A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The Utah Economy

The insurance industry in Utah 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 29,475 jobs in Utah in 2018. The Utah insurance industry accounted for about $2.0 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $2.9 billion to the Utah gross state product (GSP) in 2017, accounting for 1.75 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Utah totaled $155.7 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Utah totaled $4.7 billion in 2019. Premiums written by life/annuity insurance companies totaled $6.6 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 Utah surplus lines market accounted for $307.8 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 Utah as measured by direct property/casualty incurred losses, were $3.0 billion. Life insurance claims and benefits payouts in Utah totaled $4.8 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. Earthquakes, landslides, floods, winter storms and wildfires are some of the natural disasters that have occurred or could occur in Utah.

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 Utah By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 WCF Insurance $224,535 9.1%
2 Travelers Companies Inc. 153,177 6.2
3 Liberty Mutual 129,300 5.3
4 Auto-Owners Insurance Co. 102,428 4.2
5 Zurich 94,381 3.8
6 Chubb 87,109 3.5
7 American International Group (AIG) 68,183 2.8
8 CNA 64,268 2.6
9 Nationwide Mutual Group 62,570 2.5
10 AXA SA 62,129 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 Utah By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $101,367 16.6%
2 Farmers Insurance Group 69,341 11.3
3 Allstate Corp. 63,075 10.3
4 Bear River Mutual Insurance Co. 46,824 7.7
5 Liberty Mutual 42,366 6.9
6 USAA Insurance Group 41,227 6.7
7 American Family Insurance Group 36,021 5.9
8 Auto-Owners Insurance Co. 25,963 4.2
9 Travelers Companies Inc. 21,146 3.5
10 Farm Bureau Financial Services 17,865 2.9

(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 Utah By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Allianz   $332,439 6.5%
2 Prudential Financial Inc.   320,699 6.2
3 MetLife   305,437 5.9
4 Lincoln Financial   218,746 4.3
5 Pacific Life   189,631 3.7
6 Principal Financial Group Inc.   177,992 3.5
7 AIG   172,522 3.4
8 New York Life   164,915 3.2
9 Nationwide   163,869 3.2
10 Transamerica   161,808 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 Utah By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm   $314,985 14.1%
2 Allstate Corp.   263,790 11.8
3 Berkshire Hathaway Inc.   222,868 10.0
4 Progressive   207,494 9.3
5 Farmers Insurance   182,191 8.1
6 Bear River Mutual Insurance Co. 143,458 6.4
7 USAA   116,000 5.2
8 Liberty Mutual   113,482 5.1
9 American Family Insurance   99,490 4.4
10 Auto-Owners Insurance   68,951 3.1

(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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