Connecticut Firm Foundation

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

The insurance industry in Connecticut 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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 67,623 jobs in Connecticut in 2014. The Connecticut insurance industry accounted for about $8.6 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $18.79 billion to the Connecticut gross state product (GSP) in 2013, accounting for 7.61 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Connecticut totaled $205.7 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Connecticut totaled $8.0 billion in 2014. In addition, premiums written by life/health insurance companies totaled $19.5 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 Connecticut surplus lines market accounted for $528.5 million in gross premiums written in 2014, 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 2014 these payments in Connecticut as measured by direct property/casualty incurred losses, were $4.2 billion. Life insurance claims and benefits payouts in Connecticut totaled $18.4 billion in 2014, on a direct basis before reinsurance, and includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN CONNECTICUT BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $345,872 8.7%
2 Hartford Financial Services 275,616 6.9
3 Liberty Mutual 255,046 6.4
4 American International Group (AIG) 254,368 6.4
5 Chubb Corp. 204,185 5.1
6 Zurich Insurance Group (2) 159,584 4.0
7 CNA Financial Corp. 150,512 3.8
8 W. R. Berkley Corp. 134,010 3.4
9 Nationwide Mutual Group 118,512 3.0
10 ACE Ltd. 105,922 2.7

(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 SNL Financial.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN CONNECTICUT BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $170,677 12.4%
2 Chubb Corp. 136,502 9.9
3 Travelers Companies Inc. 133,201 9.7
4 Allstate Corp. 104,813 7.6
5 State Farm Mutual Automobile Insurance 68,892 5.0
6 USAA Insurance Group 66,702 4.8
7 Amica Mutual Insurance Co. 63,673 4.6
8 Nationwide Mutual Group 62,637 4.5
9 Hartford Financial Services 59,489 4.3
10 MetLife Inc. 45,724 3.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN CONNECTICUT, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $7,861,377 47.1%
2 Aetna Inc. 819,398 4.9
3 Voya Financial Inc. 627,022 3.8
4 MetLife Inc. 626,580 3.8
5 Jackson National Life Group 528,311 3.2
6 Massachusetts Mutual Life Ins. Co. 375,704 2.3
7 Lincoln National Corp. 363,511 2.2
8 Northwestern Mutual Life Ins. Co. 341,047 2.0
9 Manulife Financial Corp. 339,576 2.0
10 Hartford Financial Services 316,837 1.9

(1) Includes life Insurance, annuity consideration, deposit-type contract funds and 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 CONNECTICUT BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $420,807 16.2%
2 Allstate Corp. 318,740 12.3
3 Liberty Mutual 308,976 11.9
4 Progressive Corp. 203,625 7.8
5 Travelers Companies Inc. 161,514 6.2
6 State Farm Mutual Automobile Insurance 138,385 5.3
7 Nationwide Mutual Group 121,997 4.7
8 Hartford Financial Services 110,926 4.3
9 USAA Insurance Group 104,795 4.0
10 MetLife Inc. 103,528 4.0

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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