Idaho Firm Foundation

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

The insurance industry in Idaho 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 13,203 jobs in Idaho in 2015. The Idaho insurance industry accounted for about $642.1 million in compensation in 2015.

GROSS STATE PRODUCT

The insurance industry contributed $1.0 billion to the Idaho gross state product (GSP) in 2014, accounting for 1.58 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Idaho totaled $84.5 million in 2015.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Idaho totaled $2.5 billion in 2015. In addition, premiums written by life/health insurance companies totaled $2.4 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 Idaho surplus lines market accounted for $78.8 million 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 2015 these payments in Idaho as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Idaho totaled $1.8 billion in 2015, 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. In 2015 Idaho ranked fourth in the nation for the number of acres burned by wildfires, with 1,324 fires that burned 804,094 acres.

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Idaho State Insurance Fund $226,563 17.9%
2 Liberty Mutual 96,050 7.6
3 Chubb Ltd. (2) 63,759 5.0
4 Travelers Companies Inc. 55,257 4.4
5 Zurich Insurance Group (3) 47,679 3.8
6 American International Group (AIG) 46,177 3.6
7 Farm Bureau Mutual Insurance Co. of Idaho 39,336 3.1
8 Nationwide Mutual Group 34,967 2.8
9 Cincinnati Financial Corp. 34,038 2.7
10 Mutual of Enumclaw Insurance Holding Co. 28,792 2.3

(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 Idaho By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $52,460 16.6%
2 Farmers Insurance Group of Companies (2) 38,254 12.1
3 Liberty Mutual 37,959 12.0
4 Allstate Corp.  28,907 9.2
5 Farm Bureau Mutual Insurance Co. of ID 28,782 9.1
6 USAA Insurance Group 17,762 5.6
7 United Heritage Mutual Hldg Co 14,214 4.5
8 American Family Insurance Group 10,880 3.4
9 Travelers Companies Inc. 10,776 3.4
10 Mutual of Enumclaw Insurance Holding Co. 9,285 2.9

(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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Top 10 Writers Of Life Insurance And Annuity Considerations In Idaho, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $127,544 6.8%
2 Jackson National Life Group   89,637 4.8
3 Northwestern Mutual Life Insurance Co.   82,296 4.4
4 New York Life Insurance Group   81,918 4.4
5 Lincoln National Corp.   79,288 4.2
6 Nationwide Mutual Group   75,739 4.0
7 Massachusetts Mutual Life Insurance Co.   69,099 3.7
8 American International Group (AIG)   67,861 3.6
9 Meiji Yasuda Life Insurance Co. 61,299 3.3
10 Allianz Group   60,023 3.2

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

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

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $116,840 14.9%
2 Farm Bureau Mutual Insurance Co. of Idaho 82,832 10.5
3 Liberty Mutual 77,305 9.8
4 Farmers Insurance Group of Companies (2) 77,289 9.8
5 Berkshire Hathaway Inc. 76,343 9.7
6 Allstate Corp.  74,185 9.4
7 Progressive Corp. 67,643 8.6
8 USAA Insurance Group 38,794 4.9
9 American Family Insurance Group 22,070 2.8
10 Mutual of Enumclaw Insurance Holding Co. 16,273 2.1

(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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