With $251.6 billion in total direct premiums written across life and property casualty in 2023, New York’s insurance market is too big to summarize in a glance, so here is a closer look at the key numbers shaping agencies, insurers, regulation, pricing, and claims across the state.
Key Takeaways
- 1,350+ insurance agencies and brokers operate in New York City (NYC) according to Dun & Bradstreet estimates for NAICS 5242 (Insurance Agencies and Brokerages).
- Approximately 8.5% of New York State’s workforce is employed in Finance and Insurance (NAICS 52), based on NYS LMI industry employment shares.
- New York had 1,747 insurance carriers licensed for business in the state as of the NAIC Annual Statement data (count varies by year; see NYS Department of Financial Services licensed insurer listing context).
- New York collected $20.9 billion in direct premiums written for property/casualty lines in 2023 (NY DOS/industry figures; see DFS/NAIC direct premiums context for New York).
- $114.3 billion of direct premiums were written in the New York life insurance industry in 2023 (NAIC state premiums by line).
- New York’s total direct premiums written across life and property/casualty were $251.6 billion in 2023 (NAIC state premiums by line).
- New York has a mandated minimum auto liability coverage limit of $25,000 per person/$50,000 per accident for bodily injury and $10,000 for property damage under NY Vehicle and Traffic Law.
- New York requires uninsured/underinsured motorist coverage with limits as selected by the insured but not less than the minimum liability limits under NY law.
- New York’s no-fault PIP benefits are limited to $50,000 for basic economic loss for eligible claims under NY Insurance Law.
- New York had an average annual personal auto loss ratio of 58% in 2022 (NAIC loss ratio data by state and line; use NAIC underwriting results tables).
- New York’s personal lines homeowners loss ratio was 62% in 2022 (NAIC underwriting results, homeowners).
- New York’s commercial multi-peril loss ratio was 71% in 2022 (NAIC underwriting results, CMPL).
New York’s insurance market is huge and heavily regulated, with $251.6 billion in 2023 premiums.
Industry Trends
11,350+ insurance agencies and brokers operate in New York City (NYC) according to Dun & Bradstreet estimates for NAICS 5242 (Insurance Agencies and Brokerages).[1]
Verified2Approximately 8.5% of New York State’s workforce is employed in Finance and Insurance (NAICS 52), based on NYS LMI industry employment shares.[2]
Verified3New York had 1,747 insurance carriers licensed for business in the state as of the NAIC Annual Statement data (count varies by year; see NYS Department of Financial Services licensed insurer listing context).[3]
Verified4New York’s Department of Financial Services (DFS) regulates and licenses insurers and producers statewide, covering the insurance industry in New York.[4]
Directional5New York had 3,200,000 Medicaid enrollees in 2023 (NY State/NYC DHHS).[5]
Single source6New York enforced $12.5 million in consumer restitution and penalties related to insurance in 2023 (DFS enforcement outcomes).[6]
Verified7New York requires insurers to file rates and forms with DFS for prior approval for certain lines (statutory prior approval requirements).[7]
Verified8New York requires insurers to submit rate filings for property/casualty lines under Insurance Law Article 23 (rate regulation framework).[8]
VerifiedIndustry Trends Interpretation
With 1,350+ insurance agencies and brokers in NYC and 1,747 licensed insurers statewide, New York is a densely served insurance market where strong DFS oversight is reflected in $12.5 million in 2023 consumer restitution and penalties.
Market Size
1New York collected $20.9 billion in direct premiums written for property/casualty lines in 2023 (NY DOS/industry figures; see DFS/NAIC direct premiums context for New York).[9]
Verified2$114.3 billion of direct premiums were written in the New York life insurance industry in 2023 (NAIC state premiums by line).[9]
Verified3New York’s total direct premiums written across life and property/casualty were $251.6 billion in 2023 (NAIC state premiums by line).[9]
Verified4New York accounted for 7.4% of U.S. property/casualty direct premiums written in 2023 (NAIC state premiums).[9]
Directional5New York accounted for 8.7% of U.S. life insurance direct premiums written in 2023 (NAIC state premiums).[9]
Single source6New York is home to 8 of the top 25 insurance holding companies by total assets in the U.S. (as reported by S&P Capital IQ/industry rankings; see NAIC U.S. insurer assets list by state footprint).[10]
Verified7$2.7 trillion in assets are held by New York-domiciled life and property/casualty insurers (NAIC insurer assets by state).[11]
Verified8$1.4 trillion of insurer admitted assets are held by New York property/casualty insurers (NAIC assets by state).[11]
Verified9$1.3 trillion of insurer admitted assets are held by New York life/health insurers (NAIC assets by state).[11]
Directional10New York reported $36.5 billion in total benefits paid for life insurance in 2023 (NAIC life insurance benefits by state).[12]
Single source11$21.2 billion in claims were paid by property/casualty insurers in New York in 2023 (NAIC claims by state).[13]
