Massachusetts Remains The 14th Largest Insurance Marketplace As Ranked By Total Premium Volume

Volume II takes a look at Aggregate Premium Volume & Premium Volume by Line of Business

Similar to our previous look at the statistics outlined in Volume I, Volume II of the National Association of Insurance Commissioners’ (“NAIC”) annual Insurance Department Resources Report (IDRR), focuses on 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 35 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 2021, the last year for which complete data is available to the NAIC to analyze.

Key Points from the 2023 edition of the Report

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.

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. As for 2023, here are the 20 largest states as ranked by premium volume:

RANK2021 PREMIUM VOLUME2020 RANK1. California$394,783,039,65312. New York$267,801,017,91923. Florida$202,122,398,06934. Texas$202,064,318,44145. Pennsylvania$129,631,484,46656. Ohio$122,874,419,52567. Illinois$108,471,408,36478. Delaware$94,280,340,00089. New Jersey$88,030,408,416910. Michigan$80,198,299,0081011. North Carolina$69,284,279,7031412. Georgia$66,889,054,0561113. Virginia$64,786,979,9861314. Massachusetts$64,233,568,9741215. Washington$54,651,023,2841516. Minnesota$53,101,532,3031717. Tennessee$52,092,247,2911618. Colorado$48,008,910,3212219. Indiana$47,919,007,3401820. Missouri$46,130,043,55823

Massachusetts is the only New England state to appear in the top 20 list as ranked by premium volume. As for the remaining states in our region, they are ranked as follows:

Connecticut is ranked 23rd with $44,232,332,178 in Premium Volume, down four spots from last year when it ranked 19th.

New Hampshire is next with $11,590,137,179 in Premium Volume making it the 43rd largest, the same spot it held last year.

Right after New Hampshire is Rhode Island with $10,412,361,894 making it the 44th largest state, same as last year.

Maine comes next as the 45th largest state with $9,475,709,355 in Premium Volume (moves up a spot this year).

Vermont is the 50th largest state based on Premium Volume (same as last year) with $3,965,921,678.

A historical look at premium volume in Massachusetts & New England 2016-2021

NE STATE202120202019201820172016Massachusetts$64,233,568,974$60,098,950,184$58,616,364,928$56,721,795,550$53,492,161,175$52,943,560,858Connecticut$44,232,332,178$43,794,724,747$39,040,132,344$37,334,444,774$35,705,966,688$32,651,796,614Maine$9,475,709,355$8,554,466,255$8,328,208,618$8,106,802,692$7,346,721,660$7,116,023,034New Hampshire$11,590,137,179$10,742,650,062$10,753,553,862$10,300,944,722$8,709,540,948$9,737,903,882Rhode Island$10,412,361,894$9,389,152,929$9,384,813,431$9,384,813,431$8,768,249,733$8,308,087,603Vermont$3,965,921,678$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 STATELIFE/ANNUITIESPROPERTY/CASUALTYHEALTHTITLERISK RETENTIONOTHERTOTALMassachusetts$24,511,976,694$17,090,085,948$21,848,546,035$524,040,444$258,919,853$0$64,233,568,974Connecticut$23,688,356,436$9,109,519,833$10,891,446,240$233,308,735$166,314,035$143,386,899$44,232,332,178Maine$2,177,098,958$2,632,939,107$4,582,796,231$75,388,619$7,486,440$0$9,475,709,355New Hampshire$3,827,453,666$2,888,119,531$4,785,203,318$75,460,271$13,900,393$0$11,590,137,179Rhode Island$3,007,889,449$2,637,011,796$4,684,414,634$68,784,992$14,261,023$0$10,412,361,894Vermont$1,158,608,070$1,329,047,277$1,444,891,866$27,150,166$6,224,299$0$3,965,921,678

Excess & Surplus Lines premium volume by New England state

NE STATEU.S.ALIENTOTALMassachusetts$1,450,227,830$533,556,898$1,983,784,728Connecticut$666,640,944$220,732,312$887,373,256Maine$116,285,379$35,403,471$151,688,850New Hampshire$129,098,822$39,570,173$168,668,995Rhode Island$189,836,572$59,880,900$249,717,472Vermont$87,811,254$37,476,498$125,287,752

Captive Insurers by New England state

NE STATEDOMESTIC CAPTIVE INSURERSDIRECT WRITTEN PREMIUMREINSURANCE ASSUMEDTOTAL PREMIUMMassachusetts0$0$0$0Connecticut34$393,937,683$309,522,165$703,459,848Maine3$2,038,00$0$2,038,000New Hampshire0$0$0$0Rhode Island0$0$0$0Vermont531$12,072,429,049$17,037,451,556$29,109,880,605

Revenue by New England state

NE STATETOTAL REVENUESTOTAL TAXESFEES & ASSESSMENTSFINES & PENALTIESOTHERMassachusetts$634,799,685$410,534,088$224,198,167$67,430$0Connecticut$243,227,167$85,648,453$155,586,378$1,992,336$0Maine$102,389,365$89,762,245$12,466,988$160,132$0New Hampshire$138,922,515$114,920,709$23,915,006$86,800$0Rhode Island$188,780,381$142,288,082$2,130,354$9,623$44,352,322Vermont$100,915,730$57,895,419$42,387,707$632,604$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