A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Nebraska 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 35,193 jobs in Nebraska in 2018. The Nebraska insurance industry accounted for about $2.6 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $9.5 billion to the Nebraska gross state product (GSP) in 2017, accounting for 7.90 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Nebraska totaled $60.7 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Nebraska totaled $4.8 billion in 2019. Premiums written by life/annuity insurance companies totaled $6.0 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 Nebraska surplus lines market accounted for $177.7 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 2017 these payments in Nebraska as measured by direct property/casualty incurred losses, were $3.3 billion. Life insurance claims and benefits payouts in Nebraska totaled $3.6 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. Floods, earthquakes and wildfires are some of the natural disasters that have occurred or could occur in Nebraska.

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 Nebraska By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Zurich $203,603 7.5%
2 Chubb 200,109 7.4
3 QBE Insurance Group Ltd. 162,444 6.0
4 Travelers Companies Inc. 144,999 5.4
5 American International Group (AIG) 136,189 5.0
6 Nationwide Mutual Group 123,285 4.6
7 Great American Insurance 96,646 3.6
8 EMC Insurance 90,868 3.4
9 Old Republic Insurance 85,027 3.1
10 Liberty Mutual 81,302 3.0

(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 Nebraska By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $194,091 23.4%
2 Farmers Mutual Insurance Co. of Nebraska 91,773 11.1
3 American Family Insurance Group 79,867 9.6
4 Farm Bureau Financial Services 70,673 8.5
5 Nationwide Mutual Group 50,066 6.0
6 USAA Insurance Group 49,007 5.9
7 Allstate Corp. 47,162 5.7
8 Travelers Companies Inc. 44,407 5.4
9 Farmers Insurance Group 35,167 4.2
10 Liberty Mutual 29,921 3.6

(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 Nebraska By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Mutual of Omaha   $764,637 17.3%
2 MetLife   269,565 6.1
3 MassMutual   256,912 5.8
4 Principal Financial Group Inc.   229,663 5.2
5 Ameritas   206,527 4.7
6 Lincoln Financial   163,181 3.7
7 Nationwide   162,558 3.7
8 John Hancock   147,144 3.3
9 Northwestern Mutual   122,599 2.8
10 Prudential Financial Inc.   121,494 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.

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Nebraska By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm   $281,716 19.8%
2 Progressive   182,652 15.9
3 Farmers Mutual Insurance Co. of Nebraska 117,534 9.4
4 American Family Insurance   109,099 8.1
5 Farm Bureau Financial Services   87,595 6.4
6 Berkshire Hathaway Inc.   80,530 6.2
7 Allstate Corp. 64,332 5.2
8 Nationwide   64,300 4.6
9 USAA   58,392 4.6
10 Farmers Insurance   41,374 3.0

(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 Nebraska data only