State Insurance Regulation: Key Facts and Market Trends

State Insurance

Regulation: Key Facts

and Market Trends

Rhode Island / 2022

NAIC Scorecard / 2022 / Rhode Island

• Rhode Island has , total

domestic and licensed foreign

insurers.

• Total direct premium written

in-state has increased %

since .

• The cost of regulation in Rhode

Island is $., based on an

Insurance Department budget

per $, in written premium.

• The cost of regulation in Rhode

Island has decreased %

since .

• Insurance carriers and related

activities make up .% of the

gross domestic product (GDP)

for ﬁnancial institutions in

Rhode Island.

Overview of the

2022 Insurance Market

in Rhode Island

another line of business. For example, traditional

health data may be ﬁled by an insurer using the

ﬁling type of life, accident and health. Depending

on the regulatory requirements in the state of

domicile, captives and risk retention groups are

not always required to ﬁle with the NAIC and,

consequently, this data may not be considered

complete. Not all state funds are required to ﬁle

with the NAIC. State fund data contained herein

is reported separately and added to the premium

volume during composition of this report. Some

categories are modiﬁed to more closely align

with the structure of the NAIC ﬁnancial statement

ﬁlings and may not be comparable to data

reported in prior years. The state rank represents

the rank relative to the state with the largest

premium volume among all states.

U.S. Premiums by IDRR Premium Type

The premium volume from the Insurance

Department Resources Report (IDRR) is comprised

of direct written premium that the states report

to the NAIC in compiling the IDRR. This data

is grouped by type of business and will not

match up with data grouped by NAIC ﬁnancial

statement type. This data includes total direct

written premium reported by each state insurance

department and does not include premiums

from captives or surplus lines business. It was

requested that each state include state funds in

its premium volume reported. Some companies

may report premium data to the state insurance

department that are not required to report to the

NAIC due to sales volume or other regulatory

requirements of their domiciliary state.

Insurance Department Data

The insurance department data is provided

by state insurance regulators and is compiled

annually by the NAIC. Total taxes include

premium, retaliatory, franchise and income taxes

paid by insurers. Total revenue includes other

NAIC Scorecard

State Insurance Regulation:

Key Facts and Market Trends

The mission of the National Association of

Insurance Commissioners (NAIC) is to assist

state insurance regulators, individually and

collectively, in serving the public interest

and achieving the following fundamental

insurance regulatory goals in a responsive,

efﬁ

cient and cost effective manner, consistent

with the wishes of its members. As part of this

mission, the NAIC compiles meaningful data

about the insurance regulatory community,

as well as the insurance industry.

Number of Insurance Companies

The number of insurance companies is provided

by state insurance regulators and is compiled

annually by the NAIC. Depending on the type of

insurance companies provided, they are classiﬁed

either as property/casualty, life and fraternal,

health, or title insurers. Insurers with primary

corporate headquarters located in a particular

state are called domestic insurers. The insurance

regulator in the insurer’s state of domicile is the

primary regulator of that insurer. Foreign insurers

are those that are allowed to sell insurance in

a state but have a primary legal residence in

another state. The state rank represents the rank

relative to the state with the largest number of

insurers among all states.

U.S. Premiums by NAIC

Financial Statement Type

The premium volume from the NAIC ﬁnancial

ﬁling database is direct written premium derived

from insurer annual ﬁnancial statement ﬁlings

provided to the NAIC. The total is comprised of

aggregate premium and deposits generated

without any adjustments for reinsurance. This

data is grouped according to insurer ﬁnancial

statement ﬁling type (i.e., property/casualty;

life, accident and health/fraternal; health; and

title). Data in one ﬁnancial statement type could

contain data that seemingly fits better under

NAIC Scorecard / 2023 / United States

sources of revenue, such as licensing fees and

ﬁnes and assessments, as well as total taxes.

Total budget represents the annual operating

budget of the state insurance department. Total

employment is the number of full-time state

insurance department employees. The state rank

represents the rank relative to the state with the

largest respective number among all states.

Cost of Regulation

The cost of regulation is calculated from data

supplied by state insurance regulators and

collected from insurers’ ﬁnancial ﬁlings. It is a ratio

that compares the insurance department budget

to total premium written in the state. For state-

speciﬁc details on the ﬁgures used, please refer

to the IDRR technical notes.

