Massachusetts Slips A Spot in Latest Listing of Largest Insurance Marketplaces As Ranked By Total Premium Volume
Volume II takes a look at Aggregate Premium Volume & Premium Volume by Line of Business
Volume II of the National Association of Insurance Commissioners’ (“NAIC”) annual Insurance Department Resources Report (IDRR) builds on the data discussed in Volume I by turning its focus onto the resources and regulatory activities of the 56 NAIC-member jurisdictions. As mentioned previously, the Report, released in two separate volumes each year, has been published annually for the past 36 years.
Each of the two Volumes focuses on different aspects of Insurance Departments from across the country and is compiled through an extensive survey of each of the NAIC member states. In Volume II, the focus is on “… premium data [as well as providing] …ratios that demonstrate the relationships between the budget, revenue and premium data.”
Finally, it is important to note that all of the statistics included in this article feature data from 2022, the last year for which complete data is available to the NAIC to analyze.
Key Points from this year’s edition
Total premium collected nationally across all lines of business was $3.1 trillion, representing an increase of 6.4% over 2021.
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 Ohio, who collectively represent 40% of all insurance premiums in the nation.
Premium volume by lines of business for 2022:
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. Over the past couple of years, however, Massachusetts has continued to slide in the rankings with respect to the total premium written vis a vis other states.
This year, it slips another spot to the 15th largest state as ranked by premium volume.
The following is a complete list of the top 20 largest states as ranked by premium volume:
RANK/STATE2022 PREMIUM VOLUME2021 RANK1. California$374,616,357,75312. New York$265,231,506,06123. Texas$242,596,011,16744. Florida$232,209,744,64935. Ohio$142,919,476,48866. Pennsylvania$139,314,571,10257. Illinois$108,365,798,77178. New Jersey$94,876,977,67499. Delaware$87,446,745,000810. Michigan$85,260,731,8961011. North Carolina$81,002,914,2361112. Georgia$73,776,313,3061213. Virginia$70,533,846,6851314. Massachusetts$70,231,483,5471415. Minnesota$58,945,513,8171616. Washington$58,137,068,0001517. Tennessee$54,790,318,5011718. Missouri$51,419,835,6952019. Maryland$50,765,640,8732520. Indiana$50,247,449,18619
As for the remaining states in our region, they are ranked as follows:
Connecticut is ranked 26th, down three spots from last year, with $43,523,389,253 in premium volume.
New Hampshire is ranked 43rd with $12,447,680,941 in premium volume. This is the same spot it held last year.
Directly following New Hampshire is Rhode Island, ranked 44th, with $10,467,623,094 in premium volume (same as last year).
Right after Rhode Island is Maine, ranked 45th with $10,205,115,313 in premium volume (same spot as last year).
Vermont is the 50th state in the rankings with $4,930,166,927 in premium volume (same spot as last year as well).
A historical look at premium volume in Massachusetts & New England 2016-2021
NE STATE202220212020201920182017Massachusetts$70,231,483,547$64,233,568,974$60,098,950,184$58,616,364,928$56,721,795,550$53,492,161,175Connecticut$43,523,389,253$44,232,332,178$43,794,724,747$39,040,132,344$37,334,444,774$35,705,966,688Maine$10,205,115,313$9,475,709,355$8,554,466,255$8,328,208,618$8,106,802,692$7,346,721,660New Hampshire$12,447,680,941$11,590,137,179$10,742,650,062$10,753,553,862$10,300,944,722$8,709,540,948Rhode Island$10,467,623,094$10,412,361,894$9,389,152,929$9,384,813,431$9,384,813,431$8,768,249,733Vermont$4,930,166,927$3,965,921,678$3,915,601,080$3,854,292,583$3,715,814,144$3,555,849,204
A look at each New England state by premium volume by line of business
NE STATELIFE/ANNUITIESPROPERTY/CASUALTYHEALTHTITLERISK RETENTIONOTHERMassachusetts$28,567,620,567$18,183,298,752$22,801,563,801$409,128,827$269,871,600$0Connecticut$21,449,589,987$9,614,681,745$11,941,349,568$199,009,888$176,634,423$142,123,642Maine$2,226,401,265$2,845,364,421$5,059,395,082$65,679,899$8,274,646$0New Hampshire$4,352,774,890$2,864,081,491$5,153,588,681$61,407,873$15,828,006$0Rhode Island$2,907,333,208$2,789,077,513$4,701,850,836$52,899,568$16,461,969$0Vermont$1,883,514,701$1,394,498,172$1,620,654,814$24,297,879$7,201,361$0
Excess & Surplus Lines premium volume by New England state
NE STATEU.S.ALIENTOTALMassachusettsConnecticut$781,006,668$257,484,730$1,038,491,398Maine$132,561,831$38,459,100$171,020,931New Hampshire$147,292,774$42,853,146$190,145,920Rhode Island$209,522,326$91,458,150$300,980,476Vermont$156,279,852$98,314,570$57,965,282
Captive Insurers by New England state
NE STATEDOMESTIC CAPTIVE INSURERSDIRECT WRITTEN PREMIUMREINSURANCE ASSUMEDTOTAL PREMIUMMassachusettsConnecticut43$396,067,902$350,993,341$747,061,243Maine3$2,160,000$0$2,160,000New Hampshire0$0$0$0Rhode Island0$0$0$0Vermont551$14,039,513,528$25,070,066,359$39,109,579,887
Revenue by New England state
NE STATETOTAL REVENUESTOTAL TAXESFEES & ASSESSMENTSFINES & PENALTIESOTHERMassachusettsConnecticut$223,230,509$79,205,680$140,943,265$3,081,564$0Maine$151,475,295$107,371,503$24,323,022$189,800$19,590,970New Hampshire$154,934,863$126,526,378$27,949,089$459,396$0Rhode Island$209,030,308$159,612,298$5,524,011$171,742$43,722,257Vermont$113,520,604$62,655,983$50,545,871$318,750$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
