A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Illinois 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 158,436 jobs in Illinois in 2018. The Illinois insurance industry accounted for about $15.7 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $38.5 billion to the Illinois gross state product (GSP) in 2017, accounting for 4.66 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Ilinois totaled $423.5 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Illinois totaled $24.9 billion in 2019. Premiums written by life/annuity insurance companies totaled $30.9 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 Illinois surplus lines market accounted for $1.6 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 Illinois as measured by direct property/casualty incurred losses, were $17.0 billion. Life insurance claims and benefits payouts in Illinois totaled $21.5 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 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 Illinois By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $891,824 6.0%
2 Assurant 849,661 5.7
3 Chubb 744,815 5.0
4 CNA 626,550 4.2
5 American International Group (AIG) 597,765 4.0
6 Liberty Mutual 575,462 3.9
7 Zurich 545,426 3.7
8 Hartford Financial Services 434,998 2.9
9 Great American Insurance 346,139 2.3
10 Allstate Corp. 327,052 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 Homeowners Insurance In Illinois By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $1,283,333 32.8%
2 Allstate Corp. 468,134 12.0
3 COUNTRY Financial 328,145 8.4
4 American Family Insurance Group 231,921 5.9
5 Farmers Insurance Group 215,398 5.5
6 Liberty Mutual 187,002 4.8
7 Travelers Companies Inc. 134,309 3.4
8 USAA Insurance Group 126,151 3.2
9 MetLife Inc. 87,664 2.2
10 Chubb 87,616 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 Illinois By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.   $2,131,001 8.8%
2 MassMutual   1,447,502 6.0
3 AIG   1,186,731 4.9
4 Northwestern Mutual   1,129,862 4.7
5 Principal Financial Group Inc.   1,063,864 4.4
6 New York Life   1,019,939 4.2
7 Reliance Standard   902,760 3.7
8 Nationwide   872,149 3.6
9 Lincoln Financial   863,901 3.6
10 Jackson   779,010 3.2

(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 Illinois By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $2,312,444 29.7%
2 Allstate Corp. 897,732 11.5
3 Progressive 616,481 7.9
4 Berkshire Hathaway Inc. 549,641 7.0
5 COUNTRY Financial 526,075 6.7
6 American Family Insurance Group 345,139 4.4
7 Farmers Insurance Group 306,020 3.9
8 Liberty Mutual 227,691 2.9
9 USAA Insurance Group 197,318 2.5
10 Travelers Companies Inc. 133,384 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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