A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Florida 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 247,334 jobs in Florida in 2018. The Florida insurance industry accounted for about $18.4 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $29.7 billion to the Florida gross state product (GSP) in 2017, accounting for 3.02 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Florida totaled $1.2 billion in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Florida totaled $50.4 billion in 2019. Premiums written by life/annuity insurance companies totaled $53.7 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 Florida surplus lines market accounted for $5.8 billion 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 Florida as measured by direct property/casualty incurred losses, were $36.9 billion. Life insurance claims and benefits payouts in Florida totaled $40.5 billion in 2019.

Catastrophes

The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane or storm or wildfire. Florida is vulnerable to floods, hurricanes, tornadoes and wildfires.

Six of the 10 costliest hurricanes in U.S. history have impacted Florida. Three of these storms occurred within just two years: 2004 and 2005.

The costliest hurricane, based on insured property losses to Florida, was 1992’s Hurricane Andrew. It caused $25.9 billion in damage to Florida and Louisiana (in 2019 dollars).

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 Florida By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Assurant $2,863,803 11.2%
2 Chubb 1,083,356 4.2
3 Progressive 1,047,581 4.1
4 American International Group (AIG) 916,379 3.6
5 Zurich 857,933 3.4
6 Berkshire Hathaway Inc. 830,821 3.3
7 Travelers Companies Inc. 804,216 3.2
8 Liberty Mutual 772,981 3.0
9 CNA 653,247 2.6
10 Great American Insurance 630,262 2.5

(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 Florida By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Universal Insurance Holdings Inc. $989,983 9.8%
2 State Farm 641,797 6.4
3 Tower Hill 580,482 5.8
4 Citizens Property Insurance Corp. 520,338 5.2
5 USAA 398,595 4.0
6 FEDNAT 392,612 3.9
7 UPC Insurance 387,129 3.8
8 Progressive 373,747 3.7
9 Heritage Insurance 372,415 3.7
10 Security First Insurance Co. 352,908 3.5

(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 Florida By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln Financial   $2,423,512 6.5%
2 Prudential Financial Inc.   2,208,280 5.9
3 AIG   2,167,180 5.8
4 Nationwide   1,986,172 5.3
5 MassMutual   1,828,836 4.9
6 Jackson   1,545,157 4.2
7 John Hancock   1,402,933 3.8
8 New York Life   1,290,308 3.5
9 Equitable Holdings   1,206,108 3.2
10 Transamerica   1,127,336 3.0

(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 Florida By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $5,314,424 25.7%
2 Progressive 4,217,321 20.4
3 State Farm 2,852,377 13.8
4 Allstate Corp. 1,939,734 9.4
5 USAA Insurance Group 1,481,927 7.2
6 Liberty Mutual 568,158 2.7
7 Travelers Companies Inc. 432,002 2.1
8 Kemper Corp. 417,175 2.0
9 National General Holdings Corp. 394,955 1.9
10 Farmers Insurance Group 356,747 1.7

(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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