Delaware Firm Foundation

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

The insurance industry in Delaware 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 8,877 jobs in Delaware in 2014. The Delaware insurance industry accounted for about $720.3 million in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $6.4 billion to the Delaware gross state product (GSP) in 2013, accounting for 10.5 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Delaware totaled $85.7 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Delaware totaled $2.2 billion in 2014. In addition, premiums written by life/health insurance companies totaled $50.4 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 Delaware surplus lines market accounted for $82.7 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 Delaware as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Delaware totaled $7.0 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 DELAWARE BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $184,374 15.7%
2 American International Group (AIG) 99,932 8.5
3 American Financial Group Inc. 63,056 5.4
4 Liberty Mutual 51,801 4.4
5 Travelers Companies Inc. 49,199 4.2
6 Zurich Insurance Group (2) 48,735 4.2
7 Nationwide Mutual Group 42,550 3.6
8 Donegal Insurance Group 30,789 2.6
9 CNA Financial Corp. 28,524 2.4
10 Hartford Financial Services 27,765 2.4

(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 DELAWARE BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $59,914 26.0%
2 Nationwide Mutual Group 33,241 14.4
3 Liberty Mutual 24,366 10.6
4 Allstate Corp. 15,311 6.7
5 USAA Insurance Group 12,993 5.6
6 Travelers Companies Inc. 10,943 4.8
7 Chubb Corp. 7,417 3.2
8 Hartford Financial Services 6,557 2.8
9 Donegal Insurance Group 6,429 2.8
10 Klinefelter Insurance Group 4,966 2.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 MetLife Inc. $39,567,193 79.5%
2 New York Life Insurance Group 3,611,299 7.3
3 Prudential Financial Inc. 1,411,735 2.8
4 Jackson National Life Group 861,144 1.7
5 Massachusetts Mutual Life Ins. Co. 839,925 1.7
6 Lincoln National Corp. 766,908 1.5
7 Tokio Marine Group  506,450 1.0
8 Liberty Life Assrances Co. of Boston 432,161 0.9
9 American International Group (AIG) 183,079 0.4
10 Nationwide Mutual Group 180,906 0.4

(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 DELAWARE BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $171,712 23.4%
2 Nationwide Mutual Group 122,118 16.6
3 Berkshire Hathaway Inc. 102,975 14.0
4 Liberty Mutual 62,880 8.6
5 Progressive Corp. 57,350 7.8
6 USAA Insurance Group 49,975 6.8
7 Allstate Corp. 42,792 5.8
8 Hartford Financial Services 21,838 3.0
9 Farmers Insurance Group of Companies (2) 19,077 2.6
10 Travelers Companies Inc. 16,096 2.2

(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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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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