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.
Read also | Top 25 insurance companies in the United States [4]
Breakdown of insurance companies in USA per class of business
As of December 31, 2021, there are 5 978 domestic insurers.
| Type of company | Life | Property | Health | Others | Total |
|---|---|---|---|---|---|
| Number of domestic companies | 833 | 2 473 | 1 010 | 1 632 | 5 978 |
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).
Related article: Organization of insurance industry in USA [5]
Breakdown of insurance companies in USA: number of insurers / mutual per State
| State | Domestic insurance companies | Foreign Insurance companies* | Other kinds of companies |
|---|---|---|---|
| New York | 547 | 1 192 | 95 |
| Florida | 440 | 1 691 | 63 |
| Texas | 412 | 1 628 | 54 |
| Illinois | 343 | 1 436 | 172 |
| Wisconsin | 334 | 1 689 | 8 |
| Ohio | 261 | 1 559 | 25 |
| Pennsylvania | 230 | 1 638 | 45 |
| Iowa | 209 | 1 457 | 3 |
| Missouri | 181 | 1 564 | 21 |
| Minnesota | 144 | 1 423 | 22 |
| Arizona | 138 | 1 628 | 50 |
| Delaware | 136 | 1 434 | 119 |
| Indiana | 133 | 1 677 | 43 |
| California | 131 | 1 301 | 42 |
| Michigan | 125 | 1 421 | 28 |
| New Jersey | 119 | 1 356 | 73 |
| Nebraska | 117 | 1 491 | 11 |
| Utah | 112 | 1 858 | 13 |
| Vermont | 109 | 1 219 | 8 |
| Connecticut | 102 | 1 289 | 606 |
| Louisiana | 101 | 1 512 | 27 |
| North Carolina | 100 | 1 507 | 7 |
| South Carolina | 91 | 1 626 | 11 |
| Oklahoma | 85 | 1 712 | 9 |
| Massachusetts | 83 | 1 422 | 26 |
| Georgia | 73 | 1 677 | 36 |
| Porto Rico | 73 | 226 | 0 |
| Tennessee | 72 | 1 646 | 13 |
| Virginia | 65 | 1 589 | 28 |
| Alabama | 57 | 1 521 | 11 |
| New Hampshire | 57 | 1 291 | 0 |
| Arkansas | 54 | 1 538 | 1 |
| Colorado | 52 | 1 523 | 50 |
| Kentucky | 50 | 1 575 | 10 |
| Maryland | 50 | 1 538 | 18 |
| Mississippi | 47 | 1 603 | 3 |
| District of Columbia | 46 | 1 376 | 14 |
| Hawaï | 46 | 1 125 | 13 |
| Kansas | 45 | 1 559 | 32 |
| Nevada | 44 | 1 551 | 12 |
| New Mexico | 42 | 2 886 | 0 |
| Oregon | 40 | 1 467 | 5 |
| South Dakota | 38 | 1 421 | 0 |
| Washington | 35 | 1 460 | 9 |
| West Virginia | 32 | 1 428 | 3 |
| North Dakota | 32 | 1 387 | 13 |
| Montana | 30 | 1 426 | 5 |
| Rhode Island | 30 | 1 372 | 25 |
| Maine | 22 | 1 212 | 19 |
| Idaho | 19 | 1 426 | 19 |
| Northen Mariana Islands | 13 | 55 | 0 |
| Guam | 10 | 132 | 0 |
| Virgin Islands | 7 | 136 | 0 |
| Alaska | 5 | 1 154 | 0 |
| American Samoa | 5 | 29 | 0 |
| Wyoming | 4 | 1 481 | 4 |
| Total | 5 964 | 74 876 | 1 920 |
| Average | 113 | 1 413 | 36 |
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.
Read also | Insurance in the USA: merger-acquisition operations [6]