A Firm Foundation: How Insurance Supports the Economy

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

The insurance industry in Wisconsin 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 79,910 jobs in Wisconsin in 2015. The Wisconsin insurance industry accounted for about $5.8 billion in compensation in 2015.

Gross State Product

The insurance industry contributed $14.1 billion to the Wisconsin gross state product (GSP) in 2014, accounting for 4.8 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Wisconsin totaled $184.2 million in 2015.

Premiums

Direct premiums written by property/casualty insurance companies in Wisconsin totaled $9.9 billion in 2015. In addition, premiums written by life/health insurance companies totaled $13.3 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 Wisconsin surplus lines market accounted for $330.2 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 Wisconsin as measured by direct property/casualty incurred losses, were $4.9 billion. Life insurance claims and benefits payouts in Wisconsin totaled $9.2 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 storm or wildfire. Wisconsin suffered damage from six of the fifteen most severe winter storms in the United States.

Leading Writers

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $418,552 7.6%
2 West Bend Mutual Insurance Co. 324,697 5.9
3 Zurich Insurance Group (2) 295,721 5.4
4 Chubb Ltd. (3) 292,283 5.3
5 ACUITY 236,964 4.3
6 American International Group (AIG) 236,505 4.3
7 Liberty Mutual 161,550 2.9
8 Sentry Insurance a Mutual Co. 160,933 2.9
9 CNA Financial Corp. 156,663 2.9
10 QBE Insurance Group Ltd. 135,493 2.5

(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.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Insurance Group $293,724 21.9%
2 State Farm Mutual Automobile Insurance 227,408 16.9
3 ACUITY 65,486 4.9
4 Allstate Corp. 56,186 4.2
5 West Bend Mutual Insurance Co. 54,915 4.1
6 Liberty Mutual 51,432 3.8
7 Auto-Owners Insurance Co. 47,557 3.5
8 Erie Insurance Group 46,700 3.5
9 Farmers Insurance Group of Companies (2) 46,530 3.5
10 USAA Insurance Group 34,866 2.6

(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 Life Insurance And Annuity Considerations In Wisconsin, 2015 (1)

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $888,043 9.1%
2 Northwestern Mutual Life Insurance Co.   659,923 6.8
3 MetLife Inc.   593,014 6.1
4 Jackson National Life Group   582,219 6.0
5 Massachusetts Mutual Life Insurance Co.   454,457 4.7
6 AEGON   398,539 4.1
7 Lincoln National Corp.   398,050 4.1
8 Principal Financial Group Inc.   376,209 3.9
9 Manulife Financial Corp.   372,832 3.8
10 Voya Financial Inc.   281,932 2.9

(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 Wisconsin By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Insurance Group $533,347 19.2%
2 Progressive Corp. 450,292 16.2
3 ACUITY 414,438 14.9
4 Allstate Corp. 126,245 4.5
5 Berkshire Hathaway Inc. 124,277 4.5
6 ACUITY 107,500 3.9
7 West Bend Mutual Insurance Co. 84,468 3.0
8 Farmers Insurance Group of Companies (2) 72,902 2.6
9 Liberty Mutual 69,318 2.5
10 Erie Insurance Group 69,133 2.5

(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 SNL Financial.

Source: SNL Financial LC.

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State By State Comparison Tables

Directories

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