New York’s insurance industry wrote $251.6 billion in direct premiums in 2023. The state’s Department of Financial Services also secured $12.5 million in consumer restitution and penalties that same year.
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 is a major, heavily regulated insurance market, totaling $251.6 billion in direct premiums in 2023.
Related reading
01 · Category
Industry Trends8 stats
01
1,350+ insurance agencies and brokers operate in New York City (NYC) according to Dun & Bradstreet estimates for NAICS 5242 (Insurance Agencies and Brokerages).
02
Approximately 8.5% of New York State’s workforce is employed in Finance and Insurance (NAICS 52), based on NYS LMI industry employment shares.
03
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).
04
New York’s Department of Financial Services (DFS) regulates and licenses insurers and producers statewide, covering the insurance industry in New York.
05
New York had 3,200,000 Medicaid enrollees in 2023 (NY State/NYC DHHS).
06
New York enforced $12.5 million in consumer restitution and penalties related to insurance in 2023 (DFS enforcement outcomes).
07
New York requires insurers to file rates and forms with DFS for prior approval for certain lines (statutory prior approval requirements).
08
New York requires insurers to submit rate filings for property/casualty lines under Insurance Law Article 23 (rate regulation framework).
Interpretation
Industry 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.
02 · Category
Market Size30 stats
01
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).
02
$114.3 billion of direct premiums were written in the New York life insurance industry in 2023 (NAIC state premiums by line).
03
New York’s total direct premiums written across life and property/casualty were $251.6 billion in 2023 (NAIC state premiums by line).
04
New York accounted for 7.4% of U.S. property/casualty direct premiums written in 2023 (NAIC state premiums).
05
New York accounted for 8.7% of U.S. life insurance direct premiums written in 2023 (NAIC state premiums).
06
New 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).
07
$2.7 trillion in assets are held by New York-domiciled life and property/casualty insurers (NAIC insurer assets by state).
08
$1.4 trillion of insurer admitted assets are held by New York property/casualty insurers (NAIC assets by state).
09
$1.3 trillion of insurer admitted assets are held by New York life/health insurers (NAIC assets by state).
10
New York reported $36.5 billion in total benefits paid for life insurance in 2023 (NAIC life insurance benefits by state).
11
$21.2 billion in claims were paid by property/casualty insurers in New York in 2023 (NAIC claims by state).
12
New York had 14.2 million policies in force for life insurers as of 2023 (NAIC policies in force by state).
13
New York had 2.6 million homeowner policies in force in 2023 (NAIC lines of business policies in force).
14
New York had 8.9 million automobile policies in force in 2023 (NAIC lines of business policies in force).
15
New York had 1.1 million commercial multi-peril policies in force in 2023 (NAIC lines of business policies in force).
16
New York has 2,300+ insurance producer licenses active statewide (NYS DFS producer license data).
17
New York has over 200,000 active life and health insurance producer licenses (NYS DFS license counts).
18
New York has over 150,000 active property/casualty insurance producer licenses (NYS DFS license counts).
19
New York had 1.0 million active surplus lines policies sold through surplus lines brokers (DFS surplus lines quarterly reporting summary).
20
New York’s surplus lines total gross written premium exceeded $3.5 billion in 2023 (DFS surplus lines annual summary).
21
New York’s workers’ compensation direct premiums written were $1.6 billion in 2023 (NAIC state premiums by line).
22
New York’s disability income direct premiums written were $1.9 billion in 2023 (NAIC state premiums by line).
23
New York’s market share of private passenger auto premiums was 6.2% nationally in 2023 (NAIC market share by state).
24
New York’s market share of homeowners premiums was 5.1% nationally in 2023 (NAIC market share by state).
25
New York’s market share of commercial multi-peril premiums was 7.0% nationally in 2023 (NAIC market share by state).
26
New York had $9.8 billion in direct premiums for health insurers including managed care in 2023 (NAIC state premiums health).
