Pennsylvania Firm Foundation

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

The insurance industry in Pennsylvania 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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 150,668 jobs in Pennsylvania in 2012. The Pennsylvania insurance industry accounted for about $11.1 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $20.3 billion to the Pennsylvania gross state product (GSP) in 2012, accounting for 3.23 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Pennsylvania totaled $791.0 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Pennsylvania totaled $21.6 billion in 2013. In addition, premiums written by life/health insurance companies totaled $35.8 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 Pennsylvania surplus lines market accounted for $956.7 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 Pennsylvania as measured by direct property/casualty incurred losses, were $11.3 billion. Life insurance claims and benefits payouts in Pennsylvania totaled $21.9 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 PENNSYLVANIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $649,291 6.1%
2 American International Group 576,994 5.4
3 Erie Insurance Group 553,528 5.2
4 Liberty Mutual 550,210 5.1
5 Zurich Insurance Group 519,451 4.8
6 Nationwide Mutual Group 387,868 3.6
7 Chubb Corp. 333,507 3.1
8 ACE Ltd. 320,387 3.0
9 CNA Financial Corp. 318,081 3.0
10 Hartford Financial Services 240,710 2.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $573,456 18.8%
2 Erie Insurance Group 449,869 14.7
3 Allstate Corp. 448,216 14.7
4 Nationwide Mutual Group 281,169 9.2
5 Liberty Mutual 255,057 8.4
6 Travelers Companies Inc. 233,393 7.6
7 USAA Insurance Group 103,521 3.4
8 Chubb Corp. 84,742 2.8
9 Donegal Insurance Group 59,295 1.9
10 Farmers Insurance Group of Cos. 53,327 1.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 Voya Financial Inc. $5,448,846 18.0%
2 MetLife Inc. 3,158,553 10.4
3 Prudential Financial Inc. 2,248,044 7.4
4 TIAA-CREF 1,692,883 5.6
5 Jackson National Life Group 1,375,191 4.6
6 Lincoln National Corp. 1,205,690 4.0
7 Principal Financial Group Inc. 1,144,992 3.8
8 American International Group 904,635 3.0
9 New York Life Insurance Group 875,675 2.9
10 AEGON 858,256 2.8

(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 PENNSYLVANIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,421,630 19.3%
2 Erie Insurance Group 985,142 13.4
3 Allstate Corp. 902,249 12.2
4 Nationwide Mutual Group 790,950 10.7
5 Progressive Corp. 601,430 8.2
6 Berkshire Hathaway Inc. 461,230 6.3
7 Liberty Mutual 443,502 6.0
8 Travelers Companies Inc. 301,300 4.1
9 USAA Insurance Group 219,269 3.0
10 Farmers Insurance Group of Cos. 130,718 1.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Pennsylvania data only