Excess & Surplus Lines Premium Volume by New England state
| NE State | Total | U.S | Alien |
|---|---|---|---|
| Massachusetts | $1,391,400,829 | $987,434,267 | $403,966,562 |
| Rhode Island | $178,408,388 | $127,597,988 | $50,810,400 |
| Connecticut | $661,901,439 | $444,683,443 | $217,217,996 |
| Vermont | $76,129,876 | $53,397,557 | $22,732,319 |
| New Hampshire | $112,330,988 | $86,250,208 | $26,080,780 |
| Maine | $120,777,138 | $80,775,461 | $40,001,677 |
Captive Insurers by New England state
| NE State | Domestic Captive Insurers | Direct Written Premium | Reinsurance Assumed | Total Premium |
|---|---|---|---|---|
| Massachusetts | 0 | $0 | $0 | $0 |
| Rhode Island | 0 | $0 | $0 | $0 |
| Connecticut | 17 | $1,565,000,000 | $2,500,000 | $1,567,500,000 |
| Vermont | 498 | $7,418,023,158 | $15,825,447,312 | $23,243,470,470 |
| New Hampshire | 0 | $0 | $0 | $0 |
| Maine | 3 | $5,300,000 | $0 | $5,300,000 |
Revenue by New England state
| NE State | Total Revenue | Total Taxes | Fees & Assessments | Fines & Penalties | Other |
|---|---|---|---|---|---|
| Massachusetts | $574,638,457 | $388,158,231 | $186,339,257 | $140,969 | $0 |
| Rhode Island | $110,138,041 | $66,977,855 | $2,610,601 | $255,363 | $40,294,222 |
| Connecticut | $223,723,493 | $76,743,182 | $145,142,277 | $1,838,034 | $0 |
| Vermont | $91,677,314 | $57,764,570 | $33,641,944 | $270,800 | $0 |
| New Hampshire | $135,068,820 | $115,101,544 | $19,397,446 | $569,830 | $0 |
| Maine | $88,761,781 | $81,680,872 | $6,978,883 | $102,026 | $0 |
Links to other useful information about this report
For those interested in viewing the entire report it can be accessed on the NAIC website here.
For those interested, click here to view our report on Volume I of the NAIC’s Annual Insurance Department Resources Report (IDRR):
Facts & Figures About Massachusetts & New England Insurance Departments & Insurance Producers
