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 66,641 jobs in Missouri in 2014. The Missouri insurance industry accounted for about $4.4 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $7.43 billion to the Missouri gross state product (GSP) in 2013, accounting for 2.68 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Missouri totaled $302.2 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Missouri totaled $10.2 billion in 2014. In addition, premiums written by life/health insurance companies totaled $15.7 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 $606.2 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 2014 these payments in Missouri as measured by direct property/casualty incurred losses, were $5.7 billion. Life insurance claims and benefits payouts in Missouri totaled $10.5 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, 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 2014 Missouri ranked sixth in the nation for tornadoes, with 56 storms. The state is also vulnerable to wildfires and hailstorms. Missouri ranked fifth in the nation for the number of hailstorms in 2014, with 266 major hail events.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $335,246 6.8%
2 ACE Ltd. 254,062 5.2
3 American International Group 234,903 4.8
4 Liberty Mutual  225,214 4.6
5 MO Employers Mutual Insurance Co. 186,835 3.8
6 CNA Financial Corp. 164,579 3.4
7 Zurich Insurance Group 162,916 3.3
8 Nationwide Mutual Group 148,451 3.0
9 American Financial Group Inc. 128,289 2.6
10 American Family Insurance Group 124,615 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN MISSOURI BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $484,008 26.3%
2 American Family Insurance Group 282,166 15.3
3 Liberty Mutual  155,727 8.5
4 Farmers Insurance Group of Companies (2) 142,304 7.7
5 Shelter Mutual Insurance Co.  99,713 5.4
6 Auto Club Exchange Group  82,923 4.5
7 Nationwide Mutual Group  78,507 4.3
8 Allstate Corp.  72,304 3.9
9 USAA Insurance Group  71,049 3.9
10 Missouri Farm Bureau Federation 60,268 3.3

(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 MISSOURI, 2014 (1)

Rank Group/company Premiums and annuity considerations ($000) Market share
1 AEGON $1,485,742 12.1%
2 Berkshire Hathaway Inc. 1,287,511 10.5
3 American International Group (AIG) 1,282,302 10.4
4 Prudential Financial Inc. 472,112 3.8
5 Jackson National Life Group 434,261 3.5
6 New York Life Insurance Group 432,864 3.5
7 MetLife Inc. 420,340 3.4
8 Dai-ichi Life Insurance Co. Ltd. 409,252 3.3
9 Lincoln National Corp. 392,786 3.2
10 Principal Financial Group Inc. 343,072 2.8

(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 MISSOURI BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $761,234 24.0%
2 American Family Insurance Group 432,766 13.6
3 Progressive Corp. 246,450 7.8
4 Liberty Mutual 199,418 6.3
5 Berkshire Hathaway Inc. 198,016 6.2
6 Farmers Insurance Group of Companies (2) 187,849 5.9
7 Shelter Mutual Insurance Co. 172,149 5.4
8 Auto Club Exchange Group 154,531 4.9
9 Allstate Corp. 132,327 4.2
10 Nationwide Mutual Group 115,765 3.7

(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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