Wisconsin Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE WISCONSIN ECONOMY

The insurance industry in Wisconsin 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 83,085 jobs in Wisconsin in 2012. The Wisconsin insurance industry accounted for about $5.5 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $12.2 billion to the Wisconsin gross state product (GSP) in 2011, accounting for 4.82 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Wisconsin totaled $176.7 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Wisconsin totaled $9.1 billion in 2013. In addition, premiums written by life/health insurance companies totaled $12.5 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 Wisconsin surplus lines market accounted for $268.2 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 Wisconsin as measured by direct property/casualty incurred losses, were $5.4 billion. Life insurance claims and benefits payouts in Wisconsin totaled $9.1 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 storm or wildfire. The state suffered damage from several of the most severe winter storms in the Midwest. It was also hit by 671 wildfires that burned 9,196 acres in 2013.

 

LEADING WRITERS

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN WISCONSIN BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $388,351 7.7%
2 West Bend Mutual Insurance Co. 287,412 5.7
3 American International Group 222,459 4.4
4 ACUITY 212,407 4.2
5 Zurich Insurance Group 188,309 3.7
6 Liberty Mutual 183,474 3.6
7 QBE Insurance Group Ltd. 159,354 3.2
8 ACE Ltd. 150,152 3.0
9 Sentry Insurance 144,228 2.9
10 CNA Financial Corp. 139,196 2.8

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN WISCONSIN BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Mutual $274,607 22.4%
2 State Farm Mutual Automobile Insurance 205,638 16.8
3 ACUITY 54,704 4.5
4 Farmers Insurance Group of Cos. 48,217 3.9
5 Allstate Corp. 47,487 3.9
6 Liberty Mutual 47,187 3.9
7 West Bend Mutual Insurance Co. 44,437 3.6
8 Auto-Owners Insurance Co. 43,737 3.6
9 Erie Insurance Group 32,175 2.6
10 USAA Insurance Group 29,493 2.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN WISCONSIN BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Northwestern Mutual Life Insurance Co. $629,736 7.0%
2 Prudential Financial Inc. 618,431 6.9
3 Jackson National Life Group 571,280 6.4
4 Lincoln National Corp. 446,041 5.0
5 AEGON 409,160 4.6
6 MetLife Inc. 385,761 4.3
7 Manulife Financial Corp. 369,026 4.1
8 Principal Financial Group Inc. 324,056 3.6
9 Pacific MHC 322,837 3.6
10 Voya Financial Inc. 300,805 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 WISCONSIN BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Mutual $518,471 20.4%
2 Progressive Corp. 405,739 16.0
3 State Farm Mutual Automobile Insurance 345,618 13.6
4 Berkshire Hathaway Inc. 99,126 3.9
5 Allstate Corp. 97,349 3.8
6 ACUITY 93,461 3.7
7 Farmers Insurance Group of Cos. 80,733 3.2
8 West Bend Mutual Insurance Co. 75,148 3.0
9 Liberty Mutual 66,099 2.6
10 Auto Club Insurance Association Group 49,143 1.9

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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