A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Idaho 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 13,551 jobs in Idaho in 2016. The Idaho insurance industry accounted for about $709.0 million in compensation in 2016.

Gross State Product

The insurance industry contributed $1.1 billion to the Idaho gross state product (GSP) in 2015, accounting for 1.65 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Idaho totaled $87.7 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Idaho totaled $2.6 billion in 2016. In addition, premiums written by life/health insurance companies totaled $2.3 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 Idaho surplus lines market accounted for $101.5 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 Idaho as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Idaho totaled $1.7 billion in 2016.

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. In 2016 630 wildfires burned 361,649 acres in Idaho. The state ranked fourth in the nation for the number of acres burned.

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 Idaho By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Idaho State Insurance Fund $253,185 17.3%
2 Liberty Mutual 108,225 7.4
3 Travelers 64,804 4.4
4 Chubb 62,872 4.3
5 Farm Bureau Mutual Insurance Company of Idaho 50,188 3.4
6 The Cincinnati Insurance Cos. 42,145 2.9
7 Old Republic Insurance 36,185 2.5
8 Nationwide 35,822 2.4
9 Auto-Owners Insurance 35,330 2.4
10 American International Group (AIG) 33,470 2.3

(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 Idaho By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $58,272 15.1%
2 Liberty Mutual 53,158 13.7
3 Farmers Insurance Group  42,647 11.0
4 Farm Bureau Mutual Insurance Compnay of Idaho 37,997 9.8
5 Allstate Corp. 31,196 8.1
6 USAA Insurance Group 27,848 7.2
7 American Family Insurance Group 15,024 3.9
8 Travelers Companies Inc. 14,867 3.8
9 United Heritage Insurance  14,169 3.7
10 Mutual of Enumclaw  10,566 2.7

(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 Idaho, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $127,544 6.8%
2 Jackson National Life Group   89,637 4.8
3 Northwestern Mutual Life Insurance Co.   82,296 4.4
4 New York Life Insurance Group   81,918 4.4
5 Lincoln National Corp.   79,288 4.2
6 Nationwide Mutual Group   75,739 4.0
7 Massachusetts Mutual Life Insurance Co.   69,099 3.7
8 American International Group (AIG)   67,861 3.6
9 Meiji Yasuda Life Insurance Co. 61,299 3.3
10 Allianz Group   60,023 3.2

(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 Idaho By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $149,266 14.3%
2 Berkshire Hathaway Inc. 115,128 11.0
3 Farm Bureau Mutual Insurance Company of Idaho 111,964 10.7
4 Liberty Mutual 106,257 10.2
5 Progressive 103,174 9.9
6 Allstate Corp. 85,972 8.2
7 Farmers Insurance Group  83,019 7.9
8 USAA Insurance Group 63,066 6.0
9 American Family Insurance Group 32,953 3.2
10 Travelers Companies Inc. 20,351 1.9

(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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