Washington Firm Foundation

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

The insurance industry in Washington State 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 52,121 jobs in Washington in 2013. The Washington insurance industry accounted for about $3.8 billion in compensation in 2013.

GROSS STATE PRODUCT

The insurance industry contributed $5.8 billion to the Washington State gross state product (GSP) in 2012, accounting for 1.49 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Washington State totaled $436.1 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Washington totaled $9.7 billion in 2013. In addition, premiums written by life/health insurance companies totaled $10.8 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 Washington surplus lines market accounted for $684.8 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 Washington as measured by direct property/casualty incurred losses, were $5 billion. Life insurance claims and benefits payouts in Washington totaled $8.3 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. In 2013 Washington ranked seventh in the nation for the number of wildfires, with 1,527 fires that burned 152,603 acres.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $448,544 11.0%
2 American International Group 291,490 7.2
3 Travelers Companies Inc. 212,060 5.2
4 CNA Financial Corp. 160,617 4.0
5 ACE Ltd. 148,081 3.6
6 Zurich Insurance Group 147,250 3.6
7 Farmers Insurance Group of Cos. 136,454 3.4
8 FM Global 105,285 2.6
9 Nationwide Mutual Group 104,817 2.6
10 QBE Insurance Group Ltd. 102,906 2.5

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $268,495 18.3%
2 Farmers Insurance Group of Cos. 201,633 13.7
3 Liberty Mutual 185,891 12.7
4 Allstate Corp. 167,561 11.4
5 USAA Insurance Group 112,167 7.6
6 PEMCO Mutual Insurance Co. 86,916 5.9
7 American Family Mutual 50,810 3.5
8 Mutual of Enumclaw Insurance Co. 47,739 3.3
9 Hartford Financial Services 45,021 3.1
10 MetLife Inc. 39,174 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $714,195 8.9%
2 New York Life Insurance Group 525,838 6.5
3 MetLife Inc. 498,237 6.2
4 Lincoln National Corp. 482,822 6.0
5 AEGON 349,804 4.3
6 American International Group 336,392 4.2
7 Manulife Financial Corp. 330,198 4.1
8 Jackson National Life Group 311,166 3.9
9 TIAA-CREF 310,621 3.9
10 Principal Financial Group Inc. 271,725 3.4

(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 WASHINGTON STATE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $609,784 15.3%
2 Allstate Corp. 408,658 10.2
3 Liberty Mutual 402,417 10.1
4 Farmers Insurance Group of Cos. 353,142 8.8
5 Progressive Corp. 342,488 8.6
6 Berkshire Hathaway Inc. 317,719 8.0
7 USAA Insurance Group 305,062 7.6
8 PEMCO Mutual Insurance Co. 241,118 6.0
9 American Family Mutual 142,495 3.6
10 Hartford Financial Services 132,486 3.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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