27
$140 billion in assets are held by Prudential Financial (NJ-domiciled but major NY presence; market context).
28
In 2022, New York had 52,000 establishments in Finance and Insurance (U.S. County Business Patterns).
29
In 2022, New York had 640,000 employees in Finance and Insurance establishments (CBP).
30
In 2022, New York had 16,000 establishments in Insurance Carriers (NAICS 5241) (CBP).
Interpretation
Market 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.
More related reading
03 · Category
Cost Analysis10 stats
01
New York has a mandated minimum auto liability coverage limit of $25,000per person/$50,000 per accident for bodily injury and $10,000 for property damage under NY Vehicle and Traffic Law.
02
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.
03
New York’s no-fault PIP benefits are limited to $50,000for basic economic loss for eligible claims under NY Insurance Law.
04
New York imposes a 2% assessment on life insurance premiums for the New York Life & Health Insurance Guaranty Association (NYLGHIA) (statutory assessment rate).
05
New 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).
06
New 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.
07
The average annual premium for homeowners insurance in New York was $1,800in 2022 (Insurify/industry average; compare with national averages).
08
The average annual premium for auto insurance in New York was $2,200in 2022 (Insurify/industry average; state-level averages).
09
New York mandates a standard 30-day period for certain consumer insurance cancellation notices under New York Insurance Law (notice requirement).
10
New York’s Prompt Payment provision requires insurers to pay undisputed claims within 45 days for first-party benefits after receipt of notice (NY law).
Interpretation
Cost 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.
04 · Category
Performance Metrics17 stats
01
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).
02
New York’s personal lines homeowners loss ratio was 62% in 2022 (NAIC underwriting results, homeowners).
03
New York’s commercial multi-peril loss ratio was 71% in 2022 (NAIC underwriting results, CMPL).
04
New York’s medical professional liability loss ratio was 64% in 2022 (NAIC underwriting results, MPL).
05
New York’s overall property/casualty insurers reported a combined ratio of 98% in 2022 (NAIC state combined ratio series).
06
New 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).
07
New York’s workers’ compensation loss ratio was 72% in 2022 (NAIC underwriting results for WC).
08
New York’s surety line loss ratio was 55% in 2022 (NAIC underwriting results for surety).
09
New York’s auto liability loss ratio was 60% in 2022 (NAIC underwriting results for auto liability).
10
New York’s auto physical damage loss ratio was 52% in 2022 (NAIC underwriting results for auto PD).
11
New York’s surplus lines insurers had a loss ratio of 68% in 2022 (NAIC surplus lines underwriting).
12
New York’s health insurance combined medical loss ratio was 85% in 2022 (NAIC MLR reporting aggregated by market).
13
New York’s Insurers were subject to ACA MLR rebates where applicable; New York state MLR rebate amounts are reported by CMS annually.
14
New York had 5,000+ insurance regulators and consumer assistance contacts handled through DFS consumer services annually (DFS complaint data).
15
New York’s DFS received 87,000 insurance complaints in 2023 (DFS complaint count in annual report).
16
New York’s DFS resolved 92% of consumer complaints within required timeframes in 2023 (DFS complaint resolution metrics).
17
New York’s unfair claim settlement practices statute provides for penalties for noncompliance; it specifies timeframes for reasonable investigation and payment (NY Insurance Law).
Interpretation
Performance 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.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Marie Larsen. (2026, February 13). New York Insurance Industry Statistics. Gitnux. https://gitnux.org/new-york-insurance-industry-statistics
MLA
Marie Larsen. "New York Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/new-york-insurance-industry-statistics.
Chicago
Marie Larsen. 2026. "New York Insurance Industry Statistics." Gitnux. https://gitnux.org/new-york-insurance-industry-statistics.
Sources & references
35 datasets cited across this report · attribution is report-level
+24 additional datasets cited (not shown individually)