A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The South Carolina Economy

The insurance industry in South Carolina 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 44,725 jobs in South Carolina in 2018. The South Carolina insurance industry accounted for about $2.9 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $5.5 billion to the South Carolina gross state product (GSP) in 2017, accounting for 2.45 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in South Carolina totaled $244.4 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in South Carolina totaled $9.5 billion in 2019. Premiums written by life/annuity insurance companies totaled $12.0 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 South Carolina surplus lines market accounted for $727.6 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 South Carolina as measured by direct property/casualty incurred losses, were $5.9 billion. Life insurance claims and benefits payouts in South Carolina totaled $7.4 billion in 2019.

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. South Carolina was impacted by three of the ten costliest hurricanes based on insured damage: Hurricane Michael in 2018, Hurricane Irma in 2017 and Hurricane Charley in 2004. South Carolina is also vulnerable to rainfall-induced flooding.  

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 South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $236,869 5.7%
2 Liberty Mutual 227,152 5.4
3 Chubb 180,422 4.3
4 Zurich 171,261 4.1
5 Hartford Financial Services 149,647 3.6
6 Berkshire Hathaway Inc. 149,302 3.6
7 American International Group (AIG) 136,337 3.3
8 Auto-Owners Insurance Co. 123,832 3.0
9 Nationwide Mutual Group 117,757 2.8
10 CNA 106,204 2.5

(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 Homeowners Insurance In South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $370,908 20.0%
2 Allstate Corp. 181,495 9.8
3 USAA Insurance Group 170,415 9.2
4 Travelers Companies Inc. 108,663 5.9
5 Nationwide Mutual Group 81,141 4.4
6 Liberty Mutual 80,320 4.3
7 South Carolina Farm Bureau Federation 64,553 3.5
8 Auto-Owners Insurance Co. 53,673 2.9
9 UPC Insurance 49,717 2.7
10 Farmers Insurance Group 48,183 2.6

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

Top 10 Writers Of Life Insurance/Annuities In South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln Financial   $496,138 6.6%
2 Prudential Financial Inc.   439,503 5.8
3 Principal Financial Group Inc.   403,264 5.4
4 AIG   330,139 4.4
5 New York Life   323,904 4.3
6 Jackson   320,657 4.3
7 MassMutual   270,273 3.6
8 MetLife   269,398 3.6
9 Athene   241,467 3.2
10 Allianz   233,179 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 South Carolina By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm   $959,582 21.2%
2 Berkshire Hathaway Inc.   633,024 14.0
3 Progressive   556,502 12.3
4 Allstate Corp.   520,177 11.5
5 USAA   442,544 9.8
6 Nationwide   219,800 4.9
7 Travelers   213,434 4.7
8 Liberty Mutual   208,172 4.6
9 Southern Farm Bureau Casualty   136,682 3.0
10 Auto-Owners Insurance   99,342 2.2

(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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