The Volunteer State is witnessing a remarkable surge in the number of licensed insurance professionals, reaching unprecedented levels. This growth can be attributed to a combination of factors, including the state’s increasing population and the accessibility of insurance producer examinations. As it stands, Tennessee boasts over 301,947 licensed insurance producers, which includes 51,986 resident licenses and 249,961 non-resident licenses. This figure marks a significant increase from the 240,080 licensed professionals recorded in the fiscal year 2020-21, reflecting a rise of more than 25% over the past five years.
Officials from the Tennessee Department of Commerce & Insurance (TDCI) attribute this upward trend in licensed professionals to the state’s population growth, which is anticipated to exceed 8 million by the year 2041. In 2022, estimates indicated that Tennessee’s population had already surpassed 7 million. The insurance industry plays a vital role in the state’s economy, with Tennessee-based insurance companies generating an impressive $26 billion in premiums in 2023 alone. Furthermore, the National Association of Insurance Commissioners ranks Tennessee 17th in the nation for premium volume, with all insurance companies operating within the state collectively writing a staggering $75 billion in premiums. This robust growth in the insurance sector underscores its significance to Tennessee’s economic landscape.
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