Property/Casualty Premium

by Line of Business

The premiums are from the annual ﬁnancial

statement information that property/casualty

insurers ﬁle with the NAIC. Property/casualty

premium is subdivided into several categories.

This data includes information on state funds

reported separately and added to the premium

volume during composition of this report. The

state rank represents the rank relative to the state

with the largest respective premium by line of

business among all states.

Insurance Industry Employment

The U.S. Bureau of Labor Statistics (BLS) produces

the Quarterly Census of Employment and

Wages (QCEW). The QCEW is derived from

quarterly unemployment insurance tax reports

submitted by employers to state workforce

agencies. The reports are subject to state

unemployment insurance laws, as well as to

the Unemployment Compensation for Federal

Employees (UCFE) program. According to the

BLS, the QCEW program publishes a quarterly

count of employment and wages covering 98%

of U.S. jobs, available by industry in the county,

NAIC Scorecard / 2023 / United States

metropolitan statistical area (MSA), state and

national levels. Employment is the total number of

persons employed full-time or part-time in non-

farm establishments during a speciﬁed payroll

period. Temporary employees are included.

In general, data refer to persons who worked

during, or received pay for, any part of the pay

period that includes the 12th of the month, which

is standard for all federal agencies collecting

employment data from business establishments.

Insurance carriers include employees of direct

insurers from all insurance types and reinsurers.

Agencies, brokerages and other insurance-

related activities include insurance agents and

brokers, independent claims adjusters, third-party

administrators of insurance and pension funds,

and other insurance-related activities.

Consumer Complaints

Complaints include all formal complaints lodged

with the insurance department.

Consumer Inquiries

Inquiries include all requests for information

about insurance-related issues made by any

medium, including phone calls, written letters,

emails, etc. Requests for brochures are included,

as are incidents where a complaint is voiced, but

is not formally lodged.

Gross Domestic Product

The U.S. Bureau of Economic Analysis (BEA)

produces the gross domestic product (GDP).

The BEA deﬁnes GDP by state as the most

comprehensive measure of overall economic

activity in the individual states. Per the BEA, GDP

by state is calculated as the sum of incomes

earned by labor and capital and the costs

incurred in the production of goods and services.

It includes workers’ wages and salaries; income

earned by sole proprietorships, partnerships and

corporations; and business taxes (such as sales,

property, and federal excise taxes) that count as a

business expense.

StateInsuranceRegulation:KeyFactsandMarketTrends

OVERVIEWOFTHEUNITEDSTATESINSURANCEMARKET

2022

Theprimarygoalofstateregulationistoprotectinsuranceconsumers, whilerecognizingthatconsumersaswellascompaniesarewell

servedbyefficient,market‐orientedregulationofthebusinessofinsurance.

U.S.FinancialSectorEmployment



20212020 2022

InsuranceCarriersandRelatedActivities 2,419,845 2,449,834 2,520,241



InsuranceCarriers 1,216,922 1,200,301 1,221,112

DirectLifeandHealthInsuranceCarriers 641,994 637,235 623,829

DirectLifeInsuranceCarriers 240,024 233,651 224,738

DirectHealthandMedicalInsuranceCarriers 403,979 405,846 415,025

DirectInsurers(exceptLifeandHealth) 514,994 503,471 515,110

DirectPropertyandCasualtyInsurers 463,586 444,392 456,633

DirectTitleInsuranceCarriers 59,556 66,151 65,005

OtherDirectInsuranceCarriers 15,957 16,346 17,351

ReinsuranceCarriers 19,571 19,443 20,249



InsuranceAgenciesandBrokerages 1,202,923 1,249,542 1,299,132

OtherInsuranceRelatedActivities 351,072 356,126 366,728

ClaimsAdjusting 56,707 60,144 62,681

ThirdPartyAdministrationofInsuranceFunds 205,640 207,608 209,690

AllOtherInsuranceRelatedActivities 88,725 88,369 94,364

Source:U.S.DepartmentofLabor,BureauofLaborStatistics

FiveLargestInsuranceGroupsintheU.S.

byDirectPremiumWritten

InsuranceGroup

DirectPremium

Written*

%ofTotal

Premium

UNITEDHEALTHGRP $220,056,634,079 %7.21

METROPOLITANGRP $120,586,066,997 %3.95

ELEVANCEHLTHINCGRP $103,593,396,083 %3.39

CENTENECORPGRP $96,779,952,547 %3.17

HUMANAINC

$87,045,174,657 %2.85

Top5Total $628,061,224,363

*IncludesDepositTypeFundsandpremiumwritteninU.S.territories

Source:NationalAssociationofInsuranceCommissioners

fromProperty,Life,Fraternal,Title,andHealthAnnualStatements.

