A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Mississippi 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 19,005 jobs in Mississippi in 2016. The Mississippi insurance industry accounted for about $917.1 million in compensation in 2016.

Gross State Product

The insurance industry contributed $1.9 billion to the Mississippi gross state product (GSP) in 2015, accounting for 1.78 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Mississippi totaled $317.7 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Mississippi totaled $5.0 billion in 2016. In addition, premiums written by life/health insurance companies totaled $4.4 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 Mississippi surplus lines market accounted for $386.4 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 Mississipi as measured by direct property/casualty incurred losses, were $2.7 billion. Life insurance claims and benefits payouts in Mississipi totaled $2.5 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. The total value of insured coastal property in Mississippi was $60.6 billion in 2012, accounting for 13 percent of the state’s total insurance property exposure, according to AIR Worldwide Corporation. Three of the 10 costliest hurricanes in U.S. history have impacted Mississippi: hurricanes Katrina and Rita in 2005 and Hurricane Ivan in 2004. Mississippi is also prone to tornadoes.  It ranked fourth in 2016 with 67 tornadoes. In 2015 and 2016 Mississippi experienced devastating rainfall-induced flooding. 

Leading Writers

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

State By State Comparison Tables

• Employment
• Premiums
• Surplus Lines
• Gross State Product
• State Taxes
• Insurance Companies By State
• Catastrophes By State
• Residual Markets
• Captives By State
• Incurred Losses By State
• Insured Cars By State
• Insured Homes By State
• Businesses By State

Directories

• State Insurance Departments
• State Organizations

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