NAIC Report Shows US Insurance Premiums Increased 6 Percent in 2020

A new report from the National Association of Insurance Commissioners (NAIC) shows that total premiums across all lines of insurance grew 6 percent in the US in 2020.

The findings were included in the second volume of the 34th edition of the NAIC's Insurance Department Resources Report (IDRR). The report includes premium volume by type and state and demonstrates a healthy state-based insurance market in 2020, an NAIC statement said.

The NAIC report showed that total premium collected nationwide across all lines of business was $2.7 trillion in 2020, a 6 percent increase from $2.6 trillion in 2019.

The report showed that the five states with the largest amounts of premium in 2020—California, New York, Texas, Florida, and Pennsylvania—represented 41 percent of all premiums collected in the United States.

According to the report, the top 10 states by insurance premium in 2020 were California with $371.6 billion, New York with $244.6 billion, Texas with $193.5 billion, Florida with $181.8 billion, Pennsylvania with $122.6 billion, Ohio with $109.7 billion, Illinois with $97.9 billion, New Jersey with $82.2 billion, Delaware with $79.4 billion, and Michigan with $76.8 billion.

By line of business, the NAIC report showed health insurance representing 43.9 percent of total premium, followed by life/annuity at 30.2 percent and property-casualty at 24.8 percent.

The first volume of the NAIC's 2020 IDRR was released earlier in September. It includes 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 inquiries.