Florida Firm Foundation

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

The insurance industry in Florida 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 194,299 jobs in Florida in 2013. The Florida insurance industry accounted for about $12.4 billion in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $19.1 billion to the Florida gross state product (GSP) in 2012, accounting for 2.48 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Florida totaled $657.7 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Florida totaled $41.4 billion in 2013. In addition, premiums written by life/health insurance companies totaled $41.8 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 Florida surplus lines market accounted for $4.6 billion 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 Florida as measured by direct property/casualty incurred losses, were $17.3 billion. Life insurance claims and benefits payouts in Florida totaled $29.7 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.

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, storm or wildfire. The total value of insured coastal property in Florida was $2.9 trillion in 2012, accounting for 79 percent of the state’s total insurance property exposure, according to AIR Worldwide Corporation. Seven of the 10 costliest hurricanes in U.S. history have impacted Florida. Six of the storms affecting Florida occurred within just two years: 2004 and 2005. In addition, Florida ranked sixth in the nation for wildfires in 2014, with 2,436 fires. It ranked tenth by number of acres burned with 101,599 acres.

 

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Assurant Inc. $1,359,692 7.0%
2 Citizens Property Insurance Corp. 1,288,893 6.6
3 American International Group (AIG) 963,227 5.0
4 Zurich Insurance Group (2) 847,171 4.4
5 Liberty Mutual 646,690 3.3
6 Travelers Companies Inc. 631,262 3.2
7 Progressive Corp. 589,565 3.0
8 ACE Ltd. 582,382 3.0
9 CNA Financial Corp. 520,552 2.7
10 American Financial Group Inc. 493,839 2.5

(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 FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Citizens Property Insurance Corp. $794,976 9.1%
2 Universal Insurance Holdings 688,800 7.9
3 Tower Hill Group 679,227 7.8
4 State Farm Mutual Automobile Insurance 639,787 7.3
5 USAA Insurance Group 418,114 4.8
6 Federated National Insurance Co. 340,104 3.9
7 HCI Group, Inc. 313,667 3.6
8 Florida Peninsula Holdings LLC 307,405 3.5
9 United Insurance Holdings 282,810 3.2
10 Heritage P&C Insurance Co. 273,578 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 AEGON $2,198,172 7.2%
2 American International Group 2,098,671 6.9
3 Lincoln National Corp. 1,963,376 6.5
4 MetLife Inc. 1,729,526 5.7
5 Jackson National Life Group 1,672,723 5.5
6 Prudential Financial Inc. 1,525,945 5.0
7 Manulife Financial Corp. 1,242,515 4.1
8 Nationwide Mutual Group 1,112,238 3.7
9 Massachusetts Mutual Life Insurance Co. 1,015,136 3.3
10 Guggenheim Capital LLC 952,259 3.1

(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 FLORIDA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $2,905,400 20.0%
2 State Farm Mutual Automobile Insurance 2,467,415 16.9
3 Progressive Corp. 2,040,314 14.0
4 Allstate Corp. 1,707,052 11.7
5 USAA Insurance Group 959,060 6.6
6 Liberty Mutual 507,884 3.5
7 Farmers Insurance Group of Companies (2) 458,306 3.1
8 Infinity P&C Corp. 448,263 3.1
9 Travelers Companies Inc. 294,859 2.0
10 Hartford Financial Services 233,844 1.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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