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 17,476 jobs in New Hampshire in 2014. The New Hampshire insurance industry accounted for about $1.5 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $3.0 billion to the New Hampshire gross state product (GSP) in 2013, accounting for 4.50 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in New Hampshire totaled $84.5 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in New Hampshire totaled $2.2 billion in 2014. In addition, premiums written by life/health insurance companies totaled $3.4 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 $84.2 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 New Hampshire as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in New Hampshire totaled $2.6 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.

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $124,413 11.2%
2 W. R. Berkley Corp. 106,579 9.6
3 Travelers Companies Inc. 73,648 6.6
4 Hanover Insurance Group Inc. 46,885 4.2
5 American International Group (AIG) 42,241 3.8
6 Chubb Ltd. (2) 40,777 3.7
7 Zurich Insurance Group (3) 34,227 3.1
8 Berkshire Hathaway Inc. 31,268 2.8
9 Hartford Financial Services 30,569 2.7
10 Tokio Marine Group 24,314 2.2

(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.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $58,587 15.3%
2 State Farm Mutual Automobile Insurance 40,205 10.5
3 Allstate Corp. 32,544 8.5
4 USAA Insurance Group 23,714 6.2
5 Concord General Mutual Insurance Co. 20,059 5.2
6 Amica Mutual Insurance Co. 15,975 4.2
7 Vermont Mutual Insurance Co. 15,650 4.1
8 MetLife Inc. 14,868 3.9
9 Hanover Insurance Group Inc. 14,665 3.8
10 Travelers Companies Inc. 14,657 3.8

(1) Before reinsurance transactions.

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

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN NEW HAMPSHIRE, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Jackson National Life Group $328,772 11.9%
2 Prudential Financial Inc. 223,314 8.1
3 New York Life Insurance Group 211,927 7.7
4 Lincoln National Corp. 186,853 6.8
5 MetLife Inc. 174,988 6.3
6 Massachusetts Mutual Life Ins. Co. 106,245 3.9
7 Allianz Group 97,245 3.5
8 AEGON 94,312 3.4
9 TIAA-CREF 83,042 3.0
10 Manulife Financial Corp. 81,529 3.0

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

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $99,259 12.9%
2 State Farm Mutual Automobile Insurance 99,069 12.9
3 Progressive Corp. 92,825 12.1
4 Liberty Mutual 92,805 12.1
5 Allstate Corp. 74,579 9.7
6 USAA Insurance Group 39,192 5.1
7 Amica Mutual Insurance Co. 28,389 3.7
8 Concord General Mutual Insurance Co. 26,571 3.5
9 MetLife Inc. 23,677 3.1
10 Hanover Insurance Group Inc. 20,270 2.6

(1) Before reinsurance transactions.

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

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