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 9,120 jobs in Delaware in 2012. The Delaware insurance industry accounted for about $718.2 million in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $6.8 billion to the Delaware gross state product (GSP) in 2012, accounting for 11.20 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Delaware totaled $87.5 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Delaware totaled $2.1 billion in 2013. In addition, premiums written by life/health insurance companies totaled $42.4 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 $51.9 million in gross premiums written in 2012, 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 Delaware as measured by direct property/casualty incurred losses, were $862 million. Life insurance claims and benefits payouts in Delaware totaled $7.8 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 DELAWARE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $203,119 17.7%
2 American International Group 91,572 8.0
3 Liberty Mutual 62,180 5.4
4 American Financial Group Inc. 51,667 4.5
5 Travelers Companies Inc. 48,037 4.2
6 Nationwide Mutual Group 38,525 3.4
7 Zurich Insurance Group 38,303 3.3
8 CNA Financial Corp. 31,025 2.7
9 Assured Guaranty Ltd. 28,731 2.5
10 Hartford Financial Services 27,113 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $57,765 26.5%
2 Nationwide Mutual Group 32,665 15.0
3 Liberty Mutual 22,128 10.1
4 Allstate Corp. 14,507 6.7
5 USAA Insurance Group 11,597 5.3
6 Travelers Companies Inc. 10,760 4.9
7 Chubb Corp. 7,165 3.3
8 Donegal Insurance Group 6,375 2.9
9 Hartford Financial Services 6,213 2.9
10 Klinefelter Insurance Group 4,571 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc. $32,258,854 77.0%
2 New York Life Insurance Group 2,502,338 6.0
3 Massachusetts Mutual Life Insurance Co. 2,056,679 4.9
4 Prudential Financial Inc. 1,496,319 3.6
5 Lincoln National Corp. 620,866 1.5
6 Jackson National Life Group 510,942 1.2
7 Guggenheim Capital LLC 433,562 1.0
8 Liberty Life Assurance Co. of Boston 381,617 0.9
9 Nationwide Mutual Group 236,135 0.6
10 Manulife Financial Corp. 158,822 0.4

(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 DELAWARE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $164,236 23.3%
2 Nationwide Mutual Group 123,796 17.6
3 Berkshire Hathaway Inc. 90,425 12.8
4 Liberty Mutual 61,601 8.7
5 Progressive Corp. 52,752 7.5
6 USAA Insurance Group 45,402 6.4
7 Allstate Corp. 41,535 5.9
8 Hartford Financial Services 21,971 3.1
9 Farmers Insurance Group of Cos. 20,633 2.9
10 Travelers Companies Inc. 16,442 2.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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