New Jersey Insurance (NJ)

In 2001 there were 4.5 million ordinary life insurance policies in force in New Jersey, with a total value of $414.3 billion; total value for all categories of life insurance (ordinary, group, industrial, and credit) was $688.7 billion. Death benefits paid that year totaled $2.13 billion.

As of 2000, there were 76 property and casualty insurance companies headquartered in the state along with eight life and health domestic insurers. Property and liability insurers wrote over $12.7 billion in premiums. That year, there were 178,117 flood insurance policies in force in the state, with a total value of $25.8 million.

No-fault automobile insurance has been compulsory in New Jersey since 1973. All insurance agents, brokers, and companies in the state are licensed and regulated by the Department of Banking and Insurance.