7 June 2022USA analysis

Tennessee captive industry continues growth surge

Tennessee’s climb as a domicile in the captive insurance industry continues as the Tennessee Department of Commerce & Insurance (TDCI) highlighted the robust health of Tennessee’s insurance industry.

According to the TDCI the state is now ranked as the 8th largest domestic US captive domicile and the 13th largest captive domicile worldwide with over 495 active risk-bearing entities.

“During the past two years, Tennessee’s insurance industry has risen to face numerous challenges, and I am proud to say that our team has equally risen and remained steadfastly focused on serving, assisting, and regulating insurance companies and professionals while serving Tennessee policyholders,” said TDCI Commissioner Carter Lawrence. “As we enter the second half of 2022, Tennessee residents can trust that our team is hard at work serving consumers while fairly regulating insurance companies.”

The TDCI said that Tennessee now has approximately 294,000 licensed insurance professionals, the largest number of licensed insurance professionals in Tennessee in nearly 40 years. Additionally, the current number of licensed professionals is a nearly 10% increase compared to the 259,320 licensed insurance professionals in 2021.

The department licensed 45 new insurance companies in 2021, bringing the total number of licensed insurance companies to 1,959. $51.5bn in premium volume was written in Tennessee in 2021.