The state’s insurers collect $332 billion in premiums every year, said the commissioner.
The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones.
This figure brings the state to the position of being the third largest market in the world.
The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale puts things into greater perspective. This figure is measured based on the size of the premiums collected by the insurance companies within the market.
Currently, there are over 24 classes of insurance sold in California. These are sold by over 1,300 companies. Furthermore, the state boasts over 410,000 brokers, agents, adjusters and agencies licensed for insurance sale within that state. These figures are according to the CDI.
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The high population and many forms of coverage have grown the California insurance market.
“Insurance is the one product that touches our lives from the moment we are born to beyond our last breath,” said Jones. “Whether it is health, auto, home, business, workers’ compensation, disability or life, insurance is an integral part of our lives-we rely on it to protect ourselves, our families, our assets and our businesses. Insurance provides financial protection and peace of mind for millions of Californians.”
As large perils such as the wildfires and mudslides from last year and the ever looming threat of earthquakes make headlines, the California insurance market is only expected to continue growing. It has become a powerful influence in the world of coverage and in the direction of the other markets in the United States.
Due to the size and strength of the California insurance market, it is often watched to see how certain strategies can function. It has, for instance, often been monitored in terms of how the Affordable Care Act is progressing. Other states have looked to that state’s insurance exchange to help tweak their own marketplaces based on California’s track record.