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 $9.8 billion in 2013. In addition, premiums written by life/health insurance companies totaled $15 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 $560.0 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 Missouri as measured by direct property/casualty incurred losses, were $5.3 billion. Life insurance claims and benefits payouts in Missouri totaled $9.1 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. 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.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $328,109 7.0%
2 ACE Ltd. 263,021 5.6
3 American International Group 231,488 4.9
4 Liberty Mutual 222,549 4.7
5 MO Employers Mutual Insurance Co. 166,965 3.5
6 CNA Financial Corp. 149,783 3.2
7 Nationwide Mutual Group 143,758 3.0
8 Zurich Insurance Group 139,105 3.0
9 American Financial Group Inc. 126,465 2.7
10 Hartford Financial Services 120,511 2.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000)
1 State Farm Mutual Automobile Insurance $447,607
2 American Family Mutual 274,851
3 Farmers Insurance Group of Cos. 139,023
4 Liberty Mutual 133,859
5 Shelter Mutual Insurance Co. 98,276
6 Auto Club Exchange Group 84,423
7 Nationwide Mutual Group 69,214
8 Allstate Corp. 67,538
9 USAA Insurance Group 65,021
10 Travelers Companies Inc. 57,043

(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, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $1,232,626 10.6%
2 American International Group 964,662 8.3
3 AEGON 951,831 8.2
4 Protective Life Corp. 555,866 4.8
5 MetLife Inc. 506,008 4.4
6 Prudential Financial Inc. 482,685 4.2
7 Pacific MHC 465,536 4.0
8 Lincoln National Corp. 442,262 3.8
9 Jackson National Life Group 402,599 3.5
10 Massachusetts Mutual Life Insurance Co. 356,583 3.1

(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 MISSOURI BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $720,689 23.6%
2 American Family Mutual 430,283 14.1
3 Progressive Corp. 229,437 7.5
4 Farmers Insurance Group of Cos. 192,910 6.3
5 Berkshire Hathaway Inc. 186,414 6.1
6 Liberty Mutual 182,719 6.0
7 Shelter Mutual Insurance Co. 168,738 5.5
8 Auto Club Exchange Group 159,398 5.2
9 Allstate Corp. 115,289 3.8
10 Nationwide Mutual Group 103,995 3.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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