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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

Employment

U.S. Department of Commerce data show the insurance industry provided 11,148 jobs in West Virginia in 2015. The West Virginia insurance industry accounted for about $554.3 million in compensation in 2015.

Gross State Product

The insurance industry contributed $1.2 billion to the West Virginia gross state product (GSP) in 2014, accounting for 1.58 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in West Virginia totaled $155.7 million in 2015.

Premiums

Direct premiums written by property/casualty insurance companies in West Virginia totaled $2.9 billion in 2015. In addition, premiums written by life/health insurance companies totaled $2.8 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 $103.1 million in gross premiums written in 2015, 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 2015 these payments in West Virginia as measured by direct property/casualty incurred losses, were $1.4 billion. Life insurance claims and benefits payouts in West Virginia totaled $2.1 billion in 2015, on a direct basis before reinsurance, and includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

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

Top 10 Writers Of Commercial Insurance In West Virginia By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 BrickStreet Mutual Insurance Co. $150,845 12.1%
2 Travelers Companies Inc. 125,266 10.0
3 American International Group (AIG) 70,679 5.7
4 Erie Insurance Group 69,617 5.6
5 Nationwide Mutual Group 55,596 4.4
6 Zurich Insurance Group (2) 55,267 4.4
7 Westfield Group 47,625 3.8
8 Chubb Ltd. (3) 41,578 3.3
9 Liberty Mutual 39,169 3.1
10 CNA Financial Corp. 34,579 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.
(3) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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

View Archived Tables

Top 10 Writers Of Homeowners Insurance In West Virginia By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $106,422 24.9%
2 Erie Insurance Group 75,354 17.6
3 Nationwide Mutual Group 50,580 11.8
4 Allstate Corp. 34,598 8.1
5 Liberty Mutual 24,625 5.8
6 USAA Insurance Group 18,749 4.4
7 Westfield Group 16,753 3.9
8 Farmers & Mechanics Mutual Insurance WV 11,494 2.7
9 State Auto Insurance Companies 9,967 2.3
10 Hartford Financial Services 8,908 2.1

(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 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.

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In West Virginia By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $315,316 26.6%
2 Nationwide Mutual Group 160,869 13.6
3 Erie Insurance Group 160,652 13.5
4 Berkshire Hathaway Inc. 103,772 8.7
5 Allstate Corp. 91,525 7.7
6 Progressive Corp. 61,571 5.2
7 Liberty Mutual 54,064 4.6
8 Hartford Financial Services 43,058 3.6
9 USAA Insurance Group 42,305 3.6
10 Westfield Group 30,170 2.5

(1) Before reinsurance transactions.

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

View Archived Tables

State By State Comparison Tables

Directories

Create Your Own Book

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view West Virginia data only