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 203,275 jobs in Florida in 2014. The Florida insurance industry accounted for about $13.4 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $19.8 billion to the Florida gross state product (GSP) in 2013, accounting for 2.48 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Florida totaled $702.3 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Florida totaled $42.9 billion in 2014. In addition, premiums written by life/health insurance companies totaled $43.1 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 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 Florida as measured by direct property/casualty incurred losses, were $19.7 billion. Life insurance claims and benefits payouts in Florida totaled $31.9 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.

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. 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 eighth in the nation for wildfires in 2015, with 2,422 fires. It ranked tenth by number of acres burned with 73,432 acres.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Assurant Inc. $1,669,144 8.3%
2 American International Group (AIG) 1,059,114 5.3
3 Chubb Ltd. (2) 980,731 4.9
4 Zurich Insurance Group (3) 892,233 4.4
5 Citizens Property Insurance Corp. 763,849 3.8
6 Liberty Mutual 633,217 3.1
7 Travelers Companies Inc. 609,002 3.0
8 Progressive Corp. 605,576 3.0
9 CNA Financial Corp. 556,026 2.8
10 Nationwide Mutual Group 503,491 2.5

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) 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.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Universal Insurance Holdings $749,198 8.5%
2 Tower Hill Group 668,420 7.6
3 State Farm Mutual Automobile Insurance 613,803 7.0
4 Citizens Property Insurance Corp. 503,905 5.7
5 Federated National Insurance Co. 407,771 4.6
6 USAA Insurance Group 400,406 4.6
7 HCI Group Inc. 361,786 4.1
8 Heritage Insurance Holdings Inc. 342,176 3.9
9 United Insurance Holdings 276,784 3.2
10 Florida Peninsula Holdings LLC 273,894 3.1

(1) Before reinsurance transactions.

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

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

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 AEGON $2,291,314 7.3%
2 American International Group (AIG) 2,131,121 6.8
3 Lincoln National Corp. 1,884,730 6.0
4 Prudential Financial Inc. 1,839,410 5.9
5 Jackson National Life Group 1,651,995 5.3
6 MetLife Inc. 1,362,299 4.3
7 Nationwide Mutual Group 1,289,680 4.1
8 Allianz Group 1,220,248 3.9
9 Manulife Financial Corp. 1,173,912 3.7
10 New York Life Insurance Group 1,040,100 3.3

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $3,350,186 21.2%
2 State Farm Mutual Automobile Insurance 2,629,971 16.7
3 Progressive Corp. 2,223,111 14.1
4 Allstate Corp. 1,816,486 11.5
5 USAA Insurance Group 1,038,087 6.6
6 Liberty Mutual 512,902 3.3
7 Farmers Insurance Group of Companies (2) 450,524 2.9
8 Infinity P&C Corp. 444,809 2.8
9 Travelers Companies Inc. 336,639 2.1
10 Windhaven Insurance Co. 268,185 1.7

(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.

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