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 12,407 jobs in Idaho in 2013. The Idaho insurance industry accounted for about $560.4 million in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $909 million to the Idaho gross state product (GSP) in 2012, accounting for 1.56 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Idaho totaled $72.3 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Idaho totaled $2.2 billion in 2013. In addition, premiums written by life/health insurance companies totaled $2.2 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 $76.9 million 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 Idaho as measured by direct property/casualty incurred losses, were $1.2 billion. Life insurance claims and benefits payouts in Idaho totaled $1.6 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. In 2013 Idaho ranked eighth in the nation for the number of wildfires, with 1,471 fires that  burned 722,204 acres.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Idaho State Insurance Fund $195,299 17.1%
2 Liberty Mutual 94,484 8.3
3 Travelers Companies Inc. 53,352 4.7
4 American International Group 43,145 3.8
5 Farm Bureau Mutual Insurance Co. of Idaho 35,748 3.1
6 ACE Ltd. 34,208 3.0
7 CNA Financial Corp. 32,294 2.8
8 Nationwide Mutual Group 30,961 2.7
9 Zurich Insurance Group 28,589 2.5
10 Cincinnati Financial Corp. 27,924 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $47,710 16.7%
2 Farmers Insurance Group of Cos. 37,838 13.3
3 Liberty Mutual 32,005 11.2
4 Allstate Corp. 28,125 9.9
5 Farm Bureau Mutual Insurance Co. of Idaho 25,333 8.9
6 USAA Insurance Group 14,827 5.2
7 United Heritage Mutual Holding Co. 13,788 4.8
8 Travelers Companies Inc. 9,699 3.4
9 American Family Mutual 9,662 3.4
10 Nationwide Mutual Group 7,579 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $128,647 7.7%
2 Jackson National Life Group 92,565 5.5
3 Lincoln National Corp. 75,947 4.5
4 Northwestern Mutual Life Insurance Co. 74,710 4.5
5 New York Life Insurance Group 66,143 3.9
6 Manulife Financial Corp. 62,056 3.7
7 American International Group 61,112 3.6
8 Principal Financial Group Inc. 58,743 3.5
9 Nationwide Mutual Group 48,625 2.9
10 Great-West Insurance Group 44,252 2.6

(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 IDAHO BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $101,129 14.4%
2 Farmers Insurance Group of Cos. 83,967 12.0
3 Farm Bureau Mutuall Insurance Co. of Idaho 74,719 10.7
4 Allstate Corp. 66,906 9.5
5 Liberty Mutual 63,293 9.0
6 Progressive Corp. 60,292 8.6
7 Berkshire Hathaway Inc. 58,146 8.3
8 USAA Insurance Group 33,226 4.7
9 American Family Mutual 20,788 3.0
10 Sentry Insurance a Mutual Co. 16,690 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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