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 7,903 jobs in Delaware in 2018. The Delaware insurance industry accounted for about $670.8 million in compensation in 2018.

Gross State Product

The insurance industry contributed $8.7 billion to the Delaware gross state product (GSP) in 2017, accounting for 12.26 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Delaware totaled $113.4 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Delaware totaled $2.7 billion in 2019. Premiums written by life/annuity insurance companies totaled $61.3 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 $174.4 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 Delaware as measured by direct property/casualty incurred losses, were $1.6 billion. Life insurance claims and benefits payouts in Delaware totaled $11.8 billion in 2019.

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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $216,827 14.6%
2 Great American Insurance 107,856 7.3
3 Liberty Mutual 82,452 5.6
4 Zurich 64,561 4.3
5 Chubb 63,314 4.3
6 Travelers Companies Inc. 49,716 3.3
7 American International Group (AIG) 48,763 3.3
8 Donegal 43,184 2.9
9 Hartford Financial Services 43,113 2.9
10 Nationwide Mutual Group 42,623 2.9

(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 Delaware By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $74,925 25.0%
2 Liberty Mutual 34,199 11.4
3 Nationwide Mutual Group 32,199 10.7
4 USAA Insurance Group 24,439 8.2
5 Allstate Corp. 20,653 6.9
6 American Family Insurance Group 14,021 4.7
7 Travelers Companies Inc. 13,081 4.4
8 Chubb 10,567 3.5
9 Hartford Financial Services 8,185 2.7
10 QBE Insurance Group Ltd. 6,544 2.2

(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 Delaware By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife   $39,035,723 64.5%
2 New York Life   6,058,967 10.0
3 Prudential Financial Inc.   4,489,848 7.4
4 MassMutual   2,332,549 3.9
5 Jackson   2,283,156 3.8
6 Athene   1,068,336 1.8
7 Reliance Standard   812,096 1.3
8 Protective   711,745 1.2
9 USAA   632,867 1.1
10 Lincoln Financial   461,683 0.8

(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 Delaware By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $213,131 22.8%
2 Berkshire Hathaway Inc. 176,237 18.8
3 Nationwide Mutual Group 106,415 11.4
4 Progressive 97,773 10.4
5 USAA Insurance Group 84,138 9.0
6 Liberty Mutual 66,563 7.1
7 Allstate Corp. 59,196 6.3
8 Hartford Financial Services 20,741 2.2
9 Travelers Companies Inc. 20,497 2.2
10 CSAA Insurance Exchange 12,952 1.4

(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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