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 70,557 jobs in Connecticut in 2017. The Connecticut insurance industry accounted for about $9.5 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $20.7 billion to the Connecticut gross state product (GSP) in 2016, accounting for 7.86 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Connecticut totaled $199.5 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Connecticut totaled $8.6 billion in 2017. Premiums written by life/annuity insurance companies totaled $21.9 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 Connecticut surplus lines market accounted for $583.7 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 Connecticut as measured by direct property/casualty incurred losses, were $4.5 billion. Life insurance claims and benefits payouts in Connecticut totaled $21.5 billion in 2017.

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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $321,871 7.7%
2 Chubb 317,342 7.6
3 Liberty Mutual 260,958 6.3
4 The Hartford 258,297 6.2
5  American International Group (AIG) 180,995 4.4
6 CNA 163,680 3.9
7 Zurich 148,815 3.6
8 W. R. Berkley Corp. 142,942 3.4
9 Berkshire Hathaway Inc. 134,745 3.2
10 Tokio Marine 115,348 2.8

(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 Connecticut By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $164,116 10.8%
2 Chubb 158,953 10.4
3 Travelers 123,229 8.1
4 State Farm 89,699 5.9
5 Allstate Corp. 84,497 5.5
6 USAA 79,803 5.2
7 Amica 76,861 5.0
8 American Family Insurance 63,964 4.2
9 Nationwide 59,515 3.9
10 The Hartford 54,742 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 Connecticut By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.  $9,002,490 46.5%
2 Voya Financial Inc.  1,534,945 7.9
3 Massachusetts Mutual Life Insurance Co.  634,222 3.3
4 Principal Financial Group Inc.  588,086 3.0
5 CVS Health Corp. 488,680 2.5
6 TIAA 487,530 2.5
7 Lincoln National Corp.  423,999 2.2
8 Jackson National Life Group  392,793 2.0
9 MetLife Inc.  363,936 1.9
10 Northwestern Mutual Life Insurance Co.  335,304 1.7

(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.

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

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc.  $575,379 18.7%
2 Progressive  315,317 10.2
3 Allstate Corp.  304,076 9.9
4 Liberty Mutual  283,333 9.2
5 State Farm  208,318 6.8
6 Travelers Companies Inc.  184,637 6.0
7 USAA  146,599 4.8
8 Amica  113,791 3.7
9 MetLife  112,974 3.7
10 Nationwide  112,903 3.7

(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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