Distribution of insurance companies in USA per State

Regarding foreign companies, the NAIC reported 77 540 insurers foreign to the state in which they operate (including alien insurers).

New Mexico leads the ranking, followed by Utah and Oklahoma. The exorbitant number of 77 540 insurance companies is reached by simple math. For instance, New York counts 574 licensed insurers.

If among these 547 insurers, 400 wish to operate in 40 other states, licenses have to be obtained and the registration will be that of foreign insurers, hence the number 16 000 (400X40) of companies considered by the other states as foreign insurers.

Breakdown of insurance companies in USA per class of business

As of December 31, 2021, there are 5 978 domestic insurers.

In descending order, life insurance companies are highly present in Texas (112), followed by New York (79), Illinois (50), Iowa (41) and Ohio (39).

In property and casualty insurance, Texas also leads with 202 companies, followed by Illinois (198), New York (165), Wisconsin (156) and Ohio (149).

Florida leads the health insurance market with 75 companies, followed by New York (76), Texas (62), New Jersey (49), and Wisconsin (48).

Breakdown of insurance companies in USA: number of insurers / mutual per State

Source : NAIC 2021 Insurance Department Resources Report

* Foreign insurers: the sum of companies foreign to a specific state, i.e. the companies foreign to the state and to the United States.