A Firm Foundation: How Insurance Supports the Economy

Key Facts: The Insurance Industry’s Contribution To The West Virginia Economy

The insurance industry in West Virginia 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 11,125 jobs in West Virginia in 2016. The West Virginia insurance industry accounted for about $565.5 million in compensation in 2016.

Gross State Product

The insurance industry contributed $1.2 billion to the West Virginia gross state product (GSP) in 2015, accounting for 1.64 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in West Virginia totaled $158.3 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in West Virginia totaled $2.9 billion in 2016. In addition, premiums written by life/health insurance companies totaled $2.9 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 West Virginia surplus lines market accounted for $113.5 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 West Virginia as measured by direct property/casualty incurred losses, were $1.7 billion. Life insurance claims and benefits payouts in West Virginia totaled $2.1 billion in 2016.

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. In 2015 and 2016 West Virginia 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 West Virginia By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 BrickStreet Mutual Insurance Co. $134,453 10.6%
2 Travelers Companies Inc. 121,105 9.6
3 American International Group (AIG) 113,039 8.9
4 Erie Insurance Group 76,553 6.0
5 Nationwide Mutual Group 52,781 4.2
6 Westfield Insurance 46,840 3.7
7 Zurich Insurance Group (2) 45,174 3.6
8 Liberty Mutual 43,614 3.4
9 CNA Financial Corp. 39,341 3.1
10 Chubb Ltd. 35,230 2.8

(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 West Virginia By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $112,887 25.5%
2 Erie Insurance Group 81,750 18.5
3 Nationwide Mutual Group 48,854 11.0
4 Allstate Corp. 33,489 7.6
5 Liberty Mutual 24,258 5.5
6 USAA Insurance Group 20,868 4.7
7 Westfield Insurance  17,178 3.9
8 Farmers and Mechanics  12,499 2.8
9 State Auto Insurance Companies 9,943 2.2
10 Hartford Financial Services 8,757 2.0

(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 West Virginia, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 TIAA   $117,713 5.5%
2 Prudential Financial Inc.   115,995 5.4
3 American International Group (AIG)   113,631 5.3
4 Jackson National Life Group   107,794 5.1
5 MetLife Inc.   100,292 4.7
6 New York Life Insurance Group   88,102 4.1
7 Northwestern Mutual Life Insurance Co.   87,111 4.1
8 Lincoln National Corp.   87,079 4.1
9 Nationwide Mutual Group   77,457 3.6
10 Global Atlantic Financial Group 73,879 3.5

(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 West Virginia By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $329,651 26.6%
2 Erie Insurance Group 182,120 14.7
3 Nationwide Mutual Group 145,858 11.8
4 Berkshire Hathaway Inc. 124,709 10.1
5 Allstate Corp. 92,007 7.4
6 Progressive  84,332 6.8
7 Liberty Mutual 54,356 4.4
8 USAA Insurance Group 48,434 3.9
9 Hartford Financial Services 38,099 3.1
10 Westfield Insurance 30,163 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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