Colorado residents paid $27 billion in insurance premiums during 2011, according to the latest findings in an annual report published by the Colorado Division of Insurance.
“This report serves as a guide for consumers and insurance industry representatives to review the financial status and market share of companies selling insurance in Colorado,” said Jim Riesberg, commissioner of insurance.
The report includes information from commercial insurers as well as captive insurance companies, health maintenance organizations, nonprofit organizations and self-insurance pools.
While premiums were paid to 1,400 companies, a total of more than 50 percent of premiums were paid to 24 companies.
Accident and health insurance accounted for nearly 38 percent of premiums paid by Colorado residents in 2011. Annuities accounted for another 19 percent of premiums, followed by automobile and life insurance at 10 percent each and homeowners’ insurance at just over 5 percent.
The report also shows how premiums were spent by providing the loss ratios for individual insurers. The loss ratio is the ratio between premiums paid and claims settled by an insurer. A higher loss ratio means more of the premiums went to claims and benefits and less to overhead and profit.