West Virginia Firm Foundation

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

The insurance industry in West 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 11,425 jobs in West Virginia in 2014. The West Virginia insurance industry accounted for about $543.7 million in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $1.1 billion to the West Virginia gross state product (GSP) in 2013, accounting for 1.58 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in West Virginia totaled $155.0 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in West Virginia totaled $2.9 billion in 2014. In addition, premiums written by life/health insurance companies totaled $2.7 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 West Virginia surplus lines market accounted for $86.0 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 West Virginia as measured by direct property/casualty incurred losses, were $1.3 billion. Life insurance claims and benefits payouts in West Virginia totaled $2.1 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 2013 there were 557 wildfires in West Virginia that burned 8,577 acres.

LEADING WRITERS

 

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

Rank Group/company Direct premiums written ($000) Market share
1 BrickStreet Mutual Insurance Co.  $156,291 12.6%
2 Travelers Companies Inc.  126,419 10.2
3 American International Group (AIG) 66,665 5.4
4 Erie Insurance Group  63,465 5.1
5 Nationwide Mutual Group  56,722 4.6
6 Zurich Insurance Group  53,239 4.3
7 Westfield Group  49,595 4.0
8 Liberty Mutual  39,667 3.2
9 Cincinnati Financial Corp.  32,496 2.6
10 CNA Financial Corp.  29,805 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $100,051 24.2%
2 Erie Insurance Group  69,759 16.8
3 Nationwide Mutual Group  53,216 12.9
4 Allstate Corp.  35,588 8.6
5 Liberty Mutual  23,743 5.7
6 USAA Insurance Group  17,184 4.2
7 Westfield Group  16,966 4.1
8 Farmers & Mechanics Mutual Insurance Co. of West Virginia  11,151 2.7
9 State Auto Insurance Companies  10,086 2.4
10 Hartford Financial Services  8,340 2.0

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $118,344 5.7%
2 TIAA-CREF 104,907 5.0
3 Jackson National Life Group 100,050 4.8
4 MetLife Inc. 98,158 4.7
5 American International Group (AIG) 98,090 4.7
6 Global Atlantic Financial Group 90,038 4.3
7 New York Life Insurance Group 88,981 4.3
8 Northwestern Mutual Life Ins. Co. 85,757 4.1
9 Lincoln National Corp. 75,933 3.6
10 Manulife Financial Corp. 71,977 3.5

(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 WEST VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2014 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $311,675 26.6%
2 Nationwide Mutual Group 172,668 14.7
3 Erie Insurance Group 151,950 13.0
4 Berkshire Hathaway Inc. 94,417 8.0
5 Allstate Corp. 90,791 7.7
6 Progressive Corp. 58,341 5.0
7 Liberty Mutual& 51,988 4.4
8 Hartford Financial Services 42,885 3.7
9 USAA Insurance Group 39,329 3.4
10 Westfield Group 31,217 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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