A sizable insurance premium market and an earthquake coverage crisis—these are some of the observations made by the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) in its annual industry report for the year 2015.
The report was produced and released Thursday; it revealed data from Missouri’s insurance industry as well as underlining the DOI’s accomplishments that year.
"This report illustrates the hard work and accomplishments of the department since 2009 to grow these industries and protect Missouri consumers," said DIFP director John M. Huff. "This report was developed and designed to be data rich and interactive in a user friendly format, and I encourage all of our industry partners to take a look at many of the successes we've achieved together on behalf of Missouri families and our economy."
The report enumerated several department achievements and undertakings in 2015:
- The DIFP ended 2015 having recovered over $15.8 million for Missourians, either through consumer complaints or regulatory settlements. Another $6.2 million in fines was sent to the Missouri School Fund in 2015.
- A 2015 Earthquake Report that said that 562,734 residences were not covered for earthquake losses and were located in counties across the state known for their significant earthquake exposure. In response to this, the department launched an awareness campaign about the “earthquake coverage crisis” Missouri is experiencing.
- The second Joint Regulatory Patient Safety Conference was organized by ten regulatory health boards from the Division of Professional Registration to promote patient safety and public protection. Over 300 health professionals attended the event.
- On its first year, Missouri’s captive law saw three licenses issued in the state. By the end of 2015, 53 licensed captives were registered in the state.
- Missouri boasts a more than $36 billion annual insurance premium market. The state also has the fourth largest community banking market in America with 261 state-chartered banks, and the eighth largest credit union market in the country with 112 state-chartered credit unions. All these secure Missouri position as a national leader in financial services.
