Arizona Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE ARIZONA ECONOMY

The insurance industry in Arizona has a significant impact on the state’s economy that extends well beyond its responsibilities to collect premiums and settle claims. It employs licensed professionals, pays taxes, owns municipal bonds and serves people in their times of greatest need.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 52,112 jobs in Arizona in 2012. The Arizona insurance industry accounted for about $3.0 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $8.3 billion to the Arizona gross state product (GSP) in 2012, accounting for 3.07 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Arizona totaled $424.4 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Arizona totaled $8.6 billion in 2013. In addition, premiums written by life/health insurance companies totaled $11.1 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).

SURPLUS LINES

The surplus lines market, a group of highly specialized insurers exists to provide coverage that is not available through licensed insurers in the standard insurance market. For the many thousands of businesses that rely on some level of surplus line protection to keep their doors open, surplus lines is an important segment of the market. The Arizona surplus lines market accounted for $339.8 million in gross premiums written in 2012, according to a survey by Business Insurance.

CLAIMS PAYMENTS

Insurance company claims payments help ensure the economic security of individuals and businesses and help sustain a number of related industries. In 2013 these payments in Arizona as measured by direct property/casualty incurred losses, were $4.6 billion. Life insurance claims and benefits payouts in Arizona totaled $8.4 billion in 2013. On a direct basis before reinsurance. Includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health

CATASTROPHES

The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane or storm or wildfire. In 2013 there were 1,756 Arizona wildfires that burned 105,281 acres. Arizona ranked fifth in the nation for number of wildfires.

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN ARIZONA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $280,288 7.8%
2 Liberty Mutual 225,972 6.3
3 SCF Insurance Group 220,051 6.1
4 American International Group 194,700 5.4
5 Zurich Insurance Group 167,034 4.6
6 CNA Financial Corp. 134,547 3.7
7 Mutual Insurance Co. of Arizona 114,138 3.2
8 Farmers Insurance Group of Cos. 114,112 3.2
9 Nationwide Mutual Group 107,748 3.0
10 Hartford Financial Services 103,537 2.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN ARIZONA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc. $888,154 11.4%
2 Prudential Financial Inc. 578,699 7.4
3 Lincoln National Corp. 433,478 5.6
4 Jackson National Life Group 397,345 5.1
5 American International Group 375,557 4.8
6 Nationwide Mutual Group 345,013 4.4
7 Guggenheim Capital LLC 314,211 4.0
8 New York Life Insurance Group 285,898 3.7
9 AEGON 240,525 3.1
10 Manulife Financial Corp. 194,973 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN ARIZONA BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $1,427,657 17.0%
2 MetLife Inc. 1,132,339 13.5
3 Jackson National Life Group 389,386 4.6
4 Lincoln National Corp. 341,887 4.1
5 Nationwide Mutual Group 296,764 3.5
6 Guggenheim Capital LLC 247,974 3.0
7 American International Group 244,039 2.9
8 New York Life Insurance Group 239,998 2.9
9 AEGON NV 212,180 2.5
10 Manulife Financial Corp. 206,424 2.5

(1) Includes life insurance, annuity consideration, deposit-type contract funds, other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN ARIZONA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $616,763 17.3%
2 Berkshire Hathaway Inc. 421,538 11.8
3 Farmers Insurance Group of Cos. 376,782 10.6
4 Progressive Corp. 362,952 10.2
5 Allstate Corp. 299,661 8.4
6 USAA Insurance Group 258,360 7.3
7 American Family Mutual 220,221 6.2
8 Liberty Mutual 177,732 5.0
9 Hartford Financial Services 98,173 2.8
10 CSAA Insurance Exchange 74,934 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

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