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 37,988 jobs in Kansas in 2018. The Kansas insurance industry accounted for about $2.8 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $5.4 billion to the Kansas gross state product (GSP) in 2017, accounting for 3.36 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Kansas totaled $405.8 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Kansas totaled $6.4 billion in 2019. Premiums written by life/annuity insurance companies totaled $9.6 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 $245.9 million 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 Kansas as measured by direct property/casualty incurred losses, were $4.0 billion. Life insurance claims and benefits payouts in Kansas totaled $4.8 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. 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, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $237,110 7.0%
2 Zurich 230,669 6.8
3 Chubb 213,957 6.3
4 Travelers Companies Inc. 199,487 5.9
5 Great American Insurance 137,698 4.1
6 Nationwide Mutual Group 137,340 4.0
7 EMC Insurance 117,064 3.4
8 American International Group (AIG) 114,487 3.4
9 Liberty Mutual 102,675 3.0
10 QBE Insurance Group Ltd. 102,418 3.0

(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 Kansas By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $263,792 21.0%
2 American Family Insurance Group 192,705 15.3
3 Farm Bureau Financial Services 96,500 7.7
4 Farmers Insurance Group 90,392 7.2
5 Travelers Companies Inc. 90,378 7.2
6 Allstate Corp. 76,658 6.1
7 USAA Insurance Group 68,281 5.4
8 Nationwide Mutual Group 62,043 4.9
9 Liberty Mutual 48,085 3.8
10 Shelter Insurance 31,018 2.5

(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 Kansas By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Voya Financial Inc.   $749,208 13.7%
2 Mutual of Omaha   368,333 6.7
3 Lincoln Financial   242,969 4.4
4 Prudential Financial Inc.   222,796 4.1
5 New York Life   214,150 3.9
6 Security Benefit   198,032 3.6
7 AIG   169,223 3.1
8 Jackson   165,927 3.0
9 Nationwide   157,048 2.9
10 John Hancock   154,696 2.8

(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 Kansas By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $358,899 17.9%
2 Progressive 257,202 12.8
3 American Family Insurance Group 243,636 12.2
4 Farm Bureau Financial Services 146,561 7.3
5 Berkshire Hathaway Inc. 129,228 6.4
6 Allstate Corp. 120,446 6.0
7 USAA Insurance Group 113,043 5.6
8 Farmers Insurance Group 111,208 5.5
9 Nationwide Mutual Group 82,884 4.1
10 Travelers Companies Inc. 72,077 3.6

(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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