U.S.GrossDomesticProduct(Millions)

2021 2022

Funds,trusts,andotherfinancialvehicles

29,567 N/A

Insurancecarriersandrelatedactivities

638,501 N/A

Securities,commoditycontracts,andother

financialinvestmentsandrelatedactivities

348,880 N/A

MonetaryAuthorities‐centralbank,credit

intermediation,andrelatedservices

835,722 N/A

Financeandinsurance

1,852,670 1,932,937

*Fi

ureisanestimate.

ource:USDepartmentofCommerce

BureauofEconomicAnalysis

45.11%

Federal

Reserve

Banks, Credit

Internediation

and Related

Services

1.60%

Funds, Trusts,

and Other

Financial

Vehicles

34.46%

Insurance

Carriers and

Activities

18.83%

Securities,

Commodity

Contracts,

Investments

U.S.GrossDometicProduct

SharesofFinancialInstitutions

ByComponent,2021

43.68%

FederalReserve

Banks,Credit

Internediation

andRelated

Services

1.40%

Funds,Trusts,

andOther

Financial

Vehicles

35.82%

Insurance

Carriersand

Activities

19.10%

Securities,

Commodity

Contracts,

Investments

U.S.GrossDometicProduct

SharesofFinancialInstitutions

ByComponent,2020

ht

2023NationalAssociationo

InsuranceCommissioners.

llri

htsreser ve

StateInsuranceRegulation:KeyFactsandMarketTrends

OVERVIEWOFTHEUNITEDSTATESINSURANCEMARKET

2022

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

$1,865

$1,990

$2,136

$2,224

$2,321

$2,473

$2,624

$2,791

$3,034

$3,270

Billions

Total U.S. Premium

All Types of Insurance ($ billions)

Source: National Association of Insurance Commissioners

(Premiums from Property, Life, Fraternal, Health and Title Annual

Statements plus State Funds for Property and Health)

LineofBusiness

2021

U.S.Property&CasualtyPremiumbyLineofBusiness

2022

Fire 17,949,409,479 20,962,005,810

Alliedlines 18,359,180,650 21,900,339,418

Federalﬂood 3,095,227,225 2,777,000,344

Crop 1,267,688,228 1,471,672,366

PrivateFlood 1,021,026,151 1,263,628,480

Farm 18,991,653,046 24,291,432,551

Homeownersmulpleperil 119,769,512,885 133,766,985,693

Commercialmulperil 49,791,768,120 55,133,567,113

Mortgageguaranty 5,715,488,991 5,600,575,886

Ocean&InlandMarine 33,377,833,123 38,100,524,324

Financialguaranty 332,979,456 362,677,279

Medicalprofessionalliability 11,179,056,258

Medicalprofessionalliability‐Occurance 2,637,584,556

Medicalprofessionalliability‐ClaimsMade 9,265,022,140

Earthquake 3,780,527,198 4,197,676,654

Accident&Health 1,926,940,928 7,511,190,572

Workers'compensaon 55,164,050,344 60,315,579,452

Productsliability 4,318,476,538

Productsliability‐Occurance 4,003,788,955

Productsliability‐ClaimsMade 873,774,350

Automobile 315,395,762,148 337,809,381,741

Aircra(allperils) 2,386,530,987 2,659,199,705

Fidelity 1,388,357,460 1,458,418,263

Surety 7,346,320,499 8,476,476,212

Burglaryandthe 481,827,739 559,620,839

Boilerandmachinery 2,131,779,842 2,343,181,198

Credit 2,228,858,989 2,646,389,699

Other 108,956,132,487 117,786,785,693

Total 791,239,640,851 868,174,860,180

Source:NationalAssociationofInsuranceCommissioners

(PremiumsfromPropertyAnnualStatementsplusStateFunds)

$70,000

$140,000

$210,000

$280,000

$350,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

218,408

230,999

247,400

267,402

287,161

299,098

295,942

315,396

337,809

(Millions)

PremiumWrittenforAutomobile

Insurance

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

86,270

89,113

91,384

94,243

98,808

104,155

110,449

119,770

133,767

(Millions)

