A Firm Foundation: How Insurance Supports the Economy

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 81,952 jobs in Wisconsin in 2017. The Wisconsin insurance industry accounted for about $6.3 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $18.1 billion to the Wisconsin gross state product (GSP) in 2016, accounting for 5.81 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Wisconsin totaled $202.4 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Wisconsin totaled $10.6 billion in 2017. Premiums written by life/annuity insurance companies totaled $12.8 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 Wisconsin surplus lines market accounted for $368.6 million in gross premiums written in 2017, 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 2017 these payments in Wisconsin as measured by direct property/casualty incurred losses, were $5.7 billion. Life insurance claims and benefits payouts in Wisconsin totaled $10.4 billion in 2017.

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. Wisconsin suffered damage from six of the fifteen most severe winter storms in the United States.

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 Wisconsin By Direct Premiums Written, 2018

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers  $393,351 6.8%
2 West Bend Mutual Insurance Co. 345,679 6.0
3 Chubb  298,626 5.2
4 Zurich  286,954 5.0
5 ACUITY A Mutual Insurance Co. 244,208 4.2
6 American International Group (AIG)  197,899 3.4
7 CNA  168,194 2.9
8 Liberty Mutual  167,512 2.9
9 Sentry  160,503 2.8
10 SECURA Insurance Companies  142,800 2.5

(1) Before reinsurance transactions.

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

View Archived Tables

TTop 10 Writers Of Homeowners Insurance In Wisconsin By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Insurance Group $316,397 21.3%
2 State Farm 244,183 16.4
3 ACUITY 70,276 4.7
4 Erie Insurance Group 66,225 4.5
5 West Bend Mutual Insurance Co. 62,892 4.2
6 Allstate Corp. 62,665 4.2
7 Auto-Owners Insurance Co. 59,625 4.0
8 Liberty Mutual 58,122 3.9
9 Farmers Insurance Group  48,273 3.3
10 USAA Insurance Group 44,160 3.0

(1) Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Life Insurance/Annuities In Wisconsin By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Northwestern Mutual Life Insurance Co.  $753,933 7.6%
2 Prudential Financial Inc.  753,211 7.6
3 Lincoln National Corp.  581,672 5.9
4 Principal Financial Group Inc.  474,258 4.8
5 Jackson National Life Group  426,092 4.3
6 John Hancock Life Insurance Co. 357,566 3.6
7 Pacific Life 323,468 3.3
8 Voya Financial Inc.  306,462 3.1
9 Transamerica 277,948 2.8
10 Massachusetts Mutual Life Insurance Co.  267,976 2.7

(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.

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Wisconsin By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Insurance Group $604,048 18.6%
2 Progressive 592,563 18.2
3 State Farm 470,805 14.5
4 Berkshire Hathaway Inc. 154,568 4.8
5 Allstate Corp. 148,447 4.6
6 Erie Insurance Group 112,356 3.5
7 ACUITY 111,057 3.4
8 West Bend Mutual Insurance Co. 97,439 3.0
9 USAA Insurance Group 80,473 2.5
10 Liberty Mutual 78,874 2.4

(1) Before reinsurance transactions.

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

View Archived Tables

State By State Comparison Tables

Directories

Create Your Own Book

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Wisconsin data only