South Carolina Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE SOUTH CAROLINA ECONOMY

The insurance industry in South Carolina 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.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 41,933 jobs in South Carolina in 2015. The South Carolina insurance industry accounted for about $2.4 billion in compensation in 2015.

GROSS STATE PRODUCT

The insurance industry contributed $3.9 billion to the South Carolina gross state product (GSP) in 2014, accounting for 2.05 percent of the state GSP.

TAXES

All insurance companies pay a state tax based on their premiums. Other payments are made to states for licenses and fees, income and property taxes, sales and use taxes, unemployment compensation taxes and franchise taxes. Premium taxes paid by insurance companies in South Carolina totaled $248.4 million in 2015.

PREMIUMS

Direct premiums written by property/casualty insurance companies in South Carolina totaled $8.3 billion in 2015. In addition, premiums written by life/health insurance companies totaled $8.5 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 South Carolina surplus lines market accounted for $622.9 million in gross premiums written in 2015, 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 2015 these payments in South Carolina as measured by direct property/casualty incurred losses, were $5.1 billion. Life insurance claims and benefits payouts in South Carolina totaled $5.8 billion in 2015, 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.

CATASTROPHES

The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane or storm or wildfire. Three of the costliest hurricanes to hit the United States, based on insured property losses, caused damage in South Carolina, including 1989’s Hurricane Hugo and 2004’s Hurricane Charley and Hurricane Frances. In 2015 and 2016 South Carolina experienced devastating rainfall-induced flooding. 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $176,813 5.3%
2 Liberty Mutual 175,799 5.2
3 American International Group (AIG) 169,894 5.1
4 Zurich Insurance Group (2) 165,059 4.9
5 Chubb Ltd. (3) 149,538 4.5
6 Nationwide Mutual Group 133,530 4.0
7 Hartford Financial Services 130,817 3.9
8 Auto-Owners Insurance Co. 113,041 3.4
9 W. R. Berkley Corp. 96,000 2.9
10 Berkshire Hathaway Inc. 88,033 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.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $373,069 23.3%
2 Allstate Corp. 173,007 10.8
3 USAA Insurance Group 123,647 7.7
4 Nationwide Mutual Group 89,219 5.6
5 Travelers Companies Inc. 87,751 5.5
6 Liberty Mutual 74,843 4.7
7 SC Farm Bureau Federation 64,751 4.0
8 Farmers Insurance Group of Companies (2) 49,070 3.1
9 United Insurance Holdings 46,107 2.9
10 Auto-Owners Insurance Co. 42,733 2.7

(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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Top 10 Writers Of Life Insurance And Annuity Considerations In South Carolina, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $512,003 7.8%
2 Jackson National Life Group   397,018 6.1
3 Lincoln National Corp.   384,436 5.9
4 American International Group (AIG)   306,043 4.7
5 AEGON   285,098 4.4
6 New York Life Insurance Group   284,170 4.4
7 MetLife Inc.   266,673 4.1
8 Allianz Group   212,520 3.3
9 Massachusetts Mutual Life Insurance Co.   203,332 3.1
10 Manulife Financial Corp.   178,565 2.7

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

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

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $807,609 24.7%
2 Allstate Corp. 460,064 14.0
3 Berkshire Hathaway Inc. 356,546 10.9
4 Nationwide Mutual Group 292,607 8.9
5 USAA Insurance Group 268,700 8.2
6 Progressive Corp. 219,417 6.7
7 Liberty Mutual 152,552 4.7
8 Travelers Companies Inc. 120,896 3.7
9 SC Farm Bureau Federation 96,391 2.9
10 Auto-Owners Insurance Co. 52,297 1.6

(1) Before reinsurance transactions.

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

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