WASHINGTON, D.C., June 15, 2017 - Insurance companies in California wrote $68.8 billion in P&C premiums in 2015, representing 11.67% of the U.S. insurance market, ranking the Golden State No. 1 in the country, according to figures released by the National Association of Insurance Commissioners (NAIC).
Auto insurance made up $26.5 billion of all written premiums in California, representing 11.48% of the U.S. market, followed by workers' comp insurance at $12.3 billion, representing 20% of the U.S. market, the NAIC reported.
Insurers in 2015 wrote $7.4 billion in homeowners insurance premiums in California and $4.5 billion in commercial mult-peril insurance, the report said. In addition, $2.8 billion in ocean & inland marine insurance, $1.1 billion in fire insurance and $1 billion in earthquake insurance premiums were written in California in 2015, NAIC said.
Overall, insurers wrote $598 billion in P&C premuims in 2015, up from $567 billion in 2014, the NAIC report said.
The premium volume presented in the report from the NAIC financial filing database is direct written premium derived from insurer annual financial statement filings provided to the NAIC. The total is comprised of aggregate premium and deposits generated without any adjustments for reinsurance.
The full report, prepared annually by the NAIC, includes information on:
- Number of insurance companies
- U.S. P&C, Life & Heath Premiums
- Regulation Costs
P&C Premium by line of business
- Insurance industry employment figures
- Consumer complaints & inquiries
- Insurance as it relates to Gross Domestic Product
For a copy of the NAIC report, click here.