Oregon Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE OREGON ECONOMY

The insurance industry in Oregon 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 33,319 jobs in Oregon in 2014. The Oregon insurance industry accounted for about $2.2 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $3.5 billion to the Oregon gross state product (GSP) in 2013, accounting for 1.71 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Oregon totaled $85.2 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Oregon totaled $5.9 billion in 2014. In addition, premiums written by life/health insurance companies totaled $6.4 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 Oregon surplus lines market accounted for $283.9 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 Oregon as measured by direct property/casualty incurred losses, were $2.8 billion. Life insurance claims and benefits payouts in Oregon totaled $5.1 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. In 2015 Oregon ranked fifth in the nation for number of acres burned with 685,809 acres. It ranked sixth for the number of wildfires, with 2,588 fires.

 

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 SAIF Corp. $452,442 16.2%
2 Liberty Mutual  317,569 11.4
3 Travelers Companies Inc.  137,980 5.0
4 Farmers Insurance Group of Cos. (2) 104,806 3.8
5 CNA Financial Corp.  102,725 3.7
6 American International Group (AIG)  93,811 3.4
7 Zurich Insurance Group  72,930 2.6
8 State Farm Mutual Automobile Insurance 72,048 2.6
9 Chubb Corp.  70,100 2.5
10 ACE Ltd.  64,461 2.3

(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 SNL Financial.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $173,850 24.3%
2 Farmers Insurance Group of Companies (2) 116,484 16.3
3 Liberty Mutual  94,933 13.3
4 Allstate Corp.  59,805 8.4
5 USAA Insurance Group  41,362 5.8
6 COUNTRY Financial  33,437 4.7
7 American Family Insurance Group 32,084 4.5
8 Travelers Companies Inc.  15,677 2.2
9 Nationwide Mutual Group  15,444 2.2
10 Hartford Financial Services  13,861 1.9

(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 SNL Financial.

Source: SNL Financial LC.

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

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $405,041 8.8%
2 StanCorp Financial Group Inc. 300,654 6.5
3 Lincoln National Corp. 283,635 6.2
4 Jackson National Life Group 267,604 5.8
5 New York Life Insurance Group 248,978 5.4
6 American International Group (AIG) 246,046 5.3
7 Manulife Financial Corp. 212,996 4.6
8 Voya Financial Inc. 185,253 4.0
9 Principal Financial Group Inc. 165,553 3.6
10 MetLife Inc.& 145,796 3.2

(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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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $484,542 21.2%
2 Farmers Insurance Group of Companies (2) 275,677 12.1
3 Progressive Corp. 243,803 10.7
4 Liberty Mutual 226,883 9.9
5 Allstate Corp. 192,016 8.4
6 Berkshire Hathaway Inc. 172,997 7.6
7 USAA Insurance Group 110,071 4.8
8 COUNTRY Financial 82,753 3.6
9 American Family Insurance Group 80,158 3.5
10 Nationwide Mutual Group 57,809 2.5

(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 SNL Financial.

Source: SNL Financial LC.

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