Commissioner announces California insurers collect $310 billion in premiums
News: 2018 Press Release
SACRAMENTO, Calif. — Insurance Commissioner Dave Jones announced today that California's annual insurance premium volume has increased to $310 billion. California is now the fourth largest insurance market in the world and 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 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."
Based on the most recent data available, California insurance companies now collect $310 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 the state.
Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.