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 7,849 jobs in Delaware in 2017. The Delaware insurance industry accounted for about $653.0 million in compensation in 2017.

Gross State Product

The insurance industry contributed $9.7 billion to the Delaware gross state product (GSP) in 2016, accounting for 13.74 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Delaware totaled $100.1 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Delaware totaled $2.7 billion in 2017. Premiums written by life/annuity insurance companies totaled $67.7 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 $140.3 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 Delaware as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Delaware totaled $12.5 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 Delaware By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Nuclear Electric Insurance Ltd. $245,757 17.1%
2 Great American Insurance 104,624 7.3
3 Liberty Mutual 81,802 5.7
4 Zurich 66,933 4.7
5  American International Group (AIG) 58,257 4.1
6 Chubb 57,534 4.0
7 Travelers Companies Inc. 48,906 3.4
8 Nationwide Mutual Group 42,723 3.0
9 Donegal 39,381 2.7
10 The Hartford 33,896 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 Homeowners Insurance In Delaware By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $71,335 25.2%
2 Liberty Mutual 32,432 11.5
3 Nationwide 32,376 11.4
4 USAA 21,412 7.6
5 Allstate Corp. 19,496 6.9
6 Travelers 12,272 4.3
7 American Family Insurance 10,531 3.7
8 Chubb 10,086 3.6
9 The Hartford 8,038 2.8
10 QBE 6,179 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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc.  $43,020,002 70.8%
2 New York Life Insurance Group  5,282,129 8.7
3 Prudential Financial Inc.  4,178,725 6.9
4 Jackson National Life Group  2,641,989 4.4
5 Protective Life Insurance Company 1,063,773 1.8
6 Massachusetts Mutual Life Insurance Co.  919,591 1.5
7 Guggenheim Capital LLC  434,697 0.7
8 Principal Financial Group Inc.  380,131 0.6
9 Lincoln National Corp.  369,987 0.6
10 Reliance Standard 358,811 0.6

(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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $214,874 23.5%
2 Berkshire Hathaway Inc. 169,479 18.6
3 Nationwide 113,494 12.4
4 Progressive 88,287 9.7
5 USAA 74,274 8.1
6 Liberty Mutual 67,784 7.4
7 Allstate Corp. 56,008 6.1
8 The Hartford 21,676 2.4
9 Travelers Companies Inc. 18,579 2.0
10 CSAA Insurance Exchange 13,611 1.5

(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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