NAIC Releases 2021 Insurance Department Resources Report

WASHINGTON, Dec. 21 (TNSrpt) -- The National Association of Insurance Commissioners issued the following news release on Dec. 20, 2022:

The National Association of Insurance Commissioners (NAIC) released the 35th edition of the Insurance Department Resources Report (IDRR), which is developed primarily through an extensive survey of the NAIC member states. Divided into two volumes, the report helps state insurance departments assess their resources in comparison to other states, and it details how state insurance departments manage available resources to effectively regulate an increasingly complex and competitive industry.

The IDRR's first volume contains information by state on the number of departmental staff and their functions, annual budgets, revenue flows, the number of insurers and insurance producers, and the number of consumer complaints and inquires. It is organized into five sections: Staffing; Budget and Funding; Examination and Oversight; Insurance Producers; and Consumer Services and Antifraud.

The IDRR's second volume includes premium volume by type and state and demonstrates a healthy state-based insurance market for 2021.

An overview of Volume One's findings includes:

* There were 5,978 domestic U.S. insurers in 2021.

* Revenues collected increased 2.7% to $29.8 billion in 2021.

* State insurance departments received over 259,345 official complaints and 1.5 million inquiries.

An overview of Volume Two's findings includes:

* Total premium collected nationally across all lines of business was $2.9 trillion, representing an increase of 8.2% since 2020.

* In terms of states with the most premium written in all lines of business, California is the leader, followed by New York, Florida, Texas, and Pennsylvania, who collectively represent 40% of all insurance premiums in the nation.

* Top 10 states in terms of premiums for 2021:

State - 2021

California - $394,783,039,653

New York - $267,801,017,919

Florida - $202,122,398,069

Texas - $202,064,318,441

Pennsylvania - $129,631,484,466

Ohio - $122,874,419,525

Illinois - $108,471,408,364

Delaware - $94,280,340,000

New Jersey - $88,030,408,416

Michigan - $80,198,299,008

* Premium volume by lines of business for 2021:

As well as being a key assessment tool for state insurance departments, the IDRR serves as a helpful reference for state legislators, other financial regulators, and public policymakers.

Download Volume One and Volume Two: https://content.naic.org/publications?name=Insurance+Department+Resources+Report&field_publication_category_target_id=All

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REPORT: https://content.naic.org/sites/default/files/publication-sta-bb-volume-two.pdf

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Original text here: https://content.naic.org/article/naic-releases-2021-insurance-department-resources-report