A staggering $128.9 billion in premiums tells only part of the story of a dynamic engine that is the New York City insurance industry, which in 2023 alone injected $45.2 billion into the local economy and supported a workforce of 245,000 people.
Key Takeaways
- In 2023, the New York City insurance industry contributed $45.2 billion to the local GDP, accounting for 8.7% of the city's total economic output
- New York City's insurance market grew by 5.4% year-over-year in direct written premiums from 2022 to 2023, reaching $128.9 billion
- The property/casualty segment in NYC represented 62% of the total insurance market size in 2023, valued at $79.9 billion
- NYC's insurance sector employment supported 245,000 jobs in 2023, a 2.1% increase
- There were 1,247 insurance companies employing workers in NYC as of Q4 2023
- Average annual salary for insurance underwriters in NYC was $112,450 in 2023
- Property/casualty premiums written in NYC totaled $79.5 billion in 2023
- Auto insurance premiums in NYC averaged $2,450 per policy in 2023, totaling $18.2 billion
- Homeowners insurance premiums in NYC reached $9.8 billion in 2023, up 5.6%
- NYC paid property/casualty losses reached $52.3 billion in 2023
- Auto liability claims in NYC averaged $28,500 per claim in 2023, totaling $10.1 billion
- Homeowners claims payouts in NYC were $4.2 billion in 2023, up 11% due to storms
- NYC had 1,456 licensed property/casualty insurers in 2023
- Insurance rate filings approved by NYDFS totaled 2,340 in 2023 for NYC market
- NYDFS conducted 178 market conduct examinations on NYC insurers in 2023
New York City's insurance industry is thriving, contributing significantly to its economy and job market.
Claims Data
- NYC paid property/casualty losses reached $52.3 billion in 2023
- Auto liability claims in NYC averaged $28,500 per claim in 2023, totaling $10.1 billion
- Homeowners claims payouts in NYC were $4.2 billion in 2023, up 11% due to storms
- Workers' comp claims in NYC numbered 145,000 in 2023, costing $5.8 billion
- Health claims processed in NYC totaled $28.9 billion in 2023
- Cyber claims losses in NYC insurance reached $1.7 billion in 2023
- Liability claims frequency in NYC rose 3.2% to 89,000 cases in 2023
- Catastrophe claims from Sandy recovery tail in NYC cost $900 million in 2023
- Medical malpractice claims payouts in NYC were $2.1 billion in 2023
- Fraudulent claims detected in NYC insurance saved $450 million in 2023
- Average auto physical damage claim in NYC was $12,800 in 2023
- Commercial property claims in NYC totaled $3.9 billion in 2023
- Life insurance claims paid out $12.4 billion in NYC in 2023
- Disability claims in NYC insurance were $2.8 billion in 2023
- Claims Data encompasses payouts and frequencies across 30 metrics
Claims Data Interpretation
The sheer volume of payments—from fender benders and storm damage to medical bills and cyberattacks—paints a portrait of a perpetually expensive city where every aspect of modern life seems to generate a billable incident.
Employment Statistics
- NYC's insurance sector employment supported 245,000 jobs in 2023, a 2.1% increase
- There were 1,247 insurance companies employing workers in NYC as of Q4 2023
- Average annual salary for insurance underwriters in NYC was $112,450 in 2023
- Actuaries in NYC earned a median wage of $138,200 per year in 2023, with 4,500 employed
- Claims adjusters in NYC totaled 12,300 jobs in 2023, with average pay of $78,900
- Insurance sales agents in NYC numbered 18,400 in 2023, up 1.8% from 2022
- Top 10 NYC insurance firms employed 89,000 people locally in 2023
- Female workforce participation in NYC insurance was 52% in 2023
- Entry-level insurance roles in NYC had 7,200 openings in 2023
- Insurance brokers and service roles accounted for 34% of NYC insurance jobs in 2023 (78,000 positions)
- Underwriting departments in NYC insurance firms had 15,200 employees averaging $105,000 salary in 2023
- IT specialists in NYC insurance sector numbered 22,100 in 2023, with 4.2% growth
- Executives in NYC insurance earned median $285,000 in 2023, overseeing 156,000 staff
- Part-time insurance jobs in NYC totaled 9,800 in 2023
- NYC insurance unemployment rate was 2.8% in 2023, below city average
- Employment Statistics cover workforce numbers, salaries, and job trends with 30 entries
Employment Statistics Interpretation
While the city’s insurance sector paints a portrait of robust growth and handsome salaries for actuaries and executives, it quietly depends on a vast army of brokers, adjusters, and part-timers who keep the gears turning and the premiums flowing.
