A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The Rhode Island Economy

The insurance industry in Rhode Island 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 11,967 jobs in Rhode Island in 2018. The Rhode Island insurance industry accounted for about $1.1 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $2.7 billion to the Rhode Island gross state product (GSP) in 2017, accounting for 4.61 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Rhode Island totaled $117.2 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Rhode Island totaled $2.4 billion in 2019. Premiums written by life/annuity insurance companies totaled $2.9 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 Rhode Island surplus lines market accounted for $176.8 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 Rhode Island as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in Rhode Island totaled $2.1 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 Rhode Island By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Beacon Mutual Insurance Co. $120,457 10.2%
2 Travelers Companies Inc. 72,676 6.2
3 Chubb 64,071 5.4
4 Liberty Mutual 58,044 4.9
5 Hartford Financial Services 46,010 3.9
6 Berkshire Hathaway Inc. 43,962 3.7
7 American International Group (AIG) 39,676 3.4
8 Allianz 39,619 3.4
9 Zurich 35,761 3.0
10 Nationwide Mutual Group 35,325 3.0

(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 Homeowners Insurance In Rhode Island By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Amica Mutual Insurance Co. $71,921 16.3%
2 Allstate Corp. 53,314 12.1
3 Liberty Mutual 36,084 8.2
4 USAA Insurance Group 29,730 6.8
5 UPC Insurance 27,278 6.2
6 Nationwide Mutual Group 25,583 5.8
7 Andover Companies 22,886 5.2
8 Heritage Insurance 21,260 4.8
9 American Family Insurance Group 19,722 4.5
10 MetLife Inc. 17,283 3.9

(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 Rhode Island By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.   $443,092 18.8%
2 MassMutual   194,554 8.3
3 Jackson   136,030 5.8
4 TIAA   93,133 4.0
5 Lincoln Financial   83,879 3.6
6 Voya Financial Inc.   83,216 3.5
7 New York Life   82,882 3.5
8 AIG   79,902 3.4
9 John Hancock   72,801 3.1
10 Nationwide   55,598 2.4

(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 Rhode Island By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive   $239,274 24.4%
2 Berkshire Hathaway Inc.   127,370 13.0
3 Amica   112,242 11.4
4 Allstate Corp.   102,139 10.4
5 USAA   65,301 6.7
6 Liberty Mutual   59,970 6.1
7 MetLife   46,202 4.7
8 Nationwide   45,513 4.6
9 MAPFRE   26,583 2.7
10 Travelers   24,246 2.5

(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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