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 11,576 jobs in Rhode Island in 2013. The Rhode Island insurance industry accounted for about $897.3 million in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $2.0 billion to the Rhode Island gross state product (GSP) in 2012, accounting for 3.89 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Rhode Island totaled $94.9 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Rhode Island totaled $2 billion in 2013. In addition, premiums written by life/health insurance companies totaled $2.5 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 2013, 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 Rhode Island as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in Rhode Island totaled $1.7 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 RHODE ISLAND BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Beacon Mutual Insurance Co. $113,064 12.2%
2 Travelers Companies Inc. 59,702 6.4
3 Liberty Mutual 56,807 6.1
4 American International Group 51,922 5.6
5 Chubb Corp. 34,619 3.7
6 Nationwide Mutual Group 33,470 3.6
7 Zurich Insurance Group 32,057 3.5
8 CNA Financial Corp. 29,217 3.1
9 Hartford Financial Services 29,215 3.1
10 Allianz Group 26,463 2.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Allstate Corp. $50,274 14.8%
2 Amica Mutual Insurance Co. 48,677 14.3
3 Liberty Mutual 32,184 9.5
4 Nationwide Mutual Group 26,423 7.8
5 MetLife Inc. 19,352 5.7
6 USAA Insurance Group 18,142 5.3
7 NBIC Holdings Inc. 17,144 5.1
8 Andover Companies 13,425 4.0
9 Chubb Corp. 13,140 3.9
10 United P&C Insurance Co. 10,645 3.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc. $128,926 7.1%
2 Prudential Financial Inc. 113,382 6.2
3 Jackson National Life Group 107,884 5.9
4 TIAA-CREF 101,307 5.6
5 Massachusetts Mutual Life Insurance Co. 96,638 5.3
6 Manulife Financial Corp. 93,126 5.1
7 Guggenheim Capital LLC 92,487 5.1
8 Lincoln National Corp. 80,340 4.4
9 New York Life Insurance Group 79,436 4.4
10 AEGON 78,976 4.3

(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 RHODE ISLAND BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $120,461 16.7%
2 Allstate Corp. 92,862 12.8
3 Amica Mutual Insurance Co. 84,479 11.7
4 Berkshire Hathaway Inc. 82,393 11.4
5 MetLife Inc. 64,252 8.9
6 Liberty Mutual 57,306 7.9
7 Nationwide Mutual Group 50,651 7.0
8 USAA Insurance Group 35,279 4.9
9 MAPFRE 26,358 3.7
10 Travelers Companies Inc. 25,418 3.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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