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 41,408 jobs in South Carolina in 2012. The South Carolina insurance industry accounted for about $2.2 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $3.7 billion to the South Carolina gross state product (GSP) in 2012, 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 $150.2 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in South Carolina totaled $7.5 billion in 2013. In addition, premiums written by life/health insurance companies totaled $7.8 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 $463.4 million in gross premiums written in 2012, 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 South Carolina as measured by direct property/casualty incurred losses, were $3.6 billion. Life insurance claims and benefits payouts in South Carolina totaled $5.5 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.

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 U.S., based on insured property losses, caused damage in South Carolina, including 1989’s Hurricane Hugo and 2004’s Hurricane Charley and Hurricane Frances. South Carolina ranked ninth in the nation for the number of wildfires, with 1,337 wildfires. These fires burned 7,082 acres.

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN SOUTH CAROLINA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $192,897 6.2%
2 American International Group 191,308 6.2
3 Travelers Companies Inc. 191,018 6.1
4 Hartford Financial Services 131,223 4.2
5 Zurich Insurance Group 127,772 4.1
6 Nationwide Mutual Group 124,129 4.0
7 Auto-Owners Insurance Co. 105,850 3.4
8 ACE Ltd. 91,538 2.9
9 CNA Financial Corp. 77,768 2.5
10 American Financial Group Inc. 73,489 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN SOUTH CAROLINA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $349,011 23.8%
2 Allstate Corp. 161,093 11.0
3 USAA Insurance Group 107,726 7.4
4 Nationwide Mutual Group 90,965 6.2
5 Travelers Companies Inc. 86,148 5.9
6 SC Farm Bureau Federation 70,208 4.8
7 Liberty Mutual 68,389 4.7
8 Farmers Insurance Group of Cos. 48,701 3.3
9 American International Group 41,394 2.8
10 Auto-Owners Insurance Co. 41,187 2.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Jackson National Life Group $417,810 7.1%
2 MetLife Inc. 374,813 6.3
3 Lincoln National Corp. 358,643 6.1
4 Prudential Financial Inc. 328,562 5.6
5 American International Group 267,817 4.5
6 Guggenheim Capital LLC 265,056 4.5
7 New York Life Insurance Group 236,794 4.0
8 Great-West Insurance Group 201,872 3.4
9 Allianz Group 189,071 3.2
10 AEGON 183,926 3.1

(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 SOUTH CAROLINA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $695,728 24.4%
2 Allstate Corp. 413,083 14.5
3 Berkshire Hathaway Inc. 279,149 9.8
4 Nationwide Mutual Group 275,061 9.7
5 USAA Insurance Group 218,042 7.7
6 Progressive Corp. 186,888 6.6
7 Liberty Mutual 126,963 4.5
8 SC Farm Bureau Federation 113,626 4.0
9 Travelers Companies Inc. 95,772 3.4
10 Auto-Owners Insurance Co. 48,427 1.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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