A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The Missouri Economy

The insurance industry in Missouri 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 68,013 jobs in Missouri in 2016. The Missouri insurance industry accounted for about $4.8 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $8.1 billion to the Missouri gross state product (GSP) in 2015, accounting for 2.78 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Missouri totaled $400.7 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Missouri totaled $11.0 billion in 2016. In addition, premiums written by life/health insurance companies totaled $14.8 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 Missouri surplus lines market accounted for $626.3 million in gross premiums written in 2016, 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 2016 these payments in Missouri as measured by direct property/casualty incurred losses, were $6.7 billion. Life insurance claims and benefits payouts in Missouri totaled $9.6 billion in 2016.

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. Missouri suffered extensive damage from a series of tornadoes that struck Joplin, Missouri, and other areas in May 2011. The Joplin tornadoes were the second costliest ever with $7.3 billion in insured losses (in 2016 dollars). In all, 158 deaths and 1,000 injuries were attributed to the Joplin tornado making it the deadliest single twister since 1950. The state is also vulnerable to wildfires and hailstorms.  The state ranked seventh in the nation for the number of wildfires in 2016, with 2,610 fires that burned 32,134 acres. The state also suffered devastating floods early in 2016.

Leading Writers

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

Top 10 Writers Of Commercial Insurance In Missouri By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. $400,535 7.6%
2 Travelers Companies Inc. 338,595 6.4
3 Liberty Mutual 245,214 4.6
4 MO Employers Mutual Insurance Co. 233,294 4.4
5 CNA Financial Corp. 220,031 4.2
6 Zurich Insurance Group (2) 207,499 3.9
7 American International Group (AIG) 159,535 3.0
8 American Financial Group Inc. 156,420 3.0
9 Nationwide Mutual Group 151,280 2.9
10 Old Republic International Corp. 120,342 2.3

(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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In Missouri By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $520,399 25.6%
2 American Family Insurance Group 311,343 15.3
3 Liberty Mutual 182,552 9.0
4 Farmers Insurance Group of Companies (2) 160,847 7.9
5 Shelter Insurance  101,994 5.0
6 USAA Insurance Group 90,771 4.5
7 Nationwide Mutual Group 87,942 4.3
8 Allstate Corp. 79,805 3.9
9 Auto Club Exchange Group 77,952 3.8
10 Travelers Companies Inc. 70,797 3.5

(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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Life Insurance And Annuity Considerations In Missouri, 2015 (1)

Rank Group/company Premiums and annuity considerations ($000) Market share
1 American International Group (AIG)   $1,273,551 11.2%
2 Berkshire Hathaway Inc.   1,149,179 10.1
3 New York Life Insurance Group   498,634 4.4
4 AEGON   465,286 4.1
5 Prudential Financial Inc.   447,620 3.9
6 Jackson National Life Group   444,197 3.9
7 MetLife Inc.   419,522 3.7
8 Massachusetts Mutual Life Insurance Co.   397,357 3.5
9 Dai-ichi Life Holdings Inc.   392,415 3.5
10 Principal Financial Group Inc.   374,945 3.3

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Private Passenger Auto Insurance In Missouri By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $937,742 24.1%
2 American Family Insurance Group 506,153 13.0
3 Progressive  370,336 9.5
4 Liberty Mutual 256,156 6.6
5 Berkshire Hathaway Inc. 253,457 6.5
6 Farmers Insurance Group of Companies (2) 219,419 5.6
7 Shelter Insurance  206,083 5.3
8 Allstate Corp. 163,137 4.2
9 USAA Insurance Group 154,615 4.0
10 Private Passenger Club Exchange Group 146,330 3.8

(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 S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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State By State Comparison Tables

Directories

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