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 71,955 jobs in Missouri in 2018. The Missouri insurance industry accounted for about $5.6 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $9.7 billion to the Missouri gross state product (GSP) in 2017, accounting for 3.17 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Missouri totaled $445.8 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Missouri totaled $11.6 billion in 2019. Premiums written by life/annuity insurance companies totaled $15.9 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 $679.9 million in gross premiums written in 2018, 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 2019 these payments in Missouri as measured by direct property/casualty incurred losses, were $7.6 billion. Life insurance claims and benefits payouts in Missouri totaled $12.8 billion in 2019.

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 $7.9 billion in insured losses (in 2019 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, hailstorms and floods.

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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb $388,970 6.7%
2 Travelers Companies Inc. 370,492 6.4
3 Missouri Employers Mutual Insurance Co. 237,214 4.1
4 CNA 233,888 4.0
5 Liberty Mutual 229,819 4.0
6 Zurich 206,386 3.6
7 American International Group (AIG) 161,362 2.8
8 Nationwide Mutual Group 157,519 2.7
9 Great American Insurance 157,410 2.7
10 Hartford Financial Services 146,332 2.5

(1) Before reinsurance transactions.

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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $559,935 25.0%
2 American Family Insurance Group 346,909 15.5
3 Liberty Mutual 178,618 8.0
4 Farmers Insurance Group 160,716 7.2
5 Shelter Insurance 112,009 5.0
6 USAA Insurance Group 111,974 5.0
7 Allstate Corp. 93,106 4.2
8 Travelers Companies Inc. 90,545 4.0
9 Nationwide Mutual Group 86,423 3.9
10 Auto Club Exchange Group 81,640 3.6

(1) Before reinsurance transactions.

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

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Top 10 Writers Of Life Insurance/Annuities In Missouri By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 AIG   $1,080,782 9.8%
2 Berkshire Hathaway Inc.   981,994 8.9
3 Prudential Financial Inc.   534,753 4.8
4 Transamerica   497,084 4.5
5 Lincoln Financial   463,978 4.2
6 New York Life   412,629 3.7
7 Global Atlantic   330,910 3.0
8 Principal Financial Group Inc.   325,836 3.0
9 Jackson   322,378 2.9
10 Pacific Life   310,443 2.8

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

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

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Top 10 Writers Of Private Passenger Auto Insurance In Missouri By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $884,376 20.7%
2 American Family Insurance 534,824 12.5
3 Progressive 527,657 12.4
4 Berkshire Hathaway Inc. 330,919 7.8
5 Liberty Mutual 247,027 5.8
6 Shelter Insurance 230,373 5.4
7 Farmers Insurance 212,899 5.0
8 Allstate Corp 197,426 4.6
9 USAA 187,828 4.4
10 Auto Club Exchange 167,130 3.9

(1) Before reinsurance transactions.

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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