A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Georgia 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 114,362 jobs in Georgia in 2018. The Georgia insurance industry accounted for about $9.2 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $13.2 billion to the Georgia gross state product (GSP) in 2017, accounting for 2.33 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Georgia totaled $510.9 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Georgia totaled $20.0 billion in 2019. Premiums written by life/annuity insurance companies totaled $24.6 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 Georgia surplus lines market accounted for $1.3 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 Georgia as measured by direct property/casualty incurred losses, were $14.3 billion. Life insurance claims and benefits payouts in Georgia totaled $15.9 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.

Three of the ten most costly hurricanes to hit the United States caused insured property damage in Georgia: Hurricane Michael in 2018, Hurricane Irma in 2017, and Hurricane Katrina in 2005.

Between 10,000 and 163,000 single-family homes are at risk of damage from storm surge in Georgia, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $3.0 billion to $37.33 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from Categories 1 up to a rare Category 5 hurricane.

The state is also prone to wildfires and tornadoes. In 2019 Georgia ranked fourth in the nation for the number of wildfires, with 3,158 fires.

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 Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $520,368 5.7%
2 Liberty Mutual 467,456 5.1
3 Chubb 448,156 4.9
4 American International Group (AIG) 336,481 3.7
5 Berkshire Hathaway Inc. 327,435 3.6
6 Zurich 301,176 3.3
7 Auto-Owners Insurance Co. 280,406 3.1
8 CNA 276,438 3.0
9 Hartford Financial Services 264,412 2.9
10 State Farm 241,419 2.6

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Homeowners Insurance In Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $923,431 25.9%
2 Allstate Corp. 444,808 12.5
3 USAA Insurance Group 399,371 11.2
4 Travelers Companies Inc. 212,935 6.0
5 Liberty Mutual 197,929 5.5
6 Auto-Owners Insurance Co. 172,823 4.8
7 Farmers Insurance Group 159,001 4.5
8 Georgia Farm Bureau 122,669 3.4
9 American Family Insurance Group 102,235 2.9
10 Nationwide Mutual Group 96,576 2.7

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Life Insurance/Annuities In Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife    $1,672,568 10.8%
2 AIG   836,986 5.4
3 Lincoln Financial   681,717 4.4
4 New York Life   671,913 4.3
5 Fidelity & Guaranty Life   654,812 4.2
6 MassMutual   644,637 4.2
7 Prudential Financial Inc.   639,766 4.1
8 Transamerica   635,145 4.1
9 John Hancock   485,796 3.1
10 Jackson   452,640 2.9

(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.

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Georgia By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $2,062,627 20.8%
2 Progressive                               1,400,808             14.1
3 Berkshire Hathaway Inc.                               1,305,915             13.2
4 Allstate Corp.                                  948,576               9.6
5 USAA Insurance Group                                  917,381               9.2
6 Liberty Mutual                                  373,918               3.8
7 Auto-Owners Insurance Co.                                  344,268               3.5
8 Travelers Companies Inc.                                  315,498               3.2
9 Georgia Farm Bureau                                   252,117               2.5
10 Farmers Insurance Group                                   238,218               2.4

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

State By State Comparison Tables

Directories

Create Your Own Book

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Georgia data only