A Firm Foundation: How Insurance Supports the Economy

 

Domestic Insurance Companies By State, Property/Casualty And Life/Annuities, 2016

 

State Property/casualty Life/annuities State Property/casualty Life/annuities
Alabama 19 6 Montana 14 1
Alaska 5 0 Nebraska 34 31
Arizona 41 24 Nevada 11 3
Arkansas 11 25 New Hampshire 50 1
California 100 14 New Jersey 68 3
Colorado 10 11 New Mexico 15 1
Connecticut 69 27 New York 173 80
Delaware 99 28 North Carolina 58 10
D.C. 6 0 North Dakota 12 3
Florida 118 9 Ohio 138 37
Georgia 23 12 Oklahoma 29 24
Hawaii 17 3 Oregon 18 3
Idaho 8 1 Pennsylvania 180 26
Illinois 191 53 Rhode Island 20 2
Indiana 67 27 South Carolina 21 7
Iowa 72 38 South Dakota 16 2
Kansas 25 11 Tennessee 15 13
Kentucky 6 7 Texas 199 121
Louisiana 32 37 Utah 10 17
Maine 9 2 Vermont 12 1
Maryland 32 4 Virginia 19 3
Massachusetts 49 17 Washington 8 7
Michigan 68 22 West Virginia 19 1
Minnesota 39 10 Wisconsin 170 18
Mississippi 15 15 Wyoming 2 0
Missouri 45 25 United States (1) 2,487 843

(1) Excludes territories. Excludes health insurers, risk retention groups, fraternals, title and other insurers.

Source: Insurance Department Resources Report, 2017, published by the National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or redistribution strictly prohibited without written permission of NAIC.

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Licensed Insurers by State

An insurance company is said to be “domiciled” in the state that issued its primary license; it is “domestic” in that state. Once licensed in one state, it may seek licenses in other states as a “foreign” insurer (referred to as “licensed out-of-state insurers” in the chart below). An insurer incorporated in a foreign country is called an “alien” insurer in the U.S. states in which it is licensed (not included in the chart). The chart also shows self-insured groups and risk purchasing groups (organizations consisting of firms engaged in similar businesses that band together to purchase commercial insurance). Many insurers do business outside their state of domicile. For example, there are only 40 insurance companies domiciled in Alabama, but 1,425 insurers have licenses to do business in the state.

 

Regulated Insurance Entities By State, 2015

 

State Domestic
insurers (1)
Licensed out-of-state
insurers (2)
Chartered self-insured
groups or pools
Chartered purchasing
groups
All companies doing
business in state (3)
Alabama 38 1,378 0 9 1,425
Alaska 13 750 0 2 765
Arizona 120 1,574 25 23 1,742
Arkansas 56 1,489 0 1 1,546
California 136 1,116 0 42 1,294
Colorado 46 1,441 9 40 1,536
Connecticut 98 1,211 0 25 1,334
Delaware 147 1,322 0 181 1,650
D.C. 50 1,352 0 25 1,427
Florida 444 1,622 13 50 2,129
Georgia 91 1,614 23 0 1,728
Hawaii 46 1,055 12 7 1,120
Idaho 14 1,439 13 1 1,467
Illinois 343 1,397 12 149 1,901
Indiana 152 1,623 15 19 1,809
Iowa 221 1,371 3 0 1,595
Kansas 49 1,590 17 15 1,671
Kentucky 38 1,517 14 11 1,580
Louisiana 107 1,479 24 3 1,613
Maine 18 1,120 17 1 1,156
Maryland 61 1,501 5 10 1,577
Massachusetts 84 1,288 25 7 1,404
Michigan 137 1,391 17 7 1,552
Minnesota 154 1,352 19 18 1,543
Mississippi 40 1,496 0 2 1,538
Missouri 173 1,483 11 6 1,673
Montana 45 1,398 0 6 1,449
Nebraska 97 1,458 6 5 1,566
Nevada 54 1,498 9 4 1,565
New Hampshire 60 1,096 0 0 1,156
New Jersey 116 1,295 50 40 1,501
New Mexico 24 1,425 5 0 1,454
New York 580 1,165 12 71 1,828
North Carolina 78 1,413 3 0 1,494
North Dakota 31 1,341 2 2 1,376
Ohio 242 1,481 0 24 1,747
Oklahoma 78 1,461 3 5 1,547
Oregon 48 1,458 0 6 1,512
Pennsylvania 270 1,530 15 28 1,843
Rhode Island 27 1,302 1 25 1,355
South Carolina 77 1,738 0 8 1,823
South Dakota 40 1,314 0 0 1,354
Tennessee 61 1,468 8 6 1,543
Texas 400 1,557 6 66 2,029
Utah 79 1,605 0 12 1,696
Vermont 109 1,616 0 5 1,730
Virginia 62 1,606 17 17 1,702
Washington 37 1,403 0 11 1,451
West Virginia 28 1,373 1 2 1,404
Wisconsin 325 1,539 0 7 1,871
Wyoming 6 1,349 0 1 1,356
Total U.S. (3) 5,926 (4) 412 1,005 7,902

(1) Insurers that are domiciled in the state. Includes property/casualty, life/annuities, health, fraternal, title, risk retention groups and "other".
(2) This category is comprised of insurers designated by the NAIC as "foreign insuresr"—i.e., insurers whose state of domicile is other than the state in which it is writing business.  There is no total in this column to avoid double counting—i.e., insurers are only included in the figures for states in which they are domiciled.
(3) Totals include U.S. territories and possessions.
(4) No totals shown, so as to avoid double counting.  Totals reflect insurers physically located in the state.

Source: Insurance Department Resources Report, 2015, published by the National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or redistribution strictly prohibited without written permission of NAIC.

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