New Hampshire Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE NEW HAMPSHIRE ECONOMY

The insurance industry in New Hampshire 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 16,946 jobs in New Hampshire in 2012. The New Hampshire insurance industry accounted for about $1.3 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $3.0 billion to the New Hampshire gross state product (GSP) in 2012, accounting for 4.6 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in New Hampshire totaled $83.5 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in New Hampshire totaled $2.1 billion in 2013. In addition, premiums written by life/health insurance companies totaled $3.6 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 New Hampshire surplus lines market accounted for $75.4 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 2013 these payments in New Hampshire as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in New Hampshire totaled $2.4 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.

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $120,250 11.5%
2 W. R. Berkley Corp. 96,984 9.3
3 Travelers Companies Inc. 69,548 6.7
4 American International Group 47,068 4.5
5 Hanover Insurance Group Inc. 44,713 4.3
6 Hartford Financial Services 34,360 3.3
7 Zurich Insurance Group 31,010 3.0
8 Chubb Corp. 25,521 2.5
9 CNA Financial Corp. 23,128 2.2
10 Berkshire Hathaway Inc. 21,516 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $54,144 15.2%
2 State Farm Mutual Automobile Insurance 37,597 10.5
3 Allstate Corp. 29,482 8.3
4 USAA Insurance Group 21,325 6.0
5 Concord General Mutual Insurance Co. 20,174 5.7
6 Hanover Insurance Group Inc. 15,232 4.3
7 Travelers Companies Inc. 15,113 4.2
8 Amica Mutual Insurance Co. 14,839 4.2
9 Vermont Mutual Insurance Co. 14,435 4.1
10 MetLife Inc. 13,548 3.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Jackson National Life Group $379,095 12.9%
2 Prudential Financial Inc. 251,501 8.6
3 MetLife Inc. 218,356 7.4
4 Lincoln National Corp. 216,970 7.4
5 Protective Life Corp. 190,761 6.5
6 Massachusetts Mutual Life Insurance Co. 134,552 4.6
7 TIAA-CREF 96,689 3.3
8 New York Life Insurance Group 95,793 3.3
9 Manulife Financial Corp. 89,874 3.1
10 Northwestern Mutual Life Insurance Co. 78,546 2.7

(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 NEW HAMPSHIRE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $88,983 12.8%
2 Progressive Corp. 86,589 12.5
3 Liberty Mutual 83,602 12.0
4 Berkshire Hathaway Inc. 77,228 11.1
5 Allstate Corp. 65,008 9.4
6 USAA Insurance Group 33,992 4.9
7 Amica Mutual Insurance Co. 28,739 4.1
8 Concord General Mutual Insurance Co. 27,448 4.0
9 MetLife Inc. 23,263 3.4
10 Hanover Insurance Group Inc. 21,678 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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