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 33,028 jobs in Oregon in 2012. The Oregon insurance industry accounted for about $2.1 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $3.4 billion to the Oregon gross state product (GSP) in 2012, accounting for 1.64 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Oregon totaled $101.6 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Oregon totaled $4.9 billion in 2012. In addition, premiums written by life/health insurance companies totaled $6.7 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 $226.3 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 2012 these payments in Oregon as measured by direct property/casualty incurred losses, were $2.9 billion. Life insurance claims and benefits payouts in Oregon totaled $4.8 billion in 2012. 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.

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 2013 Oregon ranked fourth in the nation for wildfires, with 2,848 fires that burned 350,786 acres. The state also ranked fourth in the nation by number of acres burned.

 

TOP TEN STATES FOR WILDFIRES RANKED BY NUMBER OF FIRES AND BY NUMBER OF ACRES BURNED, 2013

Rank State Number of fires Rank State Number of acres burned
1 California 9,907 1 Alaska 1,316,876
2 North Carolina 3,514 2 Idaho 722,204
3 Georgia 2,942 3 California 577,675
4 Oregon 2,848 4 Oregon 350,786
5 Arizona 1,756 5 New Mexico 221,951
6 Montana 1,723 6 Colorado 195,145
7 Washington 1,527 7 Nevada 162,907
8 Idaho 1,471 8 Washington 152,603
9 South Carolina 1,337 9 Montana 124,209
10 Alabama 1,284 10 Arizona 105,281

Source: National Interagency Fire Center.

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LEADING WRITERS

 

LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $439,942 21.3%
2 Farmers Insurance Group of Cos. 296,336 14.3
3 Progressive Corp. 245,559 11.9
4 Liberty Mutual  196,155 9.5
5 Allstate Corp. 161,357 7.8
6 Berkshire Hathaway Inc.  119,950 5.8
7 USAA Insurance Group  87,321 4.2
8 COUNTRY Financial 75,171 3.6
9 American Family Mutual 73,621 3.6
10 Nationwide Mutual Group 46,823 2.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF COMMERCIAL INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 SAIF Corp. $399,849 15.6%
2 Liberty Mutual  326,367 12.8
3 Travelers Companies Inc.  136,123 5.3
4 American International Group  113,584 4.4
5 Farmers Insurance Group of Companies 100,404 3.9
6 CNA Financial Corp.  91,286 3.6
7 State Farm Mutual Automobile Insurance 70,663 2.8
8 Zurich Insurance Group Ltd.  68,729 2.7
9 Chubb Corp.  68,097 2.7
10 FM Global  61,542 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN OREGON BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $169,164 25.3%
2 Farmers Insurance Group of Companies 116,052 17.3
3 Liberty Mutual 79,005 11.8
4 Allstate Corp. 57,521 8.6
5 USAA Insurance Group 33,971 5.1
6 COUNTRY Financial 31,980 4.8
7 American Family Mutual 22,541 3.4
8 Travelers Companies Inc. 16,243 2.4
9 Hartford Financial Services 13,929 2.1
10 Nationwide Mutual Group 13,835 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN OREGON BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $621,222 12.7%
2 MetLife Inc. 390,696 8.0
3 StanCorp Financial Group Inc. 269,231 5.5
4 Jackson National Life Group 262,355 5.4
5 Manulife Financial Corp. 259,673 5.3
6 New York Life Insurance Group 252,071 5.2
7 Lincoln National Corp. 242,998 5.0
8 American International Group 193,978 4.0
9 ING U.S., Inc. 190,976 3.9
10 Massachusetts Mutual Life Insurance Co. 174,510 3.6

(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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STATE BY STATE COMPARISON TABLES

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