A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Oregon 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 34,305 jobs in Oregon in 2017. The Oregon insurance industry accounted for about $2.6 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $5.3 billion to the Oregon gross state product (GSP) in 2016, accounting for 2.47 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Oregon totaled $68.5 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Oregon totaled $7.0 billion in 2017. Premiums written by life/annuity insurance companies totaled $6.6 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 Oregon surplus lines market accounted for $376.5 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 Oregon as measured by direct property/casualty incurred losses, were $4.1 billion. Life insurance claims and benefits payouts in Oregon totaled $5.6 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. In 2016 there were 1,245 wildfires in Oregon which burned 219,509 acres. Oregon ranked tenth in the nation in 2016 for the number of acres burned by wildfires.

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 Oregon By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 SAIF Corp. $493,171 14.9%
2 Liberty Mutual  382,910 11.6
3 Chubb  156,306 4.7
4 Travelers  151,024 4.6
5 Farmers Insurance  124,850 3.8
6 CNA  121,158 3.7
7 State Farm  85,025 2.6
8 American International Group (AIG)  78,937 2.4
9 Zurich  78,199 2.4
10 Nationwide  71,991 2.2

(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 Homeowners Insurance In Oregon By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $191,818 22.1%
2 Farmers Insurance Group  137,230 15.8
3 Liberty Mutual 111,341 12.8
4 USAA Insurance Group 65,566 7.6
5 Allstate Corp. 61,671 7.1
6 COUNTRY Financial 45,364 5.2
7 American Family Insurance Group 43,473 5.0
8 Travelers Companies Inc. 25,775 3.0
9 Nationwide Mutual Group 16,433 1.9
10 Mutual of Enumclaw  15,739 1.8

(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 Life Insurance/Annuities In Oregon By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.  $661,395 12.4%
2 Standard Life & Cas Insurance Co. 378,141 7.1
3 John Hancock Life Insurance Co. 238,011 4.5
4 American International Group (AIG) 221,992 4.2
5 Voya Financial Inc.  209,823 3.9
6 New York Life Insurance Group  207,873 3.9
7 Lincoln National Corp.  205,859 3.9
8 Massachusetts Mutual Life Insurance Co.  168,392 3.2
9 Principal Financial Group Inc.  164,296 3.1
10 Jackson National Life Group  163,841 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 Oregon By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $607,811 19.8%
2 Progressive 451,915 14.7
3 Berkshire Hathaway Inc. 301,264 9.8
4 Farmers Insurance Group  270,547 8.8
5 Liberty Mutual 262,884 8.5
6 Allstate Corp. 247,209 8.0
7 USAA Insurance Group 188,634 6.1
8 COUNTRY Financial 112,627 3.7
9 American Family Insurance Group 89,340 2.9
10 Nationwide Mutual Group 62,633 2.0

(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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