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 71,080 jobs in Connecticut in 2012. The Connecticut insurance industry accounted for about $8.4 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $18.0 billion to the Connecticut gross state product (GSP) in 2012, accounting for 7.41 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Connecticut totaled $242.4 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Connecticut totaled $7.7 billion in 2013. In addition, premiums written by life/health insurance companies totaled $19.9 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 $494.6 million in gross premiums written in 2013, 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 Connecticut as measured by direct property/casualty incurred losses, were $4.1 billion. Life insurance claims and benefits payouts in Connecticut totaled $15.7 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.

 

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

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $354,372 9.4%
2 Liberty Mutual 277,011 7.3
3 Hartford Financial Services 270,305 7.1
4 American International Group 228,209 6.0
5 Chubb Corp. 193,533 5.1
6 Zurich Insurance Group 163,518 4.3
7 CNA Financial Corp. 150,612 4.0
8 W. R. Berkley Corp. 115,815 3.1
9 Nationwide Mutual Group 106,568 2.8
10 ACE Ltd. 101,522 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $164,993 12.9%
2 Travelers Companies Inc. 133,926 10.5
3 Chubb Corp. 132,329 10.4
4 Allstate Corp. 105,582 8.3
5 USAA Insurance Group 63,668 5.0
6 State Farm Mutual Automobile Insurance 63,368 5.0
7 Nationwide Mutual Group 58,526 4.6
8 Amica Mutual Insurance Co. 58,461 4.6
9 Hartford Financial Services 57,402 4.5
10 MetLife Inc. 43,702 3.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN CONNECTICUT BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $7,158,225 41.4%
2 MetLife Inc. 1,796,767 10.4
3 Aetna Inc. 811,716 4.7
4 Voya Financial Inc. 680,429 3.9
5 Jackson National Life Group 513,268 3.0
6 Lincoln National Corp. 382,782 2.2
7 Principal Financial Group Inc. 382,396 2.2
8 Manulife Financial Corp. 364,336 2.1
9 Massachusetts Mutual Life Insurance Co. 362,960 2.1
10 Northwestern Mutual Life Insurance Co. 349,110 2.0

(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 CONNECTICUT BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $388,347 15.6%
2 Allstate Corp. 308,758 12.4
3 Liberty Mutual 300,905 12.1
4 Progressive Corp. 196,644 7.9
5 Travelers Companies Inc. 152,873 6.1
6 State Farm Mutual Automobile Insurance 124,944 5.0
7 Nationwide Mutual Group 123,243 5.0
8 MetLife Inc. 109,383 4.4
9 Hartford Financial Services 106,733 4.3
10 Amica Mutual Insurance Co. 100,762 4.0

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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