Total U.S. insurance premiums collected increased by 8.0% over the past year to $2.1 trillion, according to the recently released second volume of the Insurance Department Resources Report (IDRR) from the National Association of Insurance Commissioners (NAIC).
As for revenues, overall revenues collected by the insurance industry in 2015 totaled $22.6 billion, representing an increase of 3.43% compared to 2014 figures. Total taxes collected also increased over the last year by 4.7%.
The first volume of the 29th annual edition of the report, published back in June, included data on staffing, budgeting and examination information. The just-released second volume includes admitted premium by state, by line of business; excess and surplus lines premium; and relational statistics including budget as a percent of revenues, budget as a percentage of premiums and revenues as a percentage of premiums.
The report revealed the number of U.S. domestic insurers decreased from 6,118 to 5,926 companies since 2014. Broken down by line of business, health insurance accounted for 41.1% of all insurance premiums collected, followed by life/annuities at 31.4% and property/casualty at 26.4%.
It also revealed that California remains far and away the largest market for insurance, reporting 2015 total premiums $124.4 billion greater than the second-largest state in terms of 2015 premium (New York). The other three states with the most premiums written in all lines were, in order of premium volume, Texas, Florida and Pennsylvania. These five states accounted for 40% of all insurance premiums in the United States (see chart at end of article for top 25 states).
2015 Premium Volume by State
- California $288,641,176,936
- New York $164,270,151,630
- Texas $143,853,872,424
- Florida $140,336,179,390
- Pennsylvania $99,687,795,723
- Ohio $78,018,225,059
- Illinois $77,719,296,231
- New Jersey $70,887,792,825
- Delaware $65,068,734,000
- Michigan $64,626,918,403
5 States with Largest Insurance Department Budgets (FY 2016)
- California $203,918,000
- New York $147,583,000
- Texas $126,275,111
- Florida $88,269,849
- Illinois $50,720,200
5 States with Smallest Insurance Department Budgets (FY 2016)
- Wyoming $2,845,541
- South Dakota $3,139,340
- Montana $5,266,721
- Rhode Island $5,768,238
- North Dakota $5,772,570
5 States with Most Revenue from Fines/Penalties in 2015
- New York $67,991,000
- Texas $56,465,860
- California $31,840,036
- Florida $18,612,220
- Missouri $6,845,231
5 States with Least Revenue from Fines/Penalties in 2015
- Arkansas $0
- Oregon $45,760
- Wyoming $46,678
- Idaho $53,142
- Nebraska $69,060
The report is intended to help state insurance departments assess their resources in comparison to other states. It contains key statistics on the resources and regulatory activities of the NAIC’s members, which include the 50 states, the District of Columbia, American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands. The data presented in the report were obtained primarily through an extensive survey completed by each of the respective insurance departments. For more information, visit theNAIC website.
