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 55,526 jobs in Washington in 2015. The Washington insurance industry accounted for about $4.2 billion in compensation in 2015.

GROSS STATE PRODUCT

The insurance industry contributed $6.5 billion to the Washington gross state product (GSP) in 2014, accounting for 1.54 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Washington totaled $556.0 million in 2015.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Washington totaled $10.6 billion in 2015. In addition, premiums written by life/health insurance companies totaled $11.8 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 $763.2 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 Washington as measured by direct property/casualty incurred losses, were $6.4 billion. Life insurance claims and benefits payouts in Washington totaled $8.3 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. In 2016 Washington ranked eighth in the nation for the number acres burned by wildfires, with 293,717 acres.

 

LEADING WRITERS

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $487,536 11.0%
2 American International Group (AIG) 282,657 6.4
3 Chubb Ltd. (2) 237,467 5.3
4 Travelers Companies Inc. 207,480 4.7
5 Zurich Insurance Group 176,557 4.0
6 National General Holdings Corp. 171,424 3.9
7 Farmers Insurance Group of Companies (3) 150,660 3.4
8 Mutual of Enumclaw Insurance Holding 135,189 3.0
9 Nationwide Mutual Group 121,697 2.7
10 W. R. Berkley Corp. 105,670 2.4

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) 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 Homeowners Insurance In Washington By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $287,344 18.1%
2 Liberty Mutual 209,048 13.2
3 Farmers Insurance Group of Companies (2) 207,898 13.1
4 Allstate Corp. 170,594 10.8
5 USAA Insurance Group 124,309 7.8
6 National General Holdings Corp. 98,447 6.2
7 American Family Insurance Group 66,375 4.2
8 Mutual of Enumclaw Insurance Holding 52,652 3.3
9 Hartford Financial Services 44,441 2.8
10 MetLife Inc. 41,589 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.

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 Washington, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $755,576 8.5%
2 New York Life Insurance Group   568,596 6.4
3 MetLife Inc.   439,528 5.0
4 Massachusetts Mutual Life Insurance Co. 399,639 4.5
5 Lincoln National Corp.   388,918 4.4
6 AEGON   357,183 4.0
7 Jackson National Life Group   353,257 4.0
8 Manulife Financial Corp.   343,323 3.9
9 American International Group (AIG)   338,426 3.8
10 TIAA   292,721 3.3

(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 Washington By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $708,574 16.0%
2 Liberty Mutual 484,714 10.9
3 Allstate Corp. 453,001 10.2
4 Berkshire Hathaway Inc. 414,734 9.4
5 Progressive Corp. 352,447 8.0
6 National General Holdings Corp. 348,601 7.9
7 USAA Insurance Group 342,281 7.7
8 Mutual of Enumclaw Insurance Holding 257,651 5.8
9 American Family Insurance Group 158,736 3.6
10 Hartford Financial Services 128,270 2.9

(1) Before reinsurance transactions.

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

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