A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The New Hampshire Economy

The insurance industry in New Hampshire 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 15,785 jobs in New Hampshire in 2018. The New Hampshire insurance industry accounted for about $1.4 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $3.8 billion to the New Hampshire gross state product (GSP) in 2017, accounting for 4.73 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in New Hampshire totaled $114.1 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in New Hampshire totaled $2.4 billion in 2019. Premiums written by life/annuity insurance companies totaled $3.7 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 New Hampshire surplus lines market accounted for $106.5 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 2019 these payments in New Hampshire as measured by direct property/casualty incurred losses, were $1.2 billion. Life insurance claims and benefits payouts in New Hampshire totaled $3.0 billion in 2019.

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 New Hampshire By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $119,208 9.7%
2 W. R. Berkley Corp. 108,353 8.8
3 Travelers Companies Inc. 69,230 5.6
4 Hanover Insurance Group Inc. 49,630 4.0
5 American International Group (AIG) 43,435 3.5
6 Chubb 43,426 3.5
7 Zurich 35,598 2.9
8 Hartford Financial Services 33,075 2.7
9 Tokio Marine Group 32,277 2.6
10 Berkshire Hathaway Inc. 31,871 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 New Hampshire By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $60,861 13.9%
2 State Farm 42,744 9.8
3 Allstate Corp. 37,120 8.5
4 USAA Insurance Group 31,735 7.3
5 Vermont Mutual Insurance Co. 20,533 4.7
6 Concord Group Insurance Companies 20,334 4.6
7 Amica Mutual Insurance Co. 18,919 4.3
8 Travelers Companies Inc. 17,057 3.9
9 MetLife Inc. 15,272 3.5
10 Hanover Insurance Group Inc. 14,079 3.2

(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 New Hampshire By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln Financial   $472,971 15.8%
2 Jackson   153,474 5.1
3 MassMutual   150,783 5.1
4 Prudential Financial Inc.   117,594 3.9
5 New York Life   112,162 3.8
6 AIG   109,491 3.7
7 Nationwide   108,933 3.7
8 John Hancock   103,308 3.5
9 Transamerica   90,424 3.0
10 Allianz   79,924 2.7

(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 New Hampshire By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $125,329 14.5%
2 Progressive 112,294 13.7
3 State Farm 107,033 11.7
4 Allstate Corp. 88,635 10.1
5 Liberty Mutual 93,630 9.9
6 USAA 48,349 5.7
7 Concord Group Insurance 30,982 3.7
8 Amica 31,046 3.5
9 MetLife 26,097 3.0
10 Travelers 20,520 2.4

(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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