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 12,129 jobs in West Virginia in 2012. The West Virginia insurance industry accounted for about $543.6 million in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $1.1 billion to the West Virginia gross state product (GSP) in 2012, accounting for 1.59 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in West Virginia totaled $151.1 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in West Virginia totaled $2.8 billion in 2013. In addition, premiums written by life/health insurance companies totaled $2.6 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 $82.3 million in gross premiums written in 2012, 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 West Virginia as measured by direct property/casualty incurred losses, were $1.3 billion. Life insurance claims and benefits payouts in West Virginia totaled $2.0 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 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, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 BrickStreet Mutual Insurance Co. $176,273 14.2%
2 Travelers Companies Inc. 125,424 10.1
3 American International Group 64,890 5.2
4 Erie Insurance Group 59,652 4.8
5 Nationwide Mutual Group 54,835 4.4
6 Zurich Insurance Group 52,594 4.3
7 Westfield Group 49,766 4.0
8 Liberty Mutual 41,498 3.4
9 Cincinnati Financial Corp. 30,224 2.4
10 State Auto Insurance Companies 29,158 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, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $98,215 24.7%
2 Erie Insurance Group 61,392 15.4
3 Nationwide Mutual Group 53,958 13.6
4 Allstate Corp. 36,200 9.1
5 Liberty Mutual 21,911 5.5
6 Westfield Group 16,993 4.3
7 USAA Insurance Group 15,350 3.9
8 Farmers & Mechanics Mutual Insurance Co. of West Virginia 10,527 2.7
9 State Auto Insurance Companies 10,244 2.6
10 West Virginia Insurance Co. 7,902 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 BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $124,447 6.3%
2 MetLife Inc. 113,909 5.8
3 Jackson National Life Group 109,284 5.5
4 TIAA-CREF 104,149 5.3
5 American International Group 94,451 4.8
6 Northwestern Mutual Life Insurance Co. 90,492 4.6
7 Hartford Financial Services 81,160 4.1
8 New York Life Insurance Group 71,273 3.6
9 Manulife Financial Corp. 67,303 3.4
10 Lincoln National Corp. 66,826 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 WEST VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $303,227 26.2%
2 Nationwide Mutual Group 184,008 15.9
3 Erie Insurance Group 142,976 12.4
4 Allstate Corp. 88,202 7.6
5 Berkshire Hathaway Inc. 84,754 7.3
6 Progressive Corp. 54,873 4.8
7 Liberty Mutual 51,373 4.4
8 Hartford Financial Services 42,947 3.7
9 USAA Insurance Group 37,346 3.2
10 Westfield Group 31,620 2.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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