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 34,856 jobs in Nebraska in 2017. The Nebraska insurance industry accounted for about $2.5 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $7.4 billion to the Nebraska gross state product (GSP) in 2015, accounting for 6.5 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Nebraska totaled $65.5 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Nebraska totaled $4.5 billion in 2016. In addition, premiums written by life/health insurance companies totaled $4.7 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 $157.9 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 2016 these payments in Nebraska as measured by direct property/casualty incurred losses, were $3.0 billion. Life insurance claims and benefits payouts in Nebraska totaled $3.5 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. 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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb  $192,056 7.5%
2 Zurich  167,921 6.6
3 QBE  141,034 5.5
4 Travelers  137,589 5.4
5 Nationwide  118,553 4.6
6 American International Group (AIG)  91,780 3.6
7 Great American Insurance  89,880 3.5
8 Old Republic Insurance  88,591 3.5
9 EMC Insurance  87,202 3.4
10 Liberty Mutual  78,581 3.1

(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 Nebraska By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $187,198 24.2%
2 Farmers Mutual Insurance Company of NE 86,958 11.3
3 American Family Insurance Group 71,468 9.3
4 Farm Bureau Financial Services 68,566 8.9
5 Nationwide Mutual Group 48,153 6.2
6 Allstate Corp. 42,134 5.5
7 USAA Insurance Group 40,791 5.3
8 Farmers Insurance Group  33,744 4.4
9 Travelers Companies Inc. 33,657 4.4
10 Liberty Mutual 30,805 4.0

(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 Private Passenger Auto Insurance In Nebraska By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $281,716 21.5%
2 Progressive 182,652 13.9
3 Farmers Mutual Insurance Company of NE 117,534 9.0
4 American Family Insurance Group 108,028 8.2
5 Farm Bureau Financial Services 87,595 6.7
6 Berkshire Hathaway Inc. 80,530 6.1
7 Allstate Corp. 64,332 4.9
8 Nationwide Mutual Group 64,300 4.9
9 USAA Insurance Group 58,392 4.4
10 Farmers Insurance Group  41,374 3.2

(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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