Like banking, insurance is big business in New York. Three of the ten top US life insurance companies—Metropolitan Life, New York Life, and Equitable Life Assurance—have their headquarters in New York. As of 2000, there were 222 property and casualty and 103 life and health insurance companies incorporated or organized in the state.
Property and liability insurers wrote over $25.2 billion in premiums in 2001. That year, there were 93,859 flood insurance policies in force in the state, with a total value of $14.1 million.
Automobile insurance is compulsory for all owners of motor vehicles in the state. A no-fault system is in effect.
In 2001, New Yorkers held 9.2 million ordinary life insurance policies with a value of $783.4 billion; total value for all categories of life insurance (ordinary, group, industrial, and credit) was $1,296 billion. Death benefits paid that year totaled $3.73 billion.