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.

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 2012 these payments in Pennsylvania as measured by direct property/casualty incurred losses, were $12.4 billion. Life insurance claims and benefits payouts in Pennsylvania totaled $21.6 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.

 

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

Rank Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $533,097 18.6%
2 Allstate Corp.  443,382 15.5
3 Erie Insurance Group  406,264 14.2
4 Nationwide Mutual Group  273,641 9.6
5 Travelers Companies Inc.  243,870 8.5
6 Liberty Mutual  219,418 7.7
7 USAA Insurance Group  88,151 3.1
8 Chubb Corp.  80,651 2.8
9 Donegal Insurance Group  54,210 1.9
10 Farmers Insurance Group of Companies 44,478 1.6

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group Direct premiums written ($000) Market share
1 Travelers Companies Inc.  $646,326 6.2%
2 Liberty Mutual  598,836 5.7
3 American International Group  557,179 5.3
4 Zurich Insurance Group Ltd.  520,938 5.0
5 Erie Insurance Group  514,793 4.9
6 Nationwide Mutual Group  377,252 3.6
7 Chubb Corp.  338,413 3.2
8 ACE Ltd.  331,572 3.2
9 CNA Financial Corp.  276,626 2.7
10 Old Republic International Corp.  246,141 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,354,865 18.8%
2 Erie Insurance Group  963,882 13.4
3 Allstate Corp.  920,285 12.8
4 Nationwide Mutual Group  806,887 11.2
5 Progressive Corp.  580,533 8.1
6 Berkshire Hathaway Inc.  423,137 5.9
7 Liberty Mutual  417,105 5.8
8 Travelers Companies Inc.  321,833 4.5
9 USAA Insurance Group  203,343 2.8
10 Farmers Insurance Group of Companies 123,967 1.7

(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, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 ING U.S., Inc. $8,659,387 25.6%
2 Prudential Financial Inc. 5,578,576 16.5
3 MetLife Inc. 2,783,593 8.2
4 Jackson National Life Group 1,340,531 4.0
5 Lincoln National Corp. 1,181,574 3.5
6 Manulife Financial Corp. 957,930 2.8
7 New York Life Insurance Group 841,681 2.5
8 TIAA-CREF 759,453 2.3
9 Massachusetts Mutual Life Insurance Co. 704,083 2.1
10 Nationwide Mutual Group 703,269 2.1

(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.

 

STATE BY STATE COMPARISON TABLES

DIRECTORIES

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