Key reasons leading to the rise were revealed.
The Tennessee Department of Commerce & Insurance, or TDCI, reports that over 301,947 licensed insurance producers are currently operating in Tennessee, a more than 25% increase over the roughly five-year period since the fiscal year 2020 to 2021.
The licenses of 51,986 resident insurance producers and 249,961 non-resident licensees made up this total.
Both the availability of insurance producer tests and Tennessee’s population growth are cited by TDCI officials as contributing factors to the increase of licenses.
A new study projects that Tennessee’s population will increase from little over 7 million in 2022 to over 8 million by 2041.
Since 2021, TDCI has also been collaborating closely with Pearson VUE, its testing partner, to offer remote testing alternatives to state citizens.
Bill Huddleston, Assistant Commissioner for Insurance at TDCI, stated, “Our partners at Pearson VUE, who conduct the remote exams, have played a crucial role in helping us reach prospective insurance producers who no longer need to spend time and money to travel to an in-person exam.”
The National Association of Insurance Commissioners reports that, with $75 billion in premium volume issued in the state by all insurance companies operating there, Tennessee ranks 17th in the United States for insurance premium volume.
Tennessee-domiciled or based insurance companies wrote $26 billion in premiums in 2023.
