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 54,985 jobs in Washington in 2014. The Washington insurance industry accounted for about $4.0 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $5.9 billion to the Washington gross state product (GSP) in 2013, accounting for 1.48 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Washington totaled $467.4 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Washington totaled $10.1 billion in 2014. In addition, premiums written by life/health insurance companies totaled $11.5 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 $735.2 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 Washington as measured by direct property/casualty incurred losses, were $5.6 billion. Life insurance claims and benefits payouts in Washington totaled $8.6 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. In 2015 Washington ranked second in the nation for the number acres burned by wildfires, with 1,137,664 acres.

 

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN WASHINGTON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual  $469,324 11.0%
2 American International Group (AIG) 284,914 6.7
3 Travelers Companies Inc.  211,212 5.0
4 CNA Financial Corp.  161,109 3.8
5 Zurich Insurance Group  153,651 3.6
6 ACE Ltd.  150,152 3.5
7 Farmers Insurance Group of Cos. (2) 143,652 3.4
8 Tokio Marine Group  130,402 3.1
9 Nationwide Mutual Group  115,053 2.7
10 State Farm Mutual Automobile Insurance 102,262 2.4

(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 WASHINGTON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $269,030 17.7%
2 Liberty Mutual  205,599 13.5
3 Farmers Insurance Group of Companies (2) 201,882 13.3
4 Allstate Corp.  170,144 11.2
5 USAA Insurance Group  117,308 7.7
6 PEMCO Mutual Insurance Co. 92,059 6.1
7 American Family Insurance Group 57,416 3.8
8 Mutual of Enumclaw Insurance Holding  49,997 3.3
9 Hartford Financial Services  44,656 2.9
10 MetLife Inc.  40,880 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 LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN WASHINGTON, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $804,957 9.3%
2 New York Life Insurance Group 618,988 7.2
3 Lincoln National Corp. 430,154 5.0
4 AEGON 402,873 4.7
5 MetLife Inc. 391,816 4.5
6 Manulife Financial Corp. 343,089 4.0
7 Jackson National Life Group 331,719 3.8
8 American International Group (AIG) 327,924 3.8
9 Voya Financial Inc. 323,010 3.7
10 Allianz Group 292,535 3.4

(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 WASHINGTON BY DIRECT PREMIUMS WRITTEN, 2014 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $645,920 15.4%
2 Liberty Mutual 444,081 10.6
3 Allstate Corp. 436,311 10.4
4 Berkshire Hathaway Inc. 356,266 8.5
5 Progressive Corp. 352,135 8.4
6 Farmers Insurance Group of Companies (2) 344,572 8.2
7 USAA Insurance Group 322,703 7.7
8 PEMCO Mutual Insurance Co. 251,076 6.0
9 American Family Insurance Group 154,030 3.7
10 Hartford Financial Services 131,295 3.1

(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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