California Department of Insurance reports that California is world's third largest insurance market

The California Department of Insurance has reported that California’s annual insurance premium volume has increased to $332 billion, making California the third largest insurance market in the world.

Largest U.S. insurance market

California remains the largest insurance market in the United States.

“As the regulator of the largest insurance market in the nation, I am committed to protecting consumers and making sure they have access to a healthy insurance market offering products to meet consumer and business needs,” said California Insurance Commissioner Dave Jones.

“Insurance is the one product that touches our lives from the moment we are born to beyond our last breath. 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.”

410,000 licensed agents, brokers, adjusters & businesses

Based on the most recent data available, California insurance companies now collect $332 billion in premiums every year. In California, there are more than 24 classes of insurance, sold by more than 1,300 companies.

More than 410,000 agents, brokers, adjusters and business entities are licensed to sell insurance in California.

Steven A. Meyerowitz, Esq., is the director of FC&S Legal, the editor-in-chief of the Insurance Coverage Law Report, and the founder and president of Meyerowitz Communications Inc. Email him at smeyerowitz@meyerowitzcommunications.com.

Related:

California insurance commissioner reveals losses from Montecito mudslide

First surety bond program for cannabis industry approved in California

California Insurance Department reveals loss estimate on 2017 wildfires