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 101,796 jobs in Georgia in 2014. The Georgia insurance industry accounted for about $7.4 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $9.9 billion to the Georgia gross state product (GSP) in 2013, accounting for 2.18 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Georgia totaled $372.1 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Georgia totaled $16.1 billion in 2014. In addition, premiums written by life/health insurance companies totaled $17.6 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 $1.0 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 Georgia as measured by direct property/casualty incurred losses, were $9.6 billion. Life insurance claims and benefits payouts in Georgia totaled $11.7 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. 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 2015 Georgia ranked ninth in the nation for the number of wildfires, with 2,331 fires that burned 10,556 acres.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $426,258 6.2%
2 American International Group (AIG) 413,674 6.0
3 Liberty Mutual 322,849 4.7
4 Zurich Insurance Group (2) 269,323 3.9
5 Auto-Owners Insurance Co. 231,791 3.4
6 CNA Financial Corp. 210,583 3.1
7 ACE Ltd. 201,662 2.9
8 Berkshire Hathaway Inc. 197,892 2.9
9 Nationwide Mutual Group 184,598 2.7
10 Hartford Financial Services 181,214 2.6

(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 GEORGIA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $758,910 28.1%
2 Allstate Corp. 386,249 14.3
3 USAA Insurance Group 222,385 8.2
4 Liberty Mutual 173,002 6.4
5 Travelers Companies Inc. 172,644 6.4
6 GA Farm Bureau Mutual Insurance Co. 127,878 4.7
7 Nationwide Mutual Group 101,227 3.8
8 Auto-Owners Insurance Co. 96,962 3.6
9 COUNTRY Financial 87,897 3.3
10 Farmers Insurance Group of Companies (2) 51,081 1.9

(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 LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN GEORGIA , 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 MetLife Inc. $1,669,914 13.0%
2 American International Group (AIG) 687,355 5.4
3 New York Life Insurance Group 635,325 5.0
4 AEGON 605,957 4.7
5 Prudential Financial Inc. 552,960 4.3
6 Lincoln National Corp. 528,008 4.1
7 Jackson National Life Group 512,570 4.0
8 Principal Financial Group Inc. 486,641 3.8
9 Voya Financial Inc. 461,018 3.6
10 Manulife Financial Corp. 434,217 3.4

(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.

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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN GEORGIA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,488,890 23.7%
2 Allstate Corp. 726,135 11.6
3 Progressive Corp. 705,886 11.2
4 Berkshire Hathaway Inc. 638,581 10.2
5 USAA Insurance Group 482,228 7.7
6 Liberty Mutual 307,005 4.9
7 Nationwide Mutual Group 226,470 3.6
8 GA Farm Bureau Mutual Insurance Co. 207,063 3.3
9 Travelers Companies Inc. 148,026 2.4
10 Auto-Owners Insurance Co. 122,332 1.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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