2022 Insurance Regulation Report Card - An open, free insurance market maximizes the
12 December 2022
Overall, states do an effective job of encouraging competition and ensuring solvency in The insurance market is also the largest and most significant portion of the financial insurance markets. [...] Also related to COVID-19, auto insurers returned between $8 and $10 billion in premium discounts because of the sharp reduction in vehicle miles traveled during the pandemic, which led to fewer road accidents and fewer claims.12 Even with these discounts, consumer groups such as the Consumer Federation of America argued that the premium rebates were not enough in view of the profitability of the p. [...] The report presented data on the financial performance of the industry’s 676 life and health insurers, 2,614 property and casualty insurers and 1,260 health insurers licensed in the United States in 2020.30 The report showed total assets of the entire insurance industry in the United States amounting to approximately $11 trillion. [...] The NAIC called attention to the decreased stock performance of property and casualty and life and health insurers in 2020 and reported that there were 17 insurance-related public equity offerings, valued at $5.5 billion.31 In addition, the report identified 95 insurance mergers and acquisitions in 2020, with a total valuation of $13.4 billion.32 The largest of these transactions from 2021 to 2022. [...] In September 2022, state $ lawmakers and the insurance department established a fund to retain and attract insurers to the state.90 The insurance department proposed funding it with $20 million of the department’s excess from its license and fee revenue.