This is the 34th edition of the NAIC’s annual Insurance Department Resources Report Vol. 2
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 during 2020
Overall, total premiums collected nationwide increased year-over-year by 6% or $2.7 million. The five largest insurance markets are California, New York, Texas, Florida, and Pennsylvania, however, represented approximately 40.9% of all insurance premiums in the U.S. By line of business, the largest was Health Insurance representing 43.9% of the total premium volume in the insurance industry in 2020. Next, was the Life/Annuity sector with 30.2%, followed by the Property/Casualty sector with 24.8%.
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, from 2011 through 2020.
The next chart provides a breakdown of premium volume by line of business for 2020:
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, the following are the top 20 states as ranked by premium volume:
| RANK | STATE | 2020 PREMIUM VOLUME |
|---|---|---|
| 1. | California | $371,617,922,345 |
| 2. | New York | $244,568,766,683 |
| 3. | Texas | $193,518,506,504 |
| 4. | Florida | $181,844,723,166 |
| 5. | Pennsylvania | $122,624,542,146 |
| 6. | Ohio | $109,679,782,638 |
| 7. | Illinois | $97,914,911,836 |
| 8. | New Jersey | $82,218,230,358 |
| 9. | Delaware | $79,397,976,000 |
| 10. | Michigan | $76,767,332,988 |
| 11. | Georgia | $72,550,580,469 |
| 12. | Massachusetts | $60,098,950,184 |
| 13. | Virginia | $59,641,625,492 |
| 14. | North Carolina | $59,140,383,915 |
| 15. | Washington | $48,712,378,806 |
| 16. | Tennessee | $48,655,502,749 |
| 17. | Minnesota | $48,516,180,329 |
| 18. | Indiana | $44,528,806,597 |
| 19. | Connecticut | $43,794,724,747 |
| 20. | Wisconsin | $43,753,813,535 |
As for the other New England states, Connecticut is ranked 19th with $43,794,724,747. Next is New Hampshire, ranked 43rd with $10,742,650,062 in total premium volume. Right after New Hampshire is Rhode Island, ranked 44th with $9,389,152,929. Maine is the 46th largest based on premium volume with $8,554,466,255 with Vermont ranked the last in New England, and almost in the nation, at number 50 with $3,915,601,080 in premium volume (other U.S territories are included in this list as well).
The following charts are excerpts of some of the most pertinent information contained in this year’s report as it relates to both Massachusetts and the New England region in general.
A historical look at premium volume in Massachusetts & New England 2016-2020
| NE STATE | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|
| Massachusetts | $60,098,950,184 | $58,616,364,928 | $56,721,795,550 | $53,492,161,175 | $52,943,560,858 |
| Connecticut | $43,794,724,747 | $39,040,132,344 | $37,334,444,774 | $35,705,966,688 | $32,651,796,614 |
| Maine | $8,554,466,255 | $8,328,208,618 | $8,106,802,692 | $7,346,721,660 | $7,116,023,034 |
| New Hampshire | $10,742,650,062 | $10,753,553,862 | $10,300,944,722 | $8,709,540,948 | $9,737,903,882 |
| Rhode Island | $9,389,152,929 | $9,384,813,431 | $9,384,813,431 | $8,768,249,733 | $8,308,087,603 |
| Vermont | $3,915,601,080 | $3,854,292,583 | $3,715,814,144 | $3,555,849,204 | $3,521,611,259 |
A look at each New England state by premium volume by line of business
| NE STATE | LIFE/ANNUITIES | PROPERTY/CASUALTY | HEALTH | TITLE | RISK RETENTION | OTHER | TOTAL |
|---|---|---|---|---|---|---|---|
| Massachusetts | $22,565,401,667 | $16,015,570,844 | $20,868,822,293 | $402,879,673 | $246,275,707 | $0 | $60,098,950,184 |
| Connecticut | $24,476,784,295 | $8,510,692,800 | $10,349,459,985 | $157,086,296 | $155,418,626 | $145,282,745 | $43,794,724,747 |
| Maine | $1,703,782,679 | $2,434,687,216 | $4,356,974,511 | $53,127,693 | $5,894,156 | $0 | $8,554,466,255 |
| New Hampshire | $3,600,497,642 | $2,607,970,443 | $4,462,957,261 | $58,772,728 | $12,451,988 | $0 | $10,742,650,062 |
| Rhode Island | $2,513,784,467 | $2,513,001,726 | $4,305,731,232 | $44,838,158 | $11,797,346 | $0 | $9,389,152,929 |
| Vermont | $1,143,802,648 | $1,434,244,755 | $1,312,748,032 | $19,220,717 | $5,584,928 | $0 | $3,915,601,080 |
Excess & Surplus Lines premium volume by New England state
| NE STATE | U.S. | ALIEN | TOTAL |
|---|---|---|---|
| Massachusetts | $1,018,735,265 | $459,337,068 | $1,478,072,333 |
| Connecticut | $504,374,538 | $250,159,877 | $754,534,415 |
| Maine | $88,986,512 | $33,229,707 | $122,216,219 |
| New Hampshire | $99,810,392 | $25,614,750 | $125,425,142 |
| Rhode Island | $151,282,974 | $58,350,244 | $209,633,218 |
| Vermont | $118,332,492 | $73,427,375 | $44,905,117 |
Captive Insurers by New England state
| NE STATE | DOMESTIC CAPTIVE INSURERS | DIRECT WRITTEN PREMIUM | REINSURANCE ASSUMED | TOTAL PREMIUM |
|---|---|---|---|---|
| Massachusetts | 0 | $0 | $0 | $0 |
| Connecticut | 22 | $559,782,970 | $1,916,765 | $561,699,735 |
| Maine | 3 | $1,860,000 | $0 | $1,860,000 |
| New Hampshire | 0 | $0 | $0 | $0 |
| Rhode Island | 0 | $0 | $0 | $0 |
| Vermont | 502 | $11,061,576,238 | $16,661,682,565 | $27,723,258,803 |
Revenue by New England state
| NE STATE | TOTAL REVENUES | TOTAL TAXES | FEES & ASSESSMENTS | FINES & PENALTIES | OTHER |
|---|---|---|---|---|---|
| Massachusetts | $630,154,890 | $420,076,062 | $209,960,633 | $118,195 | $0 |
| Connecticut | $239,556,927 | $83,956,216 | $153,868,835 | $1,731,876 | $0 |
| Maine | $105,450,427 | $87,449,589 | $17,964,022 | $36,816 | $0 |
| New Hampshire | $133,910,398 | $114,966,219 | $18,734,679 | $209,500 | $0 |
| Rhode Island | $164,290,161 | $118,454,634 | $2,016,915 | $433,028 | $43,385,584 |
| Vermont | $90,843,265 | $58,893,907 | $29,707,438 | $2,241,920 | $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
