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 19,513 jobs in Mississippi in 2017. The Mississippi insurance industry accounted for about $958.9 million in compensation in 2017.

Gross State Product

The insurance industry contributed $2.2 billion to the Mississippi gross state product (GSP) in 2016, accounting for 2.09 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Mississippi totaled $327.8 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Mississippi totaled $5.2 billion in 2017. Premiums written by life/annuity 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 $400.4 million 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 Mississippi as measured by direct property/casualty incurred losses, were $2.9 billion. Life insurance claims and benefits payouts in Mississippi totaled $3.0 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 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.

Top 10 Writers Of Commercial Insurance In Mississippi By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $177,029 7.6%
2 Liberty Mutual 117,148 5.0
3 Zurich 92,389 4.0
4 CNA 86,620 3.7
5 Nationwide Mutual Group 84,770 3.7
6 Chubb 80,888 3.5
7 W. R. Berkley Corp. 76,384 3.3
8 CGB Insurance Co. 71,362 3.1
9 American International Group (AIG) 71,193 3.1
10 Progressive 59,925 2.6

(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 Mississippi By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $258,432 26.1%
2 Southern Farm Bureau Casualty 158,600 16.0
3 Allstate Corp. 86,242 8.7
4 Liberty Mutual 73,415 7.4
5 Nationwide 70,466 7.1
6 USAA 46,895 4.7
7 Farmers Insurance Group of Companies 36,997 3.7
8 Alfa Mutual Group 35,816 3.6
9 Shelter Insurance 29,321 3.0
10 Travelers 22,408 2.3

(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 Mississippi By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc. $284,707 8.1%
2 Principal Financial Group Inc. 225,371 6.4
3 Prudential Financial Inc. 195,531 5.6
4 American International Group (AIG) 186,363 5.3
5 Lincoln National Corp. 146,840 4.2
6 New York Life Insurance Group 140,524 4.0
7 Massachusetts Mutual Life Insurance Co. 129,327 3.7
8 Global Atlantic 120,369 3.4
9 Jackson National Life Group 112,078 3.2
10 Transamerica 88,663 2.5

(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 Mississippi By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $485,367 24.5%
2 Southern Farm Bureau Casualty  232,231 11.8
3 Progressive  220,489 11.2
4 Allstate Corp.  151,845 7.7
5 Liberty Mutual  142,419 7.2
6 Berkshire Hathaway Inc.  134,031 6.8
7 USAA  108,268 5.5
8 Nationwide  100,340 5.1
9 Alfa Mutual Group  71,820 3.6
10 Shelter Insurance  65,411 3.3

(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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