A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Delaware 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 7,929 jobs in Delaware in 2016. The Delaware insurance industry accounted for about $640 million in compensation in 2016.

Gross State Product

The insurance industry contributed $9.3 billion to the Delaware gross state product (GSP) in 2015, accounting for 13.50 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Delaware totaled $96.3 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Delaware totaled $2.5 billion in 2016. In addition, premiums written by life/health insurance companies totaled $57.3 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 Delaware surplus lines market accounted for $119.8 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 Delaware as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Delaware totaled $9.9 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 Delaware By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $204,774 14.5%
2 American International Group (AIG) 100,830 7.1
3 American Financial Group Inc. 90,026 6.4
4 Liberty Mutual 71,985 5.1
5 Zurich Insurance Group (2)  67,501 4.8
6 Chubb Ltd. 56,645 4.0
7 Travelers Companies Inc. 50,047 3.5
8 Nationwide Mutual Group 41,471 2.9
9 Donegal Insurance Group 37,143 2.6
10 CNA Financial Corp. 33,379 2.4

(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 Delaware By Direct Premiums Written, 2016 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $66,094 26.0%
2 Nationwide Mutual Group 32,613 12.8
3 Liberty Mutual 27,886 11.0
4 Allstate Corp. 17,765 7.0
5 USAA Insurance Group 16,295 6.4
6 Travelers Companies Inc. 11,165 4.4
7 Chubb Ltd. 9,480 3.7
8 Hartford Financial Services 7,489 2.9
9 American Family Insurance Group 6,767 2.7
10 Donegal Insurance Group 5,988 2.4

(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 And Annuity Considerations In Delaware, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 MetLife Inc.   $49,199,418 79.8%
2 New York Life Insurance Group   4,129,469 6.7
3 Jackson National Life Group   1,633,581 2.7
4 Tokio Marine Group   1,356,958 2.2
5 Massachusetts Mutual Life Insurance Co.   1,124,885 1.8
6 Prudential Financial Inc.   904,002 1.5
7 Lincoln National Corp.   515,230 0.8
8 Dai-ichi Life Holdings Inc.   410,182 0.7
9 Athene Holding Ltd.   388,788 0.6
10 Liberty Life Assurance Co. of Boston 361,655 0.6

(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 Delaware By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $208,113 24.4%
2 Berkshire Hathaway Inc. 149,130 17.5
3 Nationwide Mutual Group 117,716 13.8
4 Progressive  71,536 8.4
5 Liberty Mutual 65,887 7.7
6 USAA Insurance Group 65,690 7.7
7 Allstate Corp. 50,794 5.9
8 Hartford Financial Services 22,107 2.6
9 Travelers Companies Inc. 16,349 1.9
10 CSAA Insurance Exchange 13,997 1.6

(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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