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 155,757 jobs in Illinois in 2017. The Illinois insurance industry accounted for about $14.5 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $38.8 billion to the Illinois gross state product (GSP) in 2016, accounting for 4.83 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Ilinois totaled $418.6 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Illinois totaled $24.9 billion in 2017. Premiums written by life/annuity insurance companies totaled $27.4 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 $1.5 billion in gross premiums written in 2017, 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 2017 these payments in Illinois as measured by direct property/casualty incurred losses, were $14.2 billion. Life insurance claims and benefits payouts in Illinois totaled $21.1 billion in 2017.

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. Illinois ranked sixth in the nation for the number of tornadoes in 2016 with 50 storms.

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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb $867,389 6.1%
2 Travelers 838,794 5.9
3 Assurant 833,527 5.9
4 CNA 634,124 4.5
5 American International Group (AIG) 592,218 4.2
6 Liberty Mutual 547,639 3.9
7 Zurich 515,671 3.6
8 The Hartford 357,993 2.5
9 Berkshire Hathaway Inc. 318,473 2.2
10 Great American Insurance 313,180 2.2

(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 Illinois By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $1,230,199 33.1%
2 Allstate Corp. 448,063 12.0
3 COUNTRY Financial 313,657 8.4
4 Farmers Insurance Group  215,852 5.8
5 American Family Insurance Group 212,298 5.7
6 Liberty Mutual 183,244 4.9
7 Travelers Companies Inc. 113,699 3.1
8 USAA Insurance Group 109,796 3.0
9 MetLife Inc. 84,128 2.3
10 Chubb 81,398 2.2

(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 Illinois By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $1,657,634 7.8%
2 Massachusetts Mutual Life Insurance Co. 1,063,095 5.0
3 American International Group (AIG) 906,823 4.3
4 MetLife Inc. 901,402 4.3
5 Lincoln National Corp. 888,332 4.2
6 Northwestern Mutual Life Insurance Co. 881,933 4.2
7 Principal Financial Group Inc. 825,723 3.9
8 Nationwide Mutual Group 752,053 3.6
9 Jackson National Life Group 716,026 3.4
10 John Hancock Life Insurance Co. 698,295 3.3

(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 Illinois By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $2,314,237 30.2%
2 Allstate Corp. 876,585 11.5
3 Progressive 523,000 6.8
4 Berkshire Hathaway Inc. 517,285 6.8
5 COUNTRY Financial 508,123 6.6
6 American Family Insurance Group 342,824 4.5
7 Farmers Insurance Group  319,787 4.2
8 Liberty Mutual 218,751 2.9
9 USAA Insurance Group 193,837 2.5
10 Travelers Companies Inc. 126,922 1.7

(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 Illinois data only