PremiumWrittenfor

HomeownersInsurance

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

38,962

39,553

39,834

40,641

41,806

44,131

46,231

49,792

55,134

(Millions)

PremiumWrittenfor

CommercialMPInsurance

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

9,785

9,658

9,386

9,319

9,194

9,351

9,785

10,155

11,179

11,903

(Millions)

PremiumWrittenforMedical

LiabilityInsurance

$200,000

$400,000

$600,000

$800,000

$1,000,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

582,750

618,128

619,440

633,065

678,880

739,903

798,281

872,628

933,164

(Millions)

PremiumWrittenfor

LifeInsurance*

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

817,217

903,154

967,255

1,022,008

1,091,886

1,156,652

1,251,408

1,344,341

1,446,152

(Millions)

PremiumWritten&Depositsfor

HealthInsurance**

*FiguresincludeLife,Annuities,DepositTypeFunds,andOtherConsiderationsfromtheNAICLife,andFraternalfinancialstatements.

**FiguresincludesHealthdatafromtheNAICHealth,Life,andFraternalfinancialstatementsandCaliforniaInsurancedata.

FiguresincludedatafromStateFunds

whereapplicable.

StateInsuranceRegulation:KeyFactsandMarketTrends

OVERVIEWOFTHEUNITEDSTATESINSURANCEMARKET

2022

Theprimarygoalofstateregulationistoprotectinsuranceconsumers, whilerecognizingthatconsumersaswellascompaniesarewell

servedbyefficient,market‐orientedregulationofthebusinessofinsurance.

2022U.S.InsuranceDepartmentInformationforAllStates

Total

Revenue

Total

Budget

Total

Employment

Consumer

Complaints

TotalState

TaxRevenue

Consumer

Inquiries

$32,706,405,896 10,862

1,516,175

$1,745,764,738$27,501,755,217

282,567

Source:NAICInsuranceDepartmentResourcesReport

2022U.S.InsuranceIndustryInformation

Domestic

Premium

Captive

Premium

Numof

Captives

CaptiveMean

Premium

DomesticMean

Premium

Numof

Domestic

$3,128,658,831,179 5,965 $524,502,738 $44,918,924,655 $10,779,6804,167

ource:NAICInsuranceDepartmentResourcesRepor

2022U.S.PremiumsbyNAICIDRRPremiumCat egory

Property/

Casualty

Life/

Annuities Health

RiskRetention

GroupTitleTotal

All

Other

$3,128,658,831,179 $785,807,492,523$953,226,467,160 $1,352,317,961,054 $21,223,899,080 $5,684,795,947 $10,398,215,415

Source:NAICInsuranceDepartmentResourcesReport

2011 was the first year IDRR collected premiums by category. Additional years will be added to the chart as they become available.

U.S.PremiumsbyNAICFinancialStatementType

Property&Casualty* Life Health**

Fraternal

Organizations*** Title TotalDataYea r

2013

$728,875,641,516 $10,215,713,285 $12,451,832,623 $1,864,795,029,095$542,833,227,696 $570,418,613,975

2014

$737,379,318,108 $10,458,718,584 $11,060,055,329 $1,990,145,498,928$567,105,061,580 $664,142,345,327

2015

$777,515,604,883 $10,867,996,721 $12,885,170,798 $2,136,333,892,447$589,667,150,148 $745,397,969,897

2016

$785,304,558,898 $11,028,741,281 $14,030,332,178 $2,223,691,773,906$611,195,728,207 $802,132,413,342

2017

$810,086,066,759 $10,222,142,527 $14,506,091,538 $2,321,473,401,603$639,878,165,766 $846,780,935,013

2018

$869,600,291,092 $10,303,786,208 $14,631,346,937 $2,473,199,970,251$674,190,146,476 $904,474,399,538

2019

$942,312,241,837 $0 $15,650,177,336 $2,624,071,628,010$707,303,784,088 $958,805,424,749

2020

$1,006,632,235,604 $0 $19,243,067,702 $2,791,419,087,754$723,246,793,358 $1,042,296,991,090

2021

$1,085,563,498,797 $0 $26,122,328,491 $3,034,205,366,298$791,239,640,117 $1,131,279,898,893

2022

$1,143,369,956,898 $0 $21,895,885,175 $3,269,810,483,851$868,174,858,151 $1,236,369,783,627

*Startingin2004,Property/CasualtypremiumsincludeSupplementalStateFunds.

