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 11,667 jobs in Rhode Island in 2016. The Rhode Island insurance industry accounted for about $995.1 million in compensation in 2016.

Gross State Product

The insurance industry contributed $2.5 billion to the Rhode Island gross state product (GSP) in 2015, accounting for 4.52 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Rhode Island totaled $114.0 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Rhode Island totaled $2.3 billion in 2016. In addition, premiums written by life/health insurance companies totaled $2.4 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 Rhode Island surplus lines market accounted for $165.9 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 Rhode Island as measured by direct property/casualty incurred losses, were $1.3 billion. Life insurance claims and benefits payouts in Rhode Island totaled $1.8 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 Rhode Island By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Beacon Mutual Insurance Co. $123,705 11.8%
2 Travelers Companies Inc. 65,243 6.2
3 Zurich Insurance Group (2) 54,701 5.2
4 Chubb Ltd. 53,988 5.1
5 Liberty Mutual 50,474 4.8
6 Nationwide Mutual Group 37,561 3.6
7 American International Group (AIG) 37,528 3.6
8 Hartford Financial Services 34,404 3.3
9 Allianz  29,848 2.8
10 CNA Financial Corp. 27,270 2.6

(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 Rhode Island By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Amica Mutual Insurance Co. $62,916 15.8%
2 Allstate Corp. 51,072 12.8
3 Liberty Mutual 34,470 8.6
4 United Insurance Holdings 29,496 7.4
5 Nationwide Mutual Group 25,538 6.4
6 USAA Insurance Group 24,351 6.1
7 Andover Companies 18,705 4.7
8 MetLife Inc. 18,036 4.5
9 Heritage Insurance Holdings Inc. 17,008 4.3
10 Chubb Ltd. 15,519 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 And Annuity Considerations In Rhode Island, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Massachusetts Mutual Life Insurance Co. $341,033 16.0%
2 New York Life Insurance Group   145,676 6.8
3 MetLife Inc.   121,153 5.7
4 Jackson National Life Group   117,678 5.5
5 Prudential Financial Inc.   96,032 4.5
6 TIAA   81,341 3.8
7 Manulife Financial Corp.   80,460 3.8
8 Voya Financial Inc.   75,196 3.5
9 American International Group (AIG)   73,432 3.4
10 Lincoln National Corp.   72,516 3.4

(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 Rhode Island By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive  $193,720 21.0%
2 Berkshire Hathaway Inc. 109,611 11.9
3 Allstate Corp. 107,256 11.6
4 Amica Mutual Insurance Co. 105,708 11.5
5 Liberty Mutual 65,124 7.1
6 USAA Insurance Group 63,851 6.9
7 MetLife Inc. 55,075 6.0
8 Nationwide Mutual Group 52,881 5.7
9 MAPFRE 42,523 4.6
10 Travelers Companies Inc. 21,853 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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