Rhode Island Firm Foundation
KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE RHODE ISLAND ECONOMY
The insurance industry in Rhode Island 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.
U.S. Department of Commerce data show the insurance industry provided 11,860 jobs in Rhode Island in 2014. The Rhode Island insurance industry accounted for about $952 million in compensation in 2014.
GROSS STATE PRODUCT
The insurance industry contributed $2.19 billion to the Rhode Island gross state product (GSP) in 2013, accounting for 4.12 percent of the state GSP.
Premium taxes paid by insurance companies in Rhode Island totaled $85.8 million in 2014.
Direct premiums written by property/casualty insurance companies in Rhode Island totaled $2.1 billion in 2014. In addition, premiums written by life/health insurance companies totaled $2.7 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
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 Rhode Island surplus lines market accounted for $21.9 million in gross premiums written in 2014, according to a survey by Business Insurance.
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 Rhode Island as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in Rhode Island totaled $1.8 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 OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN RHODE ISLAND, 2014 (1)
STATE BY STATE COMPARISON TABLES
- Surplus Lines
- Gross State Product
- State Taxes
- Insurance Companies By State
- Catastrophes By State
- Residual Markets
- Captives By State
- Incurred Losses By State
- Insured Cars By State
- Insured Homes By State
- Businesses By State