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 18,256 jobs in New Hampshire in 2016. The New Hampshire insurance industry accounted for about $1.7 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $3.9 billion to the New Hampshire gross state product (GSP) in 2015, accounting for 5.26 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in New Hampshire totaled $113.5 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in New Hampshire totaled $2.4 billion in 2016. In addition, premiums written by life/health insurance companies totaled $4.8 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 $91.8 million in gross premiums written in 2016, 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 New Hampshire as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in New Hampshire totaled $2.6 billion in 2016.

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, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $120,403 10.4%
2 W. R. Berkley Corp. 115,839 10.0
3 Travelers Companies Inc. 66,294 5.7
4 Hanover Insurance Group Inc. 46,641 4.0
5 Berkshire Hathaway Inc. 40,175 3.5
6 Chubb Ltd. 40,011 3.5
7 Zurich Insurance Group (2) 38,695 3.3
8 American International Group (AIG) 32,458 2.8
9 Tokio Marine Group 29,088 2.5
10 Hartford Financial Services 28,371 2.5

(1) Before reinsurance transactions.
(2) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $60,099 14.8%
2 State Farm  40,169 9.9
3 Allstate Corp. 34,486 8.5
4 USAA Insurance Group 25,850 6.4
5 Concord General Mutual Insurance Company  19,497 4.8
6 Vermont Mutual Insurance  18,053 4.4
7 Amica Mutual Insurance Co. 16,966 4.2
8 Travelers Companies Inc. 15,762 3.9
9 MetLife Inc. 14,412 3.5
10 Hanover Insurance Group Inc. 14,389 3.5

(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 And Annuity Considerations In New Hampshire, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 New York Life Insurance Group   $359,093 11.6%
2 Lincoln National Corp.   325,820 10.5
3 Jackson National Life Group   279,376 9.0
4 Prudential Financial Inc.   177,768 5.7
5 Massachusetts Mutual Life Insurance Co.   136,320 4.4
6 MetLife Inc.   129,536 4.2
7 Voya Financial Inc.   112,969 3.7
8 American International Group (AIG)   88,961 2.9
9 Manulife Financial Corp.   86,612 2.8
10 AEGON   85,822 2.8

(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance from life/health insurers. 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 New Hampshire By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $114,977 13.6%
2 State Farm  106,434 12.6
3 Progressive  103,823 12.3
4 Liberty Mutual 97,114 11.5
5 Allstate Corp. 84,945 10.0
6 USAA Insurance Group 44,555 5.3
7 Amica Mutual Insurance Co. 29,976 3.5
8 Concord General Mutual Insurance Co. 27,987 3.3
9 MetLife Inc. 25,318 3.0
10 Travelers Companies Inc. 20,099 2.4

(1) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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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