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 44,113 jobs in South Carolina in 2017. The South Carolina insurance industry accounted for about $2.7 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $5.0 billion to the South Carolina gross state product (GSP) in 2016, accounting for 2.36 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in South Carolina totaled $228.3 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in South Carolina totaled $9.5 billion in 2017. Premiums written by life/annuity insurance companies totaled $10.2 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 $629.6 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 South Carolina as measured by direct property/casualty incurred losses, were $5.7 billion. Life insurance claims and benefits payouts in South Carolina totaled $6.5 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. Three of the costliest hurricanes to hit the United States, based on insured property losses, caused damage in South Carolina, including 1989’s Hurricane Hugo and 2004’s Hurricane Charley and Hurricane Frances. In 2015 and 2016 South Carolina experienced devastating 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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $218,646 5.6%
2 Liberty Mutual 214,902 5.5
3 Zurich 165,402 4.2
4 Chubb 163,563 4.2
5 Berkshire Hathaway Inc. 140,325 3.6
6 American International Group (AIG) 140,282 3.6
7 The Hartford 138,114 3.5
8 Auto-Owners Insurance 122,199 3.1
9 Nationwide Mutual Group 118,442 3.0
10 CNA 102,290 2.6

(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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $360,553 20.3%
2 Allstate Corp. 173,852 9.8
3 USAA 160,844 9.1
4 Travelers 98,916 5.6
5 Liberty Mutual 85,592 4.8
6 Nationwide 84,324 4.8
7 SC Farm Bureau Federation 65,935 3.7
8 Auto-Owners Insurance 50,338 2.8
9 UPC Insurance 47,882 2.7
10 Farmers Insurance Group of Companies 47,627 2.7

(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 South Carolina By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc.  $446,633 6.4%
2 Lincoln National Corp.  404,523 5.8
3 American International Group (AIG) 313,827 4.5
4 MetLife Inc.  292,506 4.2
5 New York Life Insurance Group  283,931 4.1
6 Jackson National Life Group  282,771 4.1
7 Massachusetts Mutual Life Insurance Co.  272,124 3.9
8 Athene Holding Ltd.  232,911 3.4
9 Allianz 222,783 3.2
10 Nationwide Mutual Group  180,855 2.6

(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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $982,281 22.5%
2 Berkshire Hathaway Inc.  598,450 13.7
3 Allstate Corp.  490,183 11.2
4 Progressive  437,777 10.0
5 USAA  419,779 9.6
6 Nationwide  250,392 5.7
7 Liberty Mutual  220,602 5.1
8 Travelers Companies Inc.  200,205 4.6
9 Southern Farm Bureau Casualty  142,626 3.3
10 Auto-Owners Insurance  87,401 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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