D.C. Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE D.C. ECONOMY

The insurance industry in D.C. 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 4,433 jobs in D.C. in 2013. The D.C. insurance industry accounted for about $584.9 million in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $1.2 billion to the D.C. gross state product (GSP) in 2012, accounting for 1.04 percent of the state GSP.

PREMIUMS

Direct premiums written by property/casualty insurance companies in D.C. totaled $1.5 billion in 2012. In addition, premiums written by life/health insurance companies totaled $2.5 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).

PREMIUMS

Direct premiums written by property/casualty insurance companies in D.C. totaled $1.7 billion in 2013. In addition, premiums written by life/health insurance companies totaled $2.2 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 D.C. surplus lines market accounted for $212.7 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 D.C. as measured by direct property/casualty incurred losses, were $782 million. Life insurance claims and benefits payouts in D.C. totaled $2.0 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. Washington, D.C. was impacted by Hurricane Sandy in October 2012, along with some dozen states. Sandy caused $18.75 billion in property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit as of January 18, 2013. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN D.C. BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $116,801 10.3%
2 American International Group 108,506 9.6
3 Liberty Mutual 87,036 7.7
4 Chubb Corp. 74,102 6.6
5 Hartford Financial Services 71,163 6.3
6 Zurich Insurance Group 61,031 5.4
7 CNA Financial Corp. 44,780 4.0
8 ACE Ltd. 39,556 3.5
9 Attorneys' Liability Assurance Society 36,031 3.2
10 W. R. Berkley Corp. 30,339 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN D.C. BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $32,388 22.9%
2 Travelers Companies Inc. 30,862 21.9
3 Chubb Corp. 14,849 10.5
4 Allstate Corp. 14,130 10.0
5 USAA Insurance Group 13,438 9.5
6 Nationwide Mutual Group 6,475 4.6
7 Liberty Mutual 6,345 4.5
8 Allianz Group 4,549 3.2
9 Erie Insurance Group 4,373 3.1
10 Hartford Financial Services 3,685 2.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Manulife Financial Corp. $188,075 12.1%
2 Prudential Financial Inc. 161,379 10.4
3 TIAA-CREF 158,524 10.2
4 MetLife Inc. 123,822 8.0
5 Voya Financial Inc. 87,340 5.6
6 Principal Financial Group Inc. 86,527 5.6
7 Lincoln National Corp. 65,893 4.2
8 Massachusetts Mutual Life Insurance Co. 50,265 3.2
9 AEGON 47,291 3.0
10 New York Life Insurance Group 47,144 3.0

(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.

 

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $97,516 34.5%
2 State Farm Mutual Automobile Insurance 54,139 19.1
3 Progressive Corp. 25,444 9.0
4 USAA Insurance Group 24,065 8.5
5 Allstate Corp. 21,758 7.7
6 Nationwide Mutual Group 13,344 4.7
7 Liberty Mutual 10,660 3.8
8 Travelers Companies Inc. 9,677 3.4
9 Erie Insurance Group 5,871 2.1
10 Hartford Financial Services 4,628 1.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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