Missouri Firm Foundation

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

The insurance industry in Missouri 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 67,364 jobs in Missouri in 2012. The Missouri insurance industry accounted for about $4.3 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $7.3 billion to the Missouri gross state product (GSP) in 2012, accounting for 2.70 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Missouri totaled $274.1 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Missouri totaled $9.2 billion in 2012. In addition, premiums written by life/health insurance companies totaled $14.6 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 Missouri surplus lines market accounted for $540.8 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 2012 these payments in Missouri as measured by direct property/casualty incurred losses, were $7.1 billion. Life insurance claims and benefits payouts in Missouri totaled $9.2 billion in 2012. 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. Missouri suffered extensive damage from a series of tornadoes that struck Joplin, Missouri, and other areas in May 2011. The string of tornadoes caused $6.9 billion in property damage. In 2013 Missouri ranked sixth in the nation for tornadoes, with 54 storms. The state is also vulnerable to wildfires (see chart below).

 

WILDFIRES BY STATE, 2013

State Number of fires Number of acres burned 
Alabama 1,284 25,623
Alaska 603 1,316,876
Arizona 1,756 105,281
Arkansas 881 14,733
California 9,907 577,675
Colorado 1,176 195,145
Connecticut 76 238
Delaware 4 17
Florida 101 7,660
Georgia 2,942 6,736
Hawaii (1) (1)
Idaho 1,471 722,204
Illinois 24 55
Indiana 19 806
Iowa 436 14,704
Kansas 16 7,137
Kentucky 1,030 25,084
Louisiana 1,027 17,883
Maine 426 743
Maryland 126 182
Massachusetts 1,132 879
Michigan 436 940
Minnesota 1,115 22,107
Mississippi 5 33
Missouri 51 1,660
Montana 1,723 124,209
Nebraska 10 63
Nevada 763 162,907
New Hampshire 85 137
New Jersey 1,013 1,430
New Mexico 1,064 221,951
New York 138 1,073
North Carolina 3,514 24,547
North Dakota 515 16,116
Ohio 31 152
Oklahoma 610 26,490
Oregon 2,848 350,786
Pennsylvania 639 1,788
Rhode Island 7 27
South Carolina 1,337 7,082
South Dakota 889 4,475
Tennessee 424 7,080
Texas 70 10,743
Utah 1,276 70,282
Vermont 124 281
Virginia 482 4,418
Washington 1,527 152,603
West Virginia 557 8,577
Wisconsin 671 9,196
Wyoming 468 44,016
United States (2) 47,579 4,319,546

(1) Hawaii had no wildfires in 2013.
(2) Includes Puerto Rico which had 750 fires that burned 4,716 acres.

Source: National Interagency Fire Center.

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LEADING WRITERS

 

LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN MISSOURI BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $682,213 23.1%
2 American Family Mutual 421,177 14.3
3 Progressive Corp. 232,917 7.9
4 Farmers Insurance Group of Companies 207,021 7.0
5 Shelter Mutual Insurance Co. 166,982 5.7
6 Berkshire Hathaway Inc. 163,644 5.5
7 Liberty Mutual 157,211 5.3
8 Auto Club Exchange Group 147,452 5.0
9 Allstate Corp. 106,014 3.6
10 Nationwide Mutual Group 98,835 3.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF COMMERCIAL INSURANCE IN MISSOURI BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Travelers Companies Inc. $318,429 7.1%
2 American International Group 245,775 5.5
3 ACE Ltd. 238,004 5.3
4 Liberty Mutual 237,434 5.3
5 Zurich Insurance Group Ltd. 170,509 3.8
6 MO Employers Mutual Insurance Co. 136,517 3.1
7 CNA Financial Corp. 130,883 2.9
8 Nationwide Mutual Group 126,232 2.8
9 Hartford Financial Services 122,352 2.7
10 Chubb Corp. 108,613 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

 

 

LEADING WRITERS OF HOMEOWNERS INSURANCE IN MISSOURI BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $432,147 26.2%
2 American Family Mutual 252,829 15.3
3 Farmers Insurance Group of Companies 131,773 8.0
4 Liberty Mutual 106,352 6.5
5 Shelter Mutual Insurance Co. 97,507 5.9
6 Auto Club Exchange Group 74,926 4.5
7 Travelers Companies Inc. 68,391 4.2
8 Allstate Corp. 65,422 4.0
9 Nationwide Mutual Group 62,043 3.8
10 USAA Insurance Group 56,630 3.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN MISSOURI BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $1,006,109 9.3%
2 Protective Life Corp. 872,446 8.0
3 Berkshire Hathaway Inc. 729,768 6.7
4 AEGON NV 715,027 6.6
5 MetLife Inc. 639,741 5.9
6 American International Group 528,900 4.9
7 Jackson National Life Group 397,313 3.7
8 Lincoln National Corp. 378,458 3.5
9 Pacific MHC 330,452 3.0
10 Manulife Financial Corp. 319,718 2.9

(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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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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