Pennsylvania Hurricane Insurance: Fact File

AUGUST 2016

  • Pennsylvania was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in U.S. property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.
  • Sandy resulted in $700 million in private insurance claims in Pennsylvania. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
  • Pennsylvania was one of 14 states impacted by Hurricane Irene in August, 2011. Irene impacted a total of 14 states, causing a total of $4.3 billion in insured property damage, not including flood losses covered under the National Flood Insurance Program (NFIP), according to ISO. The NFIP puts its claims payouts from Irene at $1.3 billion (in all states).
  • There were 65,406 flood insurance policies in Pennsylvania in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
  • Three of the costliest hurricanes to hit the U.S., based on insured property losses, caused damage in Pennsylvania: Hurricane Ivan in 2004, Hurricane Ike in 2008 and Hurricane Sandy in 2012. (See chart below.)

 

Top 10 Writers Of Commercial Insurance In Pennsylvania By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $688,335 6.0%
2 Chubb Ltd. (2) 647,480 5.7
3 Erie Insurance Group 618,440 5.4
4 American International Group (AIG) 591,663 5.2
5 Zurich Insurance Group (3) 586,513 5.1
6 Liberty Mutual 481,657 4.2
7 Nationwide Mutual Group 407,298 3.6
8 CNA Financial Corp. 364,079 3.2
9 Berkshire Hathaway Inc. 254,974 2.2
10 Selective Insurance Group Inc. 236,276 2.1

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Homeowners Insurance In Pennsylvania By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $597,291 18.4%
2 Erie Insurance Group 498,117 15.3
3 Allstate Corp. 459,358 14.1
4 Nationwide Mutual Group 289,959 8.9
5 Liberty Mutual 277,100 8.5
6 Travelers Companies Inc. 216,939 6.7
7 USAA Insurance Group 121,816 3.7
8 Chubb Ltd. (2) 99,927 3.1
9 Farmers Insurance Group of Companies (2) 78,787 2.4
10 Donegal Insurance Group 64,935 2.0

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Private Passenger Auto Insurance In Pennsylvania By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,577,153 20.1%
2 Erie Insurance Group 1,044,586 13.3
3 Allstate Corp. 941,294 12.0
4 Nationwide Mutual Group 774,044 9.9
5 Progressive Corp. 697,760 8.9
6 Berkshire Hathaway Inc. 548,793 7.0
7 Liberty Mutual 433,450 5.5
8 Travelers Companies Inc. 280,281 3.6
9 USAA Insurance Group 246,536 3.1
10 Farmers Insurance Group of Companies (2) 166,060 2.1

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Costliest Hurricanes In The United States (1)

($ millions)

        Estimated insured loss (2)
Rank Date Location Hurricane Dollars when
occurred
In 2016
dollars (3)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $49,793
2 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 24,478
3 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME,
NC,NH, NJ, NY, OH, PA,
RI, VA, VT, WV
Hurricane Sandy 18,750 19,860
4 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 14,036
5 Oct. 24, 2005 FL Hurricane Wilma 10,300 12,479
6 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,348
7 Sep. 15-21, 2004 AL, DE, FL, GA, LA, MD, MS, NC, NJ, NY, OH, PA, TN, VA, WV Hurricane Ivan 7,110 8,891
8 Sep. 17-22, 1989 GA, NC, PR, SC, UV, VA Hurricane Hugo 4,195 7,260
9 Sep. 20-26, 2005 AL, AR, FL, LA, MS, TN, TX Hurricane Rita 5,627 6,817
10 Sep. 3-9, 2004 FL, GA, NC, NY, SC Hurricane Frances 4,595 5,746

(1) Includes hurricanes occurring through 2016.
(2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(3) Adjusted for inflation through 2016 by ISO using the GDP implicit price deflator.

Source: Property Claim Services (PCS®), a Verisk Analytics® business.

View Archived Tables

 

Other Resources

FEMA Regional Flood Fact Sheet: http://www.floodsmart.gov/floodsmart/pdfs/Region_3_Hurricane_fact_sheet_FINAL_for_web.pdf

I.I.I. Facts & Stats: Flood Insurance

I.I.I. Facts & Stats: Hurricanes

I.I.I. Issues Updates: Catastrophes

I.I.I. Issues Updates: Hurricane and Windstorm Deductibles