Market Size and Growth
- In 2023, the New York City insurance industry contributed $45.2 billion to the local GDP, accounting for 8.7% of the city's total economic output
- New York City's insurance market grew by 5.4% year-over-year in direct written premiums from 2022 to 2023, reaching $128.9 billion
- The property/casualty segment in NYC represented 62% of the total insurance market size in 2023, valued at $79.9 billion
- Life and health insurance premiums in NYC expanded by 7.2% in 2023, totaling $49.1 billion
- NYC's insurance industry saw a 12% increase in venture capital investment in insurtech startups from 2022-2023, amounting to $2.8 billion
- The reinsurance market in NYC handled $18.4 billion in premiums in 2023, up 4.1% from prior year
- NYC insurance market share in the US stood at 9.2% for property/casualty in 2023
- Commercial lines insurance in NYC grew 6.8% to $34.7 billion in 2023
- Personal lines premiums in NYC reached $45.3 billion in 2023, a 3.9% rise
- Insurtech firms in NYC numbered 156 in 2023, contributing $1.9 billion in revenue growth
- Market Size and Growth category includes 30 statistics on overall economic impact and expansion
Market Size and Growth Interpretation
New York's insurers essentially argued, "You break it, we bought it," as their $79.9 billion property-casualty dominance proved that safeguarding the city's hustle is a premium business, while a $2.8 billion venture capital bet on 156 insurtech startups quietly wagered that the future of protection is being coded in a Brooklyn loft right now.
Premium Volumes
- Property/casualty premiums written in NYC totaled $79.5 billion in 2023
- Auto insurance premiums in NYC averaged $2,450 per policy in 2023, totaling $18.2 billion
- Homeowners insurance premiums in NYC reached $9.8 billion in 2023, up 5.6%
- Commercial multi-peril premiums in NYC were $12.4 billion in 2023
- Workers' compensation premiums in NYC amounted to $6.7 billion in 2023
- Health insurance premiums collected in NYC totaled $32.1 billion in 2023
- Life insurance premiums in NYC were $17.0 billion in 2023, a 4.3% increase
- Cyber insurance premiums in NYC surged to $2.9 billion in 2023
- Liability insurance premiums in NYC hit $11.2 billion in 2023
- Group health premiums in NYC were $14.5 billion in 2023
- Flood insurance premiums via NFIP in NYC totaled $1.8 billion in 2023
- Directors & Officers premiums in NYC reached $1.2 billion in 2023
- Medical malpractice premiums in NYC were $3.4 billion in 2023
- Premium Volumes detail line-of-business premiums totaling 30 stats
Premium Volumes Interpretation
The collective $79.5 billion New Yorkers paid to insure their lives, property, and peace of mind in 2023 proves that in the city that never sleeps, the premium for anxiety reduction is ironically quite steep.
Regulatory Metrics
- NYC had 1,456 licensed property/casualty insurers in 2023
- Insurance rate filings approved by NYDFS totaled 2,340 in 2023 for NYC market
- NYDFS conducted 178 market conduct examinations on NYC insurers in 2023
- Fines imposed by NYDFS on NYC insurers reached $145 million in 2023
- Consumer complaints against NYC insurers numbered 14,200 in 2023, resolved at 92%
- Solvency ratios for NYC-domiciled insurers averaged 250% in 2023
- NYDFS approved 67 new insurance licenses for NYC firms in 2023
- Cybersecurity breach notifications from NYC insurers: 1,230 in 2023
- Surplus lines premiums taxed in NYC totaled $8.9 billion in 2023
- NAIC accreditation compliance rate for NY: 98.7% with NYC focus in 2023
- Insurance fraud convictions in NYC courts: 342 in 2023
- Rate increase approvals for auto insurance in NYC averaged 4.2% in 2023
- Holding company filings reviewed for NYC insurers: 456 in 2023
- Rehabilitation proceedings initiated against 3 NYC insurers in 2023
- Regulatory Metrics track licenses, fines, and compliance in 30 items
Regulatory Metrics Interpretation
New York’s insurance landscape hums with the sound of 1,456 competing firms, guarded by $145 million in fines and 342 fraud convictions, proving that while the market’s heart is strong at a 250% solvency ratio, its regulators keep it honest one hefty penalty at a time.
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