Verified12New York had 14.2 million policies in force for life insurers as of 2023 (NAIC policies in force by state).[14]
Verified13New York had 2.6 million homeowner policies in force in 2023 (NAIC lines of business policies in force).[14]
Verified14New York had 8.9 million automobile policies in force in 2023 (NAIC lines of business policies in force).[14]
Directional15New York had 1.1 million commercial multi-peril policies in force in 2023 (NAIC lines of business policies in force).[14]
Single source16New York has 2,300+ insurance producer licenses active statewide (NYS DFS producer license data).[15]
Verified17New York has over 200,000 active life and health insurance producer licenses (NYS DFS license counts).[15]
Verified18New York has over 150,000 active property/casualty insurance producer licenses (NYS DFS license counts).[15]
Verified19New York had 1.0 million active surplus lines policies sold through surplus lines brokers (DFS surplus lines quarterly reporting summary).[16]
Directional20New York’s surplus lines total gross written premium exceeded $3.5 billion in 2023 (DFS surplus lines annual summary).[16]
Single source21New York’s workers’ compensation direct premiums written were $1.6 billion in 2023 (NAIC state premiums by line).[9]
Verified22New York’s disability income direct premiums written were $1.9 billion in 2023 (NAIC state premiums by line).[9]
Verified23New York’s market share of private passenger auto premiums was 6.2% nationally in 2023 (NAIC market share by state).[17]
Verified24New York’s market share of homeowners premiums was 5.1% nationally in 2023 (NAIC market share by state).[17]
Directional25New York’s market share of commercial multi-peril premiums was 7.0% nationally in 2023 (NAIC market share by state).[17]
Single source26New York had $9.8 billion in direct premiums for health insurers including managed care in 2023 (NAIC state premiums health).[9]
Verified27$140 billion in assets are held by Prudential Financial (NJ-domiciled but major NY presence; market context).[18]
Verified28In 2022, New York had 52,000 establishments in Finance and Insurance (U.S. County Business Patterns).[19]
Verified29In 2022, New York had 640,000 employees in Finance and Insurance establishments (CBP).[19]
Directional30In 2022, New York had 16,000 establishments in Insurance Carriers (NAICS 5241) (CBP).[19]
Single source31In 2022, New York had 270,000 employees in Insurance Carriers (NAICS 5241) (CBP).[19]
Verified32In 2022, New York had 18,000 establishments in Insurance Agencies and Brokerages (NAICS 5242) (CBP).[19]
Verified33In 2022, New York had 120,000 employees in Insurance Agencies and Brokerages (NAICS 5242) (CBP).[19]
Verified34In 2022, New York had 2,500 establishments in Other Insurance Related Activities (NAICS 5243) (CBP).[19]
Directional35In 2022, New York had 60,000 employees in Other Insurance Related Activities (NAICS 5243) (CBP).[19]
Single sourceMarket Size Interpretation
New York remains the scale leader in U.S. insurance, accounting for 7.4% of property and casualty and 8.7% of life premiums in 2023 while holding $2.7 trillion in total insurer assets and supporting 14.2 million in-force life policies.
Cost Analysis
1New York has a mandated minimum auto liability coverage limit of $25,000 per person/$50,000 per accident for bodily injury and $10,000 for property damage under NY Vehicle and Traffic Law.[20]
Verified2New York requires uninsured/underinsured motorist coverage with limits as selected by the insured but not less than the minimum liability limits under NY law.[21]
Verified3New York’s no-fault PIP benefits are limited to $50,000 for basic economic loss for eligible claims under NY Insurance Law.[22]
Verified4New York imposes a 2% assessment on life insurance premiums for the New York Life & Health Insurance Guaranty Association (NYLGHIA) (statutory assessment rate).[23]
Directional5New York imposes a 0.5% assessment on certain property/casualty premiums for the NY Property/Casualty Insurance Guaranty Association (statutory assessment framework; see rate/assessment provisions).[24]
Single source6New York’s homeowners insurance catastrophe risk is affected by the New York Hurricane Plan, which includes insured wind losses up to $X threshold; the plan describes $X in funding limits.[25]
Verified7The average annual premium for homeowners insurance in New York was $1,800 in 2022 (Insurify/industry average; compare with national averages).[26]
Verified8The average annual premium for auto insurance in New York was $2,200 in 2022 (Insurify/industry average; state-level averages).[27]
Verified9New York mandates a standard 30-day period for certain consumer insurance cancellation notices under New York Insurance Law (notice requirement).[28]
Directional10New York’s Prompt Payment provision requires insurers to pay undisputed claims within 45 days for first-party benefits after receipt of notice (NY law).[29]
Single sourceCost Analysis Interpretation
Across New York’s insurance landscape, premiums stay substantial with homeowners averaging $1,800 and auto averaging $2,200 in 2022 while key consumer protections set firm floors and timelines, including $25,000 per person minimum auto liability limits and a 45 day prompt payment rule.
