TURNS FOR THE BETTER... AND WORSE How Insurance Premiums Have Changed in Each State since 2010.

• Author: Brown, Mike
• Position: COVER

Using data from the NAIC & US Census Bureau, I analyzed how insurance premiums have changed in each state (and nationwide) from 2010 to 2020.

SOME KEY FINDINGS INCLUDED:

* From 2010 to 2020, Georgia's insurance premium per capita figure increased by 66.48%, going from $1,357 to $2,260. This was the largest increase amongst all states.

* For the US as a whole, the premium per capita figure increased by 44.08%, going from $1,516 in 2010 to $2,184 in 2020.

* From 2010 to 2020, Kansas saw the biggest percent increase in terms of premium taxes collected per capita from insurance companies, 198.40%. In 2010, the state collected $138.7 million in premium taxes from insurance companies and in 2020 it collected $422.8 million.

* The last table shows insurance premium per capita changes on a state-by-state, line-by-line level. For example, Georgia saw a 75.18% increase over the last decade to its premium per capita for private auto insurance.

This is all publicly-available data, but we've never seen it analyzed on a per capita, decade-long basis like we have done. There is national data and state-by-state data.

THE METHODOLOGY

Getting started with the methodology will help clarify the data you're about to see.

All data derives from the Insurance Information Institute, which pulled its data from the National Association of Insurance Commissioners (NAIC). Breeze analyzed insurance premium data from 2010,2019, and 2020 to find both year-over-year and decade-long trends.

The tables below referring to direct premiums written represent premium amounts before reinsurance transactions. It also only represents property and casualty insurance (P&C) and does not include life/annuity or health insurance. For example, insurance products like voluntary life insurance are not included in the data analysis.

The P&C data includes both personal lines, like auto or homeowners coverage for individuals, and commercial lines, like products designed for businesses. For example, insurance for small business owners, like workers comp or professional liability insurance, is included in the analysis.

The table referring to taxes represents state taxes paid by insurance companies based on their premiums in those states. This data includes P&C insurance, as well as life/annuity, and health insurance, which is one of the most common and best employee benefits.

All table data was normalized by taking each state's population into account. This meant taking a state's annual premium...