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 66,833 jobs in Missouri in 2015. The Missouri insurance industry accounted for about $4.7 billion in compensation in 2015.

GROSS STATE PRODUCT

The insurance industry contributed $7.8 billion to the Missouri gross state product (GSP) in 2014, accounting for 2.75 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Missouri totaled $376.8 million in 2015.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Missouri totaled $10.6 billion in 2015. In addition, premiums written by life/health insurance companies totaled $15.1 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 $624.3 million in gross premiums written in 2015, 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 2015 these payments in Missouri as measured by direct property/casualty incurred losses, were $6.4 billion. Life insurance claims and benefits payouts in Missouri totaled $10.1 billion in 2015, 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 or storm or wildfire. Missouri suffered extensive damage from a series of tornadoes that struck Joplin, Missouri, and other areas in May 2011. The Joplin tornadoes were the second costliest ever with $7.3 billion in insured losses (in 2016 dollars). In all, 158 deaths and 1,000 injuries were attributed to the Joplin tornado making it the deadliest single twister since 1950. The state is also vulnerable to wildfires and hailstorms.  The state ranked seventh in the nation for the number of wildfires in 2016, with 2,610 fires that burned 32,134 acres. The state also suffered devastating floods early in 2016.

 

LEADING WRITERS

 

Top 10 Writers Of Commercial Insurance In Missouri By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. (2) $371,851 7.4%
2 Travelers Companies Inc. 340,357 6.8
3 American International Group (AIG) 233,746 4.7
4 Zurich Insurance Group (3) 214,323 4.3
5 Liberty Mutual 209,175 4.2
6 Missouri Employers Mutual Insurance Co. 201,488 4.0
7 CNA Financial Corp. 189,370 3.8
8 Nationwide Mutual Group 153,176 3.0
9 American Financial Group Inc. 145,165 2.9
10 Missouri Farm Bureau Federation 126,348 2.5

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Homeowners Insurance In Missouri By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $504,976 26.4%
2 American Family Insurance Group 290,777 15.2
3 Liberty Mutual 166,944 8.7
4 Farmers Insurance Group of Companies (2) 150,402 7.9
5 Shelter Mutual Insurance Co. 102,921 5.4
6 Nationwide Mutual Group 85,914 4.5
7 Auto Club Exchange Group 79,222 4.1
8 Allstate Corp.  76,325 4.0
9 USAA Insurance Group 75,723 4.0
10 Missouri Farm Bureau Federation 62,147 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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Life Insurance And Annuity Considerations In Missouri, 2015 (1)

Rank Group/company Premiums and annuity considerations ($000) Market share
1 American International Group (AIG)   $1,273,551 11.2%
2 Berkshire Hathaway Inc.   1,149,179 10.1
3 New York Life Insurance Group   498,634 4.4
4 AEGON   465,286 4.1
5 Prudential Financial Inc.   447,620 3.9
6 Jackson National Life Group   444,197 3.9
7 MetLife Inc.   419,522 3.7
8 Massachusetts Mutual Life Insurance Co.   397,357 3.5
9 Dai-ichi Life Holdings Inc.   392,415 3.5
10 Principal Financial Group Inc.   374,945 3.3

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Private Passenger Auto Insurance In Missouri By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $814,355 24.3%
2 American Family Insurance Group 444,254 13.3
3 Progressive Corp. 269,762 8.0
4 Liberty Mutual 219,232 6.5
5 Berkshire Hathaway Inc. 202,713 6.0
6 Farmers Insurance Group of Companies (2) 196,014 5.8
7 Shelter Mutual Insurance Co. 177,751 5.3
8 Allstate Corp.  152,726 4.6
9 Auto Club Exchange Group 142,965 4.3
10 Missouri Farm Bureau Federation 130,947 3.9

(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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

STATE BY STATE COMPARISON TABLES

DIRECTORIES

CREATE YOUR OWN BOOK

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Missouri data only