A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Connecticut 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 68,376 jobs in Connecticut in 2016. The Connecticut insurance industry accounted for about $8.8 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $17.6 billion to the Connecticut gross state product (GSP) in 2015, accounting for 6.88 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Connecticut totaled $208.9 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Connecticut totaled $8.4 billion in 2016. In addition, premiums written by life/health insurance companies totaled $19.5 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 Connecticut surplus lines market accounted for $552.3 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 Connecticut as measured by direct property/casualty incurred losses, were $4.4 billion. Life insurance claims and benefits payouts in Connecticut totaled $15.6 billion 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 Connecticut By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. $365,107 8.8%
2 Travelers Companies Inc. 315,965 7.6
3 Liberty Mutual 261,605 6.3
4 Hartford Financial Services 258,473 6.2
5 American International Group (AIG) 189,880 4.6
6 Zurich Insurance Group (2) 167,518 4.0
7 CNA Financial Corp. 162,614 3.9
8 W. R. Berkley Corp. 145,009 3.5
9 Berkshire Hathaway Inc. 129,790 3.1
10 Tokio Marine Group 115,666 2.8

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

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $166,885 11.2%
2 Chubb Ltd. 161,224 10.9
3 Travelers Companies Inc. 128,600 8.7
4 Allstate Corp. 88,951 6.0
5 State Farm  83,135 5.6
6 USAA Insurance Group 76,212 5.1
7 Amica Mutual Insurance Co. 72,435 4.9
8 Nationwide Mutual Group 63,587 4.3
9 Hartford Financial Services 56,324 3.8
10 MAPFRE 51,482 3.5

(1) Before reinsurance transactions.

Source: NAIC data, sourced from SP Global Market Intelligence, Insurance Information Institute.

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

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $7,562,365 43.8%
2 MetLife Inc.   1,116,184 6.5
3 Voya Financial Inc.   711,014 4.1
4 Nationwide Mutual Group   590,235 3.4
5 Aetna Inc.   539,025 3.1
6 Massachusetts Mutual Life Insurance Co.   531,202 3.1
7 Jackson National Life Group   495,316 2.9
8 Lincoln National Corp.   354,395 2.1
9 Northwestern Mutual Life Insurance Co.   335,585 1.9
10 TIAA   333,019 1.9

(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 Connecticut By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $528,907 18.0%
2 Allstate Corp. 304,028 10.4
3 Liberty Mutual 297,602 10.1
4 Progressive  268,001 9.1
5 Travelers Companies Inc. 195,421 6.7
6 State Farm  192,401 6.6
7 USAA Insurance Group 137,617 4.7
8 Nationwide Mutual Group 123,130 4.2
9 Amica Mutual Insurance Co. 111,152 3.8
10 MetLife Inc. 105,129 3.6

(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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