Georgia Firm Foundation

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

The insurance industry in Georgia 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 95,203 jobs in Georgia in 2012. The Georgia insurance industry accounted for about $6.6 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $8.9 billion to the Georgia gross state product (GSP) in 2012, accounting for 2.04 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Georgia totaled $329.2 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Georgia totaled $15.0 billion in 2013. In addition, premiums written by life/health insurance companies totaled $18.1 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 Georgia surplus lines market accounted for $802.5 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 Georgia as measured by direct property/casualty incurred losses, were $9.1 billion. Life insurance claims and benefits payouts in Georgia totaled $10.7 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 or storm or wildfire. Four of the 10 most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Katrina in 2005; Hurricane Ivan in 2004, Hurricane Hugo in 1989, and Hurricane Frances in 2004. The insured value of properties in coastal areas of Georgia totaled $106.7 billion in 2012, according to an analysis by AIR Worldwide. The state is also prone to wildfires and tornadoes. In 2013 Georgia ranked third in the nation for the number of wildfires, with 2,942 fires that burned 6,736 acres.

 

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN GEORGIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $428,928 6.7%
2 American International Group 416,052 6.5
3 Liberty Mutual 316,564 4.9
4 Zurich Insurance Group 261,613 4.1
5 ACE Ltd. 219,941 3.4
6 Auto-Owners Insurance Co. 216,158 3.4
7 CNA Financial Corp. 207,689 3.2
8 Hartford Financial Services 175,989 2.7
9 Nationwide Mutual Group 173,811 2.7
10 Chubb Corp. 159,979 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $713,983 28.3%
2 Allstate Corp. 365,386 14.5
3 USAA Insurance Group 194,505 7.7
4 Travelers Companies Inc. 171,741 6.8
5 Liberty Mutual 158,889 6.3
6 GA Farm Bureau Mutual Insurance Co. 135,439 5.4
7 Nationwide Mutual Group 91,353 3.6
8 Auto-Owners Insurance Co. 89,242 3.5
9 COUNTRY Financial 86,004 3.4
10 Farmers Insurance Group of Cos. 43,093 1.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Massachusetts Mutual Life Insurance Co. $1,162,200 9.5%
2 MetLife Inc. 1,060,898 8.6
3 American International Group 706,406 5.7
4 AEGON 629,979 5.1
5 Lincoln National Corp. 579,862 4.7
6 Prudential Financial Inc. 533,629 4.3
7 Jackson National Life Group 502,853 4.1
8 Manulife Financial Corp. 429,211 3.5
9 New York Life Insurance Group 378,357 3.1
10 Northwestern Mutual Life Insurance Co. 365,301 3.0

(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 GEORGIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,325,167 22.8%
2 Progressive Corp. 701,666 12.1
3 Allstate Corp. 676,707 11.6
4 Berkshire Hathaway Inc. 580,892 10.0
5 USAA Insurance Group 440,825 7.6
6 Liberty Mutual 299,832 5.2
7 Nationwide Mutual Group 205,154 3.5
8 GA Farm Bureau Mutual Insurance Co. 187,599 3.2
9 Travelers Companies Inc. 141,277 2.4
10 Auto-Owners Insurance Co. 112,522 1.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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