**Startingin2007,HealthpremiumsincludedatafiledwiththeCaliforniaDepartmentofInsurance.

***Startingin2019,theFraternalOrganizationsfinancialstatementwascombinedwiththeLifefinancialstatement.

Source:NationalAssociationofInsuranceCommissioners

InsuranceCommissioners.

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StateInsuranceRegulationinRhodeIsland:KeyFactsandMarketTrends

Overviewofthe2022InsuranceMarketInRhodeIsland

ht

2023NationalAssociationo

InsuranceCommissioners.

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NumberofInsuranceCompaniesin

RhodeIsland

Type Number

State

Rank

Domestic

30 48

TotalDomesticandLicensed

ForeignInsurers

1,409 45

Captivesnotinclude

ource:NAICInsuranceDepartmentResourcesRepor

CaptiveInsuranceCompaniesinRhodeIsland

Numberof

Captives

Direct

WrittenPremium

Total

CaptivePremium

0$0$

ource:NAICInsuranceDepartmentResourcesRepor

InsuranceDepartmentDataforRhodeIsland

Description Amount

State

Rank

%of

U.S.

TotalTaxes: $159,612,298 34 %0.58

TotalRevenue: $209,030,308 36 %0.64

TotalBudget: $6,168,021 48 %0.35

TotalEmployment: 33 51 %0.30

TotalInquiries: 1,109 42 %0.07

TotalComplaints: 341 49 %0.12

Source:NAICInsuranceDepartmentResourcesReport

Premiums&DepositsbyTypeofAnnual

Statement

Type

State

Rank

%of

U.S.

Premium

Written

StatementFilinginRhodeIsland

Health $5,133,044,077 42 %0.42

Life,Accident,andHealth $2,964,768,878 46 %0.26

PropertyandCasualty $3,069,276,047 45 %0.35

Title $52,945,594 44 %0.24

TotalRhodeIsland $11,220,034,596 45 %0.34

ource:NationalAssociationofInsuranceCommissioners

IDRRPremiumsbyCategoryinRhodeIsland

Premiums State

Rank

%of

Category

Type

$2,789,077,513

%0.35

Pro

ert

andCasualt

$2,907,333,208

%0.30

Life/Annuies

$16,461,969

%0.29

RiskRetenonGrou

%0.00

AllOther

$52,899,568

%0.25

Title

$4,701,850,836

%0.35

Health

$10,467,623,094

%0.33

Total

ource:NAICInsuranceDepartmentResourcesRepor

CostofRegulationinRhodeIsland

Year

Insurance

Department

Budget

Dept.Budget

Per$1,000

Premium

2013

$5,173,608

$0.71

2014

$6,148,640

$0.74

2015

$5,720,720

$0.67

2016

$5,768,238

$0.68

2017

$5,807,156

$0.65

2018

$5,780,270

$0.62

2019

$5,690,878

$0.58

2020

$5,996,498

$0.61

2021

$5,659,855

$0.53

2022

$6,168,021

$0.55

ource:NAICInsuranceDepartmentResourcesRepor

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

InsuranceDepartment

Budget

DeptBudgetper$1,000

Premium

FiscalYear

InsuranceDeptBudget(Thousands)

CostofRegulationper$1,000Premium

CostofRegulation

StateInsuranceRegulationinRhodeIsland:KeyFactsandMarketTrends

Overviewofthe2022InsuranceMarketInRhodeIsland

* Figures include Life, Annuities, Deposit Type Funds, and Other Considerations from the NAIC Life, and Fraternal financial statements.

FiguresincludeHealthdatafromtheNAICHealth,Life,andFraternalfinancialstatementsandCaliforniaInsurancedata.

InsuranceCommissioners.

llri

htsreser ve

FiguresincludedatafromStateFundswhereapplicable.

$40

$80

$120

$160

$200

$240

2014

2015

2016

2017

2018

2019

2020

2021

2022

151

150

154

155

167

176

182

196

215

(Millions)

PremiumWrittenfor

CommercialMPInsurance

$10

$15

$20

$25

$30

$35

$40

$45

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

(Millions)

Premium Written for Medical

Liability Insurance

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

2014

2015

2016

2017

2018

2019

2020

2021

2022

4,142

4,085

4,174

4,553

4,719

4,705

4,846

5,267

5,603

(Millions)

PremiumsWritten&Depositsfor

HealthInsurance***

$400

$800

$1,200

$1,600

$2,000

$2,400

$2,800

2014

2015

2016

2017

2018

2019

2020

2021

2022

1,991

2,132

1,907

1,902

2,057

2,369

2,017

2,497

2,453

(Millions)

PremiumWritten&Depositsfor

LifeInsurance*

PremiumbyLineofBusinessinRhodeIsland

LineofBusiness Written

Premium State

Rank

%of

U.S.

