TDCI highlights importance of insurance

NASHVILLE — As part of national Insurance Awareness Day, which was held on June 28, the Tennessee Department of Commerce & Insurance (TDCI) is highlighting the importance of the insurance industry to the state's economy while reminding consumers to review their policies to ensure they have enough coverage should an emergency arise.

In 2024, insurance companies that are domiciled or headquartered in Tennessee wrote over $26 billion in premium volume. Separately, $75 billion in premium volume was written in Tennessee by all insurance companies doing business in Tennessee, making Tennessee No. 17 in the nation for premium volume, according to the National Association of Insurance Commissioners (NAIC).

Tennessee currently boasts over 340,000 active licensed insurance producers in 2025, which is the largest number of active licensed insurance professionals in state history. By comparison, Tennessee had 240,080 active licensed insurance producers in fiscal year 2020-21, which represents an increase of over 41% during the nearly five-year span.

"The insurance industry plays a quiet, if crucial part, in Tennessee's overall economy, and I am proud to commemorate the work of thousands of hard-working, licensed insurance producers on Insurance Awareness Day," said TDCI Commissioner Carter Lawrence. "Additionally, (this) is a good reminder to review your insurance policies, assess your risks, and make sure individuals and businesses have the coverage they need. I encourage Tennesseans to speak with their agent about their coverage needs and want to remind insurance consumers that they can always contact TDCI's team for assistance."

While the insurance market has grown during the past decade, the Division of Insurance (which has seven sections) has maintained its focus on being both customer focused and fiscally conservative. As such, Tennessee has been recognized for having one of the most efficiently run Divisions of Insurance in the country by the NAIC.

"It's a testament to our team's talent, experience, and engagement that we can offer world-class customer service to insurance professionals of all backgrounds and levels of experience without incurring unnecessary and costly expenses," said TDCI Assistant Director for Insurance Bill Huddleston. "I commend my team for their hard work, and I look forward to seeing their successes in the future."

TDCI reminds Tennesseans of the following steps they can take today to help prepare themselves in the event of an emergency.

Remember anywhere it can rain, it can flood. Be sure to keep your insurance policies in a safe location, create a "go bag" for emergencies, and buy flood insurance before a disaster strikes to protect your home and business. Visit https://msc.fema.gov/portal to find your area's flood-hazard map and other tools to better understand your flood risk.

Schedule time to sit down or virtually meet with your insurance agent and review your policies to help make sure your insurance coverage is still appropriate and that you are prepared for any risks. An in-depth review can help uncover gaps in your insurance coverage or ensure that you have adequate coverage limits. Bottom line: Know your insurance policy, and make sure it meets your risk and coverage needs.

Conduct an annual inventory of your home's contents to have in the event you have to file an insurance claim after a disaster strikes. The NAIC's Home Inventory App makes it easy for consumers to make a safe, secure record of their home's contents in the event they ever need to file an insurance claim after an emergency. The NAIC Home Inventory App can be accessed from the App Store and Google Play.

TDCI regulates all lines of insurance and encourages consumers with insurance-related questions or concerns to contact its office for assistance. In 2024, TDCI's Consumer Insurance Services team returned $17.5 million to Tennessee consumers through its mediation and restitution efforts. If you believe you have been unfairly denied a claim, contact TDCI's Consumer Insurance Services team to file a complaint. Visit online or call 615-741-2218 or 1-800-342-4029.