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.

EMPLOYMENT

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.

TAXES

Premium taxes paid by insurance companies in Rhode Island totaled $85.8 million in 2014.

PREMIUMS

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).

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 Rhode Island surplus lines market accounted for $21.9 million 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 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

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN RHODE ISLAND BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Beacon Mutual Insurance Co. $124,954 12.7%
2 Travelers Companies Inc. 55,107 5.6
3 American International Group (AIG) 53,134 5.4
4 Liberty Mutual 50,274 5.1
5 Zurich Insurance Group (2) 38,168 3.9
6 Nationwide Mutual Group 36,145 3.7
7 Chubb Corp. 32,799 3.3
8 Allianz Group 30,075 3.1
9 Hartford Financial Services 29,309 3.0
10 CNA Financial Corp. 27,827 2.8

(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 SNL Financial.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN RHODE ISLAND BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Allstate Corp. $50,635 14.3%
2 Amica Mutual Insurance Co. 48,483 13.7
3 Liberty Mutual 33,072 9.4
4 Nationwide Mutual Group 26,590 7.5
5 USAA Insurance Group 19,690 5.6
6 MetLife Inc. 19,342 5.5
7 United Insurance Holdings 16,320 4.6
8 NBIC Holdings Inc. 16,157 4.6
9 Andover Companies 15,119 4.3
10 Chubb Corp. 12,966 3.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN RHODE ISLAND, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Jackson National Life Group $144,371 7.3%
2 Massachusetts Mutual Life Ins. Co. 137,775 6.92
3 Voya Financial Inc. 126,603 6.4
4 Prudential Financial Inc. 112,626 5.7
5 New York Life Insurance Group 107,369 5.4
6 Delaware Life Partners LLC 102,681 5.2
7 AEGON 96,507 4.9
8 MetLife Inc. 93,772 4.7
9 Manulife Financial Corp. 83,118 4.2
10 TIAA-CREF 78,436 3.9

(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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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN RHODE ISLAND BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $134,626 17.7%
2 Allstate Corp. 95,991 12.6
3 Berkshire Hathaway Inc. 88,863 11.7
4 Amica Mutual Insurance Co. 87,571 11.5
5 MetLife Inc. 64,094 8.4
6 Liberty Mutual 60,661 8.0
7 Nationwide Mutual Group 49,849 6.6
8 USAA Insurance Group 39,104 5.2
9 MAPFRE 28,001 3.7
10 Travelers Companies Inc. 23,623 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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