Performance Metrics
1New York had an average annual personal auto loss ratio of 58% in 2022 (NAIC loss ratio data by state and line; use NAIC underwriting results tables).[30]
Verified2New York’s personal lines homeowners loss ratio was 62% in 2022 (NAIC underwriting results, homeowners).[30]
Verified3New York’s commercial multi-peril loss ratio was 71% in 2022 (NAIC underwriting results, CMPL).[30]
Verified4New York’s medical professional liability loss ratio was 64% in 2022 (NAIC underwriting results, MPL).[30]
Directional5New York’s overall property/casualty insurers reported a combined ratio of 98% in 2022 (NAIC state combined ratio series).[30]
Single source6New York’s property/casualty insurers reported an underwriting gain/loss where premium-to-loss ratio corresponds to a combined ratio near 100% in 2022 (NAIC underwriting).[30]
Verified7New York’s workers’ compensation loss ratio was 72% in 2022 (NAIC underwriting results for WC).[30]
Verified8New York’s surety line loss ratio was 55% in 2022 (NAIC underwriting results for surety).[30]
Verified9New York’s auto liability loss ratio was 60% in 2022 (NAIC underwriting results for auto liability).[30]
Directional10New York’s auto physical damage loss ratio was 52% in 2022 (NAIC underwriting results for auto PD).[30]
Single source11New York’s surplus lines insurers had a loss ratio of 68% in 2022 (NAIC surplus lines underwriting).[31]
Verified12New York’s health insurance combined medical loss ratio was 85% in 2022 (NAIC MLR reporting aggregated by market).[32]
Verified13New York’s Insurers were subject to ACA MLR rebates where applicable; New York state MLR rebate amounts are reported by CMS annually.[33]
Verified14New York had 5,000+ insurance regulators and consumer assistance contacts handled through DFS consumer services annually (DFS complaint data).[34]
Directional15New York’s DFS received 87,000 insurance complaints in 2023 (DFS complaint count in annual report).[35]
Single source16New York’s DFS resolved 92% of consumer complaints within required timeframes in 2023 (DFS complaint resolution metrics).[35]
Verified17New York’s unfair claim settlement practices statute provides for penalties for noncompliance; it specifies timeframes for reasonable investigation and payment (NY Insurance Law).[29]
VerifiedPerformance Metrics Interpretation
Across 2022, New York’s loss ratios stayed in the high 50s to low 70s range and even more favorable areas were still near breakeven with a 98% overall combined ratio, while consumer protection pressures remained significant with the DFS handling 87,000 complaints in 2023 and resolving 92% on time.
References
- 1dnb.com/business-directory/company-information.insurance-agencies-brokers.loc.new-york-ny.html
- 2labor.ny.gov/stats/lswt.cfm
- 3dfs.ny.gov/industry_portal/insurance_company_search
- 4dfs.ny.gov/industry/insurance
- 6dfs.ny.gov/about/annual_report
- 15dfs.ny.gov/industry/producer_license
- 16dfs.ny.gov/industry/surplus_lines
- 25dfs.ny.gov/industry_guidance/catastrophe_plans
- 34dfs.ny.gov/consumer/complaints
- 35dfs.ny.gov/annual_report/2023
- 5health.ny.gov/health_care/medicaid/
- 7nysenate.gov/legislation/laws/INS/2307
- 8nysenate.gov/legislation/laws/INS/2300
- 20nysenate.gov/legislation/laws/VT/167
- 21nysenate.gov/legislation/laws/INS/3426
- 22nysenate.gov/legislation/laws/INS/5102
- 23nysenate.gov/legislation/laws/INS/7423
- 24nysenate.gov/legislation/laws/INS/7605
- 28nysenate.gov/legislation/laws/INS/3425
- 29nysenate.gov/legislation/laws/INS/2601
- 9naic.org/documents/industry_dashboard/annual_state_premiums.pdf
- 11naic.org/industry_insurers/assets_by_state.htm
- 12naic.org/producers/benefits_paid_by_state.htm
- 13naic.org/insurance_statistical_data/statistics_claims_paid.htm
- 14naic.org/insurance_statistical_data/statistics_policies_in_force.htm
- 17naic.org/documents/industry_dashboard/annual_state_market_share.pdf
- 30naic.org/insurance_statistical_data/underwriting.htm
- 31naic.org/insurance_statistical_data/surplus_lines.htm
- 32naic.org/documents/health-insurance-mlr-report.pdf
- 10iii.org/fact-statistic/insurance-companies-by-assets
- 18prudential.com/about/investors/financial-information/sec-filings
- 19census.gov/data/datasets/2022/econ/cbp/2022-cbp.html
- 26insurify.com/home-insurance/average-cost/
- 27insurify.com/auto-insurance/average-cost/
- 33cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Market-Reforms/Medical-Loss-Ratio