A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Kansas 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 38,081 jobs in Kansas in 2016. The Kansas insurance industry accounted for about $2.6 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $4.5 billion to the Kansas gross state product (GSP) in 2015, accounting for 2.9 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Kansas totaled $305.6 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Kansas totaled $6.2 billion in 2016. In addition, premiums written by life/health insurance companies totaled $8.9 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 Kansas surplus lines market accounted for $213.6 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 Kansas as measured by direct property/casualty incurred losses, were $3.1 billion. Life insurance claims and benefits payouts in Kansas totaled $4.1 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. Tornadoes, floods and earthquakes are some of the natural disasters that have occurred or could occur in Kansas.

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 Kansas By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Zurich Insurance Group (2) $215,084 6.9%
2 Berkshire Hathaway Inc. 201,121 6.5
3 Travelers Companies Inc. 177,203 5.7
4 Chubb Ltd. 177,184 5.7
5 Nationwide Mutual Group 138,164 4.4
6 American Financial Group Inc. 132,221 4.3
7 EMC Insurance Companies 122,287 3.9
8 Liberty Mutual 106,494 3.4
9 QBE 101,762 3.3
10 American International Group (AIG) 95,037 3.1

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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

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Top 10 Writers Of Homeowners Insurance In Kansas By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $249,800 21.5%
2 American Family Insurance Group 176,719 15.2
3 Farm Bureau Financial Services 95,956 8.3
4 Farmers Insurance Group of Companies (2) 93,512 8.1
5 Travelers Companies Inc. 68,335 5.9
6 Allstate Corp. 64,724 5.6
7 Nationwide Mutual Group 58,954 5.1
8 USAA Insurance Group 58,041 5.0
9 Liberty Mutual 57,316 4.9
10 Shelter Insurance  28,188 2.4

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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 Kansas By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $374,079 20.2%
2 American Family Insurance Group 227,157 12.3
3 Progressive  199,252 10.8
4 Farm Bureau Financial Services 138,914 7.5
5 Farmers Insurance Group of Companies (2) 119,885 6.5
6 Allstate Corp. 106,161 5.7
7 USAA Insurance Group 102,544 5.5
8 Berkshire Hathaway Inc. 91,086 4.9
9 Nationwide Mutual Group 81,476 4.4
10 Liberty Mutual 61,418 3.3

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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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