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 $2.7 billion in 2012. In addition, premiums written by life/health insurance companies totaled $3.5 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 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 2012 these payments in West Virginia as measured by direct property/casualty incurred losses, were $1.6 billion. Life insurance claims and benefits payouts in West Virginia totaled $1.8 billion in 2012. 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 PRIVATE PASSENGER AUTO INSURANCE IN WEST VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2012

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $297,419 26.2%
2 Nationwide Mutual Group 194,369 17.2
3 Erie Insurance Group 131,951 11.6
4 Allstate Corp. 87,894 7.8
5 Berkshire Hathaway Inc. 75,848 6.7
6 Progressive Corp. 49,571 4.4
7 Liberty Mutual 48,074 4.2
8 Hartford Financial Services 44,554 3.9
9 USAA Insurance Group 33,682 3.0
10 Westfield Group 32,482 2.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF COMMERCIAL INSURANCE IN WEST VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 BrickStreet Mutual Insurance Co. LLC  $187,435 15.1%
2 Travelers Companies Inc.  123,956 10.0
3 American International Group  78,756 6.4
4 Erie Insurance Group  56,603 4.6
5 Zurich Insurance Group Ltd.  53,182 4.3
6 Westfield Group  51,239 4.1
7 Nationwide Mutual Group  48,299 3.9
8 Liberty Mutual  44,608 3.6
9 West Virginia Mutual Insurance Co. 28,587 2.3
10 Cincinnati Financial Corp.  27,682 2.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN WEST VIRGINIA BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $92,729 24.9%
2 Erie Insurance Group 54,100 14.5
3 Nationwide Mutual Group 51,444 13.8
4 Allstate Corp. 33,965 9.1
5 Liberty Mutual 18,843 5.1
6 Westfield Group 16,856 4.5
7 USAA Insurance Group 12,910 3.5
8 Farmers & Mechanics Mutual Insurance WV 10,168 2.7
9 State Auto Insurance Companies 9,949 2.7
10 Municipal Mutual Insurance Co. of WV 8,711 2.3

(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, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $296,314 13.5%
2 MetLife Inc. 223,415 10.2
3 American International Group 102,455 4.7
4 Hartford Financial Services 102,042 4.7
5 TIAA-CREF 98,782 4.5
6 Jackson National Life Group 87,859 4.0
7 Northwestern Mutual Life Insurance Co. 87,263 4.0
8 Lincoln National Corp. 70,080 3.2
9 Manulife Financial Corp. 68,251 3.1
10 New York Life Insurance Group 65,320 3.0

(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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