Automobile

$1,204,498,945

40 %0.36

Homeownersmulpleperil

$543,020,662

39 %0.41

Other

$391,604,772

41 %0.33

Workers'compensaon

$225,044,654

44 %0.37

Commercialmulperil

$215,011,460

46 %0.39

Ocean&InlandMarine

$155,704,673

44 %0.41

Alliedlines

$68,876,099

39 %0.31

Fire

$58,983,618

47 %0.28

Accident&Health

$50,123,284

38 %0.67

Medicalprofessional‐ClaimsMade

$31,074,166

46 %0.34

Surety

$30,074,563

49 %0.35

Mortgageguaranty

$17,163,797

45 %0.31

Productsliability‐Occurance

$11,413,343

43 %0.29

Aircra(allperils)

$10,811,573

47 %0.41

Federalﬂood

$9,810,403

31 %0.35

Boilerandmachinery

$9,611,435

47 %0.41

Medicalprofessional‐Occurance

$8,844,509

37 %0.34

Credit

$7,331,802

44 %0.28

PrivateFlood

$6,363,514

35 %0.50

Fidelity

$5,465,435

41 %0.37

Earthquake

$3,521,259

45 %0.08

Productsliability‐ClaimsMade

$2,278,751

40 %0.26

Burglaryandthe

$1,959,739

39 %0.35

Farm

$682,513

50 %0.00

Crop

43 %0.00

Financialguaranty

49 %0.00

Total

$3,069,276,049

45 %0.35

Source:NationalAssociationofInsuranceCommissioners

$200

$400

$600

$800

$1,000

$1,200

$1,400

2014

2015

2016

2017

2018

2019

2020

2021

2022

854

906

971

1,039

1,085

1,134

1,130

1,167

1,204

(Millions)

PremiumWrittenforAutomobile

Insurance

$100

$200

$300

$400

$500

$600

2014

2015

2016

2017

2018

2019

2020

2021

2022

354

370

383

399

420

440

462

495

543

(Millions)

PremiumWrittenfor

HomeownersInsurance

Rhode Island

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

$7,337

$8,284

$8,480

$8,426

$8,922

$9,350

$9,793

$9,822

$10,747

$11,220

Millions

Total Direct Premium Written In-State

All Types of Insurance

Source: National Assoication of Insurance Commissioners.

StateInsuranceRegulationinRhodeIsland:KeyFactsandMarketTrends

Overviewofthe2022InsuranceMarketInRhodeIsland

Insurance Industry Employment in Rhode Island

Yea r

Insurance

Carriers and

Activities

Insurance

Carriers

Agents Brokers

and Other

Activities

2015 9,455 5,258

4,197

2016 9,070 4,907

4,163

2017 9,130 4,844

4,285

2018 9,084 4,866

4,218

2019 9,331 4,990

4,341

2020 9,367 5,122

4,244

2021 9,497 5,255

4,243

2022 10,137 5,219

4,918

ource: US Department of Labor, Bureau of Labor Statistics

GrossDomesticProductforRhodeIsland

(Millions)

2019 2020 20222021

Funds,trusts,andother

financialvehicles

$3 $2 $17 N/A

Insurancecarriersand

relatedactivities

$3,314 $2,668 $2,705 N/A

Securities,commodity

contracts,andotherfinancial

investmentsandrelated

activities

$1,058 $1,015 $920 N/A

MonetaryAuthorities‐

centralbank,credit

intermediation,andrelated

services

$2,260 $2,653 $2,805 N/A

Financeandinsurance

$6,634 $6,339 $6,447 $6,598

Source:USDepartmentofCommerce,BureauofEconomicAnalysis

0.26%

Funds, trusts,

and other

financial vehicles

41.96%

Insurance

carriers and

related activities

14.27%

Securities,

commodity

contracts, and

other financial

investments and

related activities

43.51%

Monetary

Authorities-

central bank,

credit

intermediation,

and related

services

GrossDometicProductinRhodeIsland

SharesofFinancialInstitutions

ByComponent,2022