Virginia Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE VIRGINIA ECONOMY

The insurance industry in Virginia 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 59,368 jobs in Virginia in 2012. The Virginia insurance industry accounted for about $4.1 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $5.7 billion to the Virginia gross state product (GSP) in 2012, accounting for 1.29 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Virginia totaled $392.4 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Virginia totaled $11.8 billion in 2013. In addition, premiums written by life/health insurance companies totaled $15.9 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 Virginia surplus lines market accounted for $570.8 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 Virginia as measured by direct property/casualty incurred losses, were $5.7 billion. Life insurance claims and benefits payouts in Virginia totaled $10.4 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. The insured value of properties in coastal areas of Virginia totaled $176.7 billion in 2012, according to an analysis by AIR Worldwide, accounting for 10 percent of the state’s total insured property exposure.

LEADING WRITERS

 

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

Rank Group/company Direct premiums written ($000) Market share
1 American International Group $389,088 7.7%
2 Travelers Companies Inc. 365,056 7.2
3 Liberty Mutual 269,036 5.3
4 Nationwide Mutual Group 231,731 4.6
5 Zurich Insurance Group 222,649 4.4
6 Hartford Financial Services 207,954 4.1
7 Erie Insurance Group 177,278 3.5
8 CNA Financial Corp. 160,869 3.2
9 ACE Ltd. 143,160 2.8
10 Chubb Corp. 139,677 2.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $396,300 20.5%
2 USAA Insurance Group 290,200 15.0
3 Allstate Corp. 203,258 10.5
4 Travelers Companies Inc. 197,716 10.2
5 Nationwide Mutual Group 181,503 9.4
6 Liberty Mutual 105,410 5.5
7 Erie Insurance Group 102,761 5.3
8 Farmers Insurance Group of Cos. 53,371 2.8
9 VA Farm Bureau Federation 48,068 2.5
10 Chubb Corp. 32,146 1.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln National Corp. $748,319 6.2%
2 Prudential Financial Inc. 720,740 6.0
3 Jackson National Life Group 654,402 5.5
4 New York Life Insurance Group 608,981 5.1
5 Massachusetts Mutual Life Insurance Co. 594,500 5.0
6 MetLife Inc. 588,317 4.9
7 Manulife Financial Corp. 583,915 4.9
8 American International Group 561,219 4.7
9 AEGON 507,288 4.2
10 Principal Financial Group Inc. 474,452 4.0

(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 VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $759,882 16.8%
2 Berkshire Hathaway Inc. 732,731 16.2
3 USAA Insurance Group 576,662 12.8
4 Allstate Corp. 459,535 10.2
5 Nationwide Mutual Group 439,835 9.7
6 Progressive Corp. 384,024 8.5
7 Erie Insurance Group 157,420 3.5
8 Liberty Mutual 147,223 3.3
9 VA Farm Bureau Federation 108,343 2.4
10 Travelers Companies Inc. 85,236 1.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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