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 157,051 jobs in Pennsylvania in 2014. The Pennsylvania insurance industry accounted for about $12.4 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $20.9 billion to the Pennsylvania gross state product (GSP) in 2013, accounting for 3.28 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Pennsylvania totaled $773.5 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Pennsylvania totaled $22.3 billion in 2014. In addition, premiums written by life/health insurance companies totaled $33.8 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 $1.1 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 Pennsylvania as measured by direct property/casualty incurred losses, were $13.8 billion. Life insurance claims and benefits payouts in Pennsylvania totaled $24.1 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.

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $688,335 6.0%
2 Chubb Ltd. (2) 647,480 5.7
3 Erie Insurance Group 618,440 5.4
4 American International Group (AIG) 591,663 5.2
5 Zurich Insurance Group (3) 586,513 5.1
6 Liberty Mutual 481,657 4.2
7 Nationwide Mutual Group 407,298 3.6
8 CNA Financial Corp. 364,079 3.2
9 Berkshire Hathaway Inc. 254,974 2.2
10 Selective Insurance Group Inc. 236,276 2.1

(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 Pennsylvania By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $597,291 18.4%
2 Erie Insurance Group 498,117 15.3
3 Allstate Corp. 459,358 14.1
4 Nationwide Mutual Group 289,959 8.9
5 Liberty Mutual 277,100 8.5
6 Travelers Companies Inc. 216,939 6.7
7 USAA Insurance Group 121,816 3.7
8 Chubb Ltd. (2) 99,927 3.1
9 Farmers Insurance Group of Companies (2) 78,787 2.4
10 Donegal Insurance Group 64,935 2.0

(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 S&P Global Market Intelligence.

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 PENNSYLVANIA, 2014 (1)

Rank Group/company Premiums and annuity considerations ($000) Market share
1 MetLife Inc. $4,888,333 17.5%
2 Prudential Financial Inc. 2,249,174 8.1
3 New York Life Insurance Group 1,350,008 4.9
4 Jackson National Life Group 1,343,521 4.8
5 Lincoln National Corp. 1,225,520 4.4
6 TIAA-CREF 1,206,660 4.3
7 Voya Financial Inc. 1,042,670 3.7
8 AEGON 952,911 3.4
9 American International Group (AIG) 947,089 3.4
10 Manulife Financial Corp. 807,848 2.9

(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 Pennsylvania By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $1,577,153 20.1%
2 Erie Insurance Group 1,044,586 13.3
3 Allstate Corp. 941,294 12.0
4 Nationwide Mutual Group 774,044 9.9
5 Progressive Corp. 697,760 8.9
6 Berkshire Hathaway Inc. 548,793 7.0
7 Liberty Mutual 433,450 5.5
8 Travelers Companies Inc. 280,281 3.6
9 USAA Insurance Group 246,536 3.1
10 Farmers Insurance Group of Companies (2) 166,060 2.1

(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 S&P Global Market Intelligence.

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

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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