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 $2.1 billion to the Rhode Island gross state product (GSP) in 2013, accounting for 3.97 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

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Beacon Mutual Insurance Co. $130,117 12.6%
2 Liberty Mutual 56,400 5.5
3 Travelers Companies Inc. 56,129 5.4
4 Zurich Insurance Group (3) 55,636 5.4
5 American International Group (AIG) 52,280 5.1
6 Chubb Ltd. (2) 50,549 4.9
7 Nationwide Mutual Group 39,564 3.8
8 Hartford Financial Services 32,007 3.1
9 Allianz Group 29,494 2.9
10 CNA Financial Corp. 27,003 2.6

(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.
(3) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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

View Archived Tables

 

 

Top 10 Writers Of Homeowners Insurance In Rhode Island By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Amica Mutual Insurance Co. $52,835 14.3%
2 Allstate Corp. 51,377 13.9
3 Liberty Mutual 33,384 9.0
4 Nationwide Mutual Group 26,532 7.2
5 USAA Insurance Group 21,625 5.8
6 United Insurance Holdings 20,825 5.6
7 MetLife Inc. 19,411 5.2
8 NBIC Holdings Inc. 16,637 4.5
9 Andover Companies 16,320 4.4
10 Chubb Ltd. (2) 14,963 4.0

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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

View Archived Tables

 

 

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.

View Archived Tables

 

 

Top 10 Writers Of Private Passenger Auto Insurance In Rhode Island By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $149,404 18.6%
2 Allstate Corp. 101,571 12.6
3 Berkshire Hathaway Inc. 94,806 11.8
4 Amica Mutual Insurance Co. 91,818 11.4
5 Liberty Mutual 62,937 7.8
6 MetLife Inc. 61,552 7.6
7 Nationwide Mutual Group 50,366 6.3
8 USAA Insurance Group 45,070 5.6
9 MAPFRE 33,294 4.1
10 Travelers Companies Inc. 22,439 2.8

(1) Before reinsurance transactions.

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

View Archived Tables

STATE BY STATE COMPARISON TABLES

DIRECTORIES

CREATE YOUR OWN BOOK

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Rhode Island data only