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 66,237 jobs in Virginia in 2014. The Virginia insurance industry accounted for about $4.7 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $6.2 billion to the Virginia gross state product (GSP) in 2013, accounting for 1.38 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Virginia totaled $460.0 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Virginia totaled $12.2 billion in 2014. 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 $635.5 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 Virginia as measured by direct property/casualty incurred losses, were $6.3 billion. Life insurance claims and benefits payouts in Virginia totaled $11.0 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.

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, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American International Group (AIG) $394,886 7.5%
2 Travelers Companies Inc. 355,628 6.8
3 Liberty Mutual 260,247 5.0
4 Nationwide Mutual Group 244,952 4.7
5 Zurich Insurance Group (2) 211,039 4.0
6 Hartford Financial Services 206,077 3.9
7 Erie Insurance Group 200,198 3.8
8 CNA Financial Corp. 162,686 3.1
9 ACE Ltd. 144,257 2.8
10 Chubb Corp. 140,446 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 SNL Financial.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $398,481 19.2%
2 USAA Insurance Group 314,840 15.2
3 Allstate Corp. 204,798 9.9
4 Travelers Companies Inc. 193,221 9.3
5 Nationwide Mutual Group 187,487 9.0
6 Liberty Mutual 118,642 5.7
7 Erie Insurance Group 114,467 5.5
8 Farmers Insurance Group of Companies (2) 53,528 2.6
9 VA Farm Bureau Federation 48,193 2.3
10 American Family Mutual 34,696 1.7

(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 SNL Financial.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN VIRGINIA, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Jackson National Life Group $698,518 5.8%
2 Prudential Financial Inc. 686,754 5.7
3 Lincoln National Corp. 679,280 5.7
4 New York Life Insurance Group 597,572 5.0
5 Massachusetts Mutual Life Ins. Co. 557,655 4.7
6 American International Group (AIG) 557,455 4.7
7 Manulife Financial Corp. 541,005 4.5
8 AEGON 522,603 4.4
9 Principal Financial Group Inc. 507,221 4.2
10 MetLife Inc. 464,207 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.

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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $809,251 17.1%
2 Berkshire Hathaway Inc. 767,028 16.2
3 USAA Insurance Group 601,933 12.7
4 Allstate Corp. 477,546 10.1
5 Nationwide Mutual Group 448,386 9.5
6 Progressive Corp. 392,186 8.3
7 Erie Insurance Group 166,298 3.5
8 Liberty Mutual 153,386 3.2
9 VA Farm Bureau Federation 107,803 2.3
10 Travelers Companies Inc. 88,592 1.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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