A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Nevada 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 20,620 jobs in Nevada in 2017. The Nevada insurance industry accounted for about $1.3 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $3.3 billion to the Nevada gross state product (GSP) in 2016, accounting for 2.21 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Nevada totaled $359.7 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Nevada totaled $5.1 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 Nevada surplus lines market accounted for $307.6 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 Nevada as measured by direct property/casualty incurred losses, were $3.2 billion. Life insurance claims and benefits payouts in Nevada 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. Earthquakes, floods, windstorms, wildfires and volcanic eruptions are some of the natural disasters that have occurred or could occur in Nevada.

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 Nevada By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers $156,277 6.7%
2 Liberty Mutual 151,114 6.4
3 Chubb 129,131 5.5
4 American International Group (AIG) 102,151 4.3
5 Zurich 93,584 4.0
6 CNA 90,714 3.9
7 Tokio Marine 72,623 3.1
8 The Hartford 70,707 3.0
9 Farmers Insurance 70,069 3.0
10 Markel 65,812 2.8

(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 Nevada By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $122,816 19.8%
2 Farmers Insurance Group  88,401 14.2
3 Allstate Corp. 60,883 9.8
4 Liberty Mutual 47,333 7.6
5 USAA Insurance Group 40,194 6.5
6 American Family Insurance Group 37,449 6.0
7 Travelers Companies Inc. 35,101 5.7
8 CSAA Insurance Exchange 32,917 5.3
9 Hartford Financial Services 18,509 3.0
10 Chubb 13,034 2.1

(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 Nevada By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.  $374,654 10.2%
2 New York Life Insurance Group  231,566 6.3
3 Massachusetts Mutual Life Insurance Co.  169,033 4.6
4 Lincoln National Corp.  153,228 4.2
5 American International Group (AIG) 149,458 4.1
6 Principal Financial Group Inc.  138,355 3.8
7 Transamerica 134,077 3.7
8 Voya Financial Inc.  129,583 3.5
9 Allianz 118,332 3.2
10 MetLife Inc.  114,232 3.1

(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 Nevada By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $477,091 17.5%
2 Berkshire Hathaway Inc. 413,412 15.2
3 Progressive 304,426 11.2
4 Allstate Corp. 254,654 9.4
5 Farmers Insurance Group  211,613 7.8
6 USAA Insurance Group 168,434 6.2
7 CSAA Insurance Exchange 136,442 5.0
8 Liberty Mutual 134,273 4.9
9 American Family Insurance Group 74,442 2.7
10 Travelers Companies Inc. 60,424 2.2

(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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