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 $5.9 billion to the Delaware gross state product (GSP) in 2013, accounting for 9.75 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.

 

Top 10 Writers Of Commercial Insurance In Delaware By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $187,136 14.9%
2 American International Group (AIG) 90,427 7.2
3 American Financial Group Inc. 67,642 5.4
4 Zurich Insurance Group (2) 65,132 5.2
5 Chubb Ltd. (3) 53,755 4.3
6 Liberty Mutual 50,656 4.0
7 Travelers Companies Inc. 48,310 3.8
8 Nationwide Mutual Group 44,891 3.6
9 Donegal Insurance Group 31,341 2.5
10 CNA Financial Corp. 30,538 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 S&P Global Market Intelligence.
(3) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Homeowners Insurance In Delaware By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $64,088 26.3%
2 Nationwide Mutual Group 32,764 13.4
3 Liberty Mutual 26,956 11.0
4 Allstate Corp. 16,641 6.8
5 USAA Insurance Group 14,672 6.0
6 Travelers Companies Inc. 11,166 4.6
7 Chubb Ltd. (2) 8,642 3.5
8 Hartford Financial Services 7,015 2.9
9 Donegal Insurance Group 6,247 2.6
10 American Family Insurance Group 5,718 2.3

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

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.

View Archived Tables

 

 

Top 10 Writers Of Private Passenger Auto Insurance In Delaware By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $178,450 23.3%
2 Nationwide Mutual Group 121,651 15.9
3 Berkshire Hathaway Inc. 116,342 15.2
4 Liberty Mutual 64,299 8.4
5 Progressive Corp. 60,943 8.0
6 USAA Insurance Group 54,856 7.2
7 Allstate Corp. 45,046 5.9
8 Hartford Financial Services 22,032 2.9
9 Farmers Insurance Group of Companies (2) 17,109 2.2
10 Travelers Companies Inc. 15,427 2.0

(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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

STATE BY STATE COMPARISON TABLES

DIRECTORIES

CREATE YOUR OWN BOOK

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Delaware data only