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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.
U.S. Department of Commerce data show the insurance industry provided 42,923 jobs in South Carolina in 2016. The South Carolina insurance industry accounted for about $2.6 billion in compensation in 2016.
The insurance industry contributed $4.3 billion to the South Carolina gross state product (GSP) in 2015, accounting for 2.13 percent of the state GSP.
Premium taxes paid by insurance companies in South Carolina totaled $246.1 million in 2016.
Direct premiums written by property/casualty insurance companies in South Carolina totaled $8.9 billion in 2016. In addition, premiums written by life/health insurance companies totaled $8.5 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
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 $391.6 million in gross premiums written in 2016, according to a survey by Business Insurance.
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 South Carolina as measured by direct property/casualty incurred losses, were $6.0 billion. Life insurance claims and benefits payouts in South Carolina totaled $5.9 billion in 2016.
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.
Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.
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(1) Before reinsurance transactions.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
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(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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(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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(1) Before reinsurance transactions.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.