New York Firm Foundation

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

The insurance industry in New York State 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 196,781 jobs in New York in 2014. The New York insurance industry accounted for about $20.4 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $40.0 billion to the New York gross state product (GSP) in 2013, accounting for 3.02 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in New York totaled $1,345.4 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in New York totaled $41.8 billion in 2014. In addition, premiums written by life/health insurance companies totaled $70.8 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 York surplus lines market accounted for $3.4 billion 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 York as measured by direct property/casualty incurred losses, were $23.1 billion. Life insurance claims and benefits payouts in New York totaled $38.8 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 or storm or wildfire. Three of the costliest hurricanes to hit the United States, based on insured property losses, caused damage in New York, including 2004’s Hurricane Ivan and Hurricane Frances and 2012’s Hurricane Sandy, according to the Property Claim Services (PCS) unit of ISO. Hurricane Sandy, which made landfall on October 29, 2012, in New Jersey, caused extensive damage in the state as well as to New York, Pennsylvania and Connecticut. Sandy caused 72 deaths in the United States and $18.75 billion in insured property losses in 15 states and the District of Columbia, not including National Flood Insurance Program (NFIP) losses, according to the Property Claim Services (PCS) unit of ISO. This makes it the third costliest U.S. hurricane, topped only by Hurricane Katrina in 2005 and Hurricane Andrew in 1992.

LEADING WRITERS

 

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

Rank Group/company Direct premiums written ($000) Market share
1 State Insurance Fund Workers' Comp $2,437,325 9.5%
2 Chubb Ltd. (2)                                1,770,230         6.9
3 American International Group (AIG)                                1,660,265         6.5
4 Travelers Companies Inc.                                1,481,930         5.8
5 Zurich Insurance Group (3)                                   942,361         3.7
6 Liberty Mutual                                   928,103         3.6
7 Nationwide Mutual Group                                   923,716         3.6
8 AmTrust Financial Services                                   870,671         3.4
9 Hartford Financial Services                                   780,586         3.0
10 CNA Financial Corp.                                   693,674         2.7

(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 York By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $760,895 14.6%
2 Allstate Corp. 748,589 14.3
3 Chubb Ltd. (2) 530,269 10.2
4 Travelers Companies Inc. 481,335 9.2
5 Liberty Mutual 436,097 8.4
6 Integon National Group 190,449 3.6
7 NYCM Insurance Group 174,296 3.3
8 American International Group (AIG) 149,974 2.9
9 Nationwide Mutual Group 147,742 2.8
10 NBIC Holdings Inc. 146,229 2.8

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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 YORK, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 MetLife Inc. $25,410,375 40.8%
2 New York Life Insurance Group 5,199,462 8.4
3 Prudential Financial Inc. 3,464,993 5.6
4 TIAA-CREF 2,293,590 3.7
5 American International Group (AIG) 1,941,482 3.1
6 Massachusetts Mutual Life Ins. Co. 1,940,434 3.1
7 AXA 1,925,437 3.1
8 Jackson National Life Group 1,907,032 3.1
9 Principal Financial Group Inc. 1,639,126 2.6
10 AEGON 1,581,909 2.5

(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 York By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $3,680,016 30.8%
2 Allstate Corp. 1,767,300 14.8
3 State Farm Mutual Automobile Insurance 1,556,860 13.0
4 Progressive Corp. 956,466 8.0
5 Liberty Mutual 747,619 6.3
6 Travelers Companies Inc. 493,634 4.1
7 USAA Insurance Group 333,364 2.8
8 Nationwide Mutual Group 319,338 2.7
9 NYCM Insurance Group 282,940 2.4
10 MetLife Inc. 194,164 1.6

(1) Before reinsurance transactions.

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

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