Mississippi Firm Foundation

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

The insurance industry in Mississippi 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 18,593 jobs in Mississippi in 2013. The Mississippi insurance industry accounted for about $832.0 million in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $1.5 billion to the Mississippi gross state product (GSP) in 2012, accounting for 1.46 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Mississippi totaled $212.5 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Mississippi totaled $4.6 billion in 2013. In addition, premiums written by life/health insurance companies totaled $4.5 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 Mississippi surplus lines market accounted for $345.3 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 Mississippi as measured by direct property/casualty incurred losses, were $3.4 billion. Life insurance claims and benefits payouts in Mississippi totaled $2.6 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. The total value of insured coastal property in Mississippi was $60.6 billion in 2012, accounting for 13 percent of the state’s total insurance property exposure, according to AIR Worldwide Corporation. Three of the 10 costliest hurricanes in U.S. history have impacted Mississippi: hurricanes Katrina and Rita in 2005 and Hurricane Ivan in 2004. Mississippi is also prone to tornadoes.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $163,939 7.8%
2 Zurich Insurance Group 116,566 5.5
3 Liberty Mutual 107,754 5.1
4 American International Group 92,160 4.4
5 W. R. Berkley Corp. 77,439 3.7
6 GuideOne Insurance 75,954 3.6
7 Nationwide Mutual Group 72,680 3.5
8 CNA Financial Corp. 72,353 3.4
9 ACE Ltd. 58,348 2.8
10 Southern Farm Bureau Casualty Insurance Group 52,736 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $242,370 27.3%
2 Southern Farm Bureau Casualty Insurance Group 155,570 17.5
3 Allstate Corp. 97,053 10.9
4 Nationwide Mutual Group 73,562 8.3
5 Liberty Mutual 50,224 5.7
6 Farmers Insurance Group of Cos. 38,744 4.4
7 USAA Insurance Group 33,321 3.8
8 Alfa Mutual Group 24,406 2.8
9 Travelers Companies Inc. 23,475 2.6
10 MetLife Inc. 23,365 2.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln National Corp. $202,429 7.0%
2 Prudential Financial Inc. 177,714 6.1
3 Jackson National Life Group 169,390 5.8
4 American International Group 165,122 5.7
5 MetLife Inc. 145,537 5.0
6 New York Life Insurance Group 133,279 4.6
7 AEGON 88,818 3.1
8 Southern Farm Bureau Life Insurance 81,813 2.8
9 Manulife Financial Corp. 76,561 2.6
10 Voya Financial Inc. 68,608 2.4

(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 MISSISSIPPI BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $391,831 26.0%
2 Southern Farm Bureau Casualty Insurance Group 188,602 12.5
3 Progressive Corp. 148,752 9.9
4 Allstate Corp. 144,807 9.6
5 Berkshire Hathaway Inc. 85,090 5.7
6 Nationwide Mutual Group 82,967 5.5
7 USAA Insurance Group 69,650 4.6
8 Alfa Mutual Group 55,223 3.7
9 Liberty Mutual 54,922 3.7
10 Shelter Mutual Insurance Co. 39,990 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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