Each year the Florida Office of Insurance Regulation (OIR) publishes an Annual Report for the prior year pursuant to Florida Statute Section 624.315. I was researching another issue when I thought this would be a good blog post. This report briefly describes OIR roles and responsibilities, summarizes major activities and accomplishments, and highlights the state of the Florida insurance market, insurance complaints and the impact of the insurance industry on the Florida economy. It also contains company financial, market share, and premium information.
Here is some interesting financial data:
The insurance industry is a vital part of Florida’s economy and an important catalyst for the nation’s continuing economic recovery:
Insurance and insurance-related entities provided 193,124 jobs, or 1.9% of all jobs in Florida.
Florida insurance industry employees received $11.8 billion in total compensation, or 2.8% of all compensation received by workers in Florida.
The Florida insurance industry generated approximately $19.8 billion in total economic output, or 2.5% of Florida’s gross state product.
Florida ranked 11th internationally in total premium volume, with insurers collecting $117 billion in premium (including Citizens’ premium).
In addition, according to the Florida Department of Revenue (DOR), premium taxes paid by insurance companies totaled $704.8 million in fiscal year 2012, or 2.6% of all DOR-administered General Revenue Fund sources available to meet the needs of this state as determined by the Legislature.
Florida property insurance domestic companies (“domestics”) continued to grow and strengthen financially in 2012. They are an economic development success story. Many have expanded their operations into other states.
Finally, Florida domestic insurers remitted over $1.081 billion in dividends in 2012:
Life and Health insurers: $1 billion
Property and Casualty insurers: $81.7 million
Look for upcoming blog posts on this 2013 report and the soon to come 2014 data. In the meantime, a complete copy of the 2013 Report is available here:
