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 15,139 jobs in Idaho in 2018. The Idaho insurance industry accounted for about $847 million in compensation in 2018.

Gross State Product

The insurance industry contributed $1.3 billion to the Idaho gross state product (GSP) in 2017, accounting for 1.81 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Idaho totaled $105.7 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Idaho totaled $2.8 billion in 2019. Premiums written by life/annuity insurance companies totaled $3.0 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 2019 these payments in Idaho as measured by direct property/casualty incurred losses, were $1.8 billion. Life insurance claims and benefits payouts in Idaho totaled $2.2 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. 

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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Idaho State Insurance Fund $242,819 15.1%
2 Liberty Mutual 115,829 7.2
3 Travelers Companies Inc. 71,049 4.4
4 Chubb 67,812 4.2
5 Zurich 54,583 3.4
6 Farm Bureau Mutual Insurance Co. of Idaho 53,045 3.3
7 The Cincinnati Insurance Cos. 47,066 2.9
8 Auto-Owners Insurance Co. 41,543 2.6
9 American International Group (AIG) 40,394 2.5
10 Old Republic Insurance 36,283 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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $63,003 14.8%
2 Liberty Mutual 61,681 14.5
3 Farmers Insurance Group 44,598 10.5
4 Farm Bureau Mutual Insurance Co. of Idaho 41,141 9.7
5 USAA Insurance Group 34,537 8.1
6 Allstate Corp. 34,219 8.1
7 American Family Insurance Group 17,699 4.2
8 Travelers Companies Inc. 17,680 4.2
9 United Heritage Insurance 13,912 3.3
10 Auto-Owners Insurance Co. 11,689 2.8

(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 Idaho By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.   $194,431 9.1%
2 OneAmerica   103,966 4.9
3 New York Life   100,508 4.7
4 Lincoln Financial   95,560 4.5
5 Northwestern Mutual   93,905 4.4
6 Nationwide   88,948 4.2
7 Allianz   86,604 4.1
8 John Hancock   85,768 4.0
9 AIG   79,833 3.7
10 Principal Financial Group Inc.   75,608 3.5

(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 Idaho By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $152,108 13.7%
2 Berkshire Hathaway Inc. 123,283 11.1
3 Progressive 118,504 10.7
4 Liberty Mutual 116,814 10.5
5 Farm Bureau Mutual Insurance Co. of Idaho 116,425 10.5
6 Allstate Corp. 95,025 8.6
7 Farmers Insurance Group 84,741 7.6
8 USAA Insurance Group 68,295 6.2
9 American Family Insurance Group 34,790 3.1
10 Travelers Companies Inc. 22,135 2.0

(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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