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.

Employment

U.S. Department of Commerce data show the insurance industry provided 82,083 jobs in Wisconsin in 2018. The Wisconsin insurance industry accounted for about $6.5 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $17.0 billion to the Wisconsin gross state product (GSP) in 2017, accounting for 5.29 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Wisconsin totaled $216.8 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Wisconsin totaled $10.6 billion in 2019. Premiums written by life/annuity insurance companies totaled $15.3 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 $388.1 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 Wisconsin as measured by direct property/casualty incurred losses, were $6.3 billion. Life insurance claims and benefits payouts in Wisconsin totaled $11.2 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 storm or wildfire. Wisconsin suffered damage from six of the fifteen most severe winter storms in the United States.

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 Wisconsin By Direct Premiums Written, 2019

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $399,471 6.7%
2 West Bend Mutual Insurance Co. 353,892 5.9
3 Chubb 308,427 5.2
4 Zurich 288,459 4.8
5 ACUITY 250,033 4.2
6 American International Group (AIG) 205,522 3.4
7 Liberty Mutual 191,854 3.2
8 Sentry Insurance Mutual Co. 177,445 3.0
9 CNA 168,549 2.8
10 SECURA Insurance Companies 148,061 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 Wisconsin By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 American Family Insurance Group $334,358 21.6%
2 State Farm 251,897 16.3
3 Erie Insurance Group 73,029 4.7
4 ACUITY 70,087 4.5
5 Allstate Corp. 65,859 4.3
6 Auto-Owners Insurance Co. 65,734 4.3
7 West Bend Mutual Insurance Co. 65,597 4.2
8 Liberty Mutual 59,758 3.9
9 Farmers Insurance Group 48,686 3.2
10 USAA Insurance Group 47,349 3.1

(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 Wisconsin By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 New York Life   $1,132,445 10.0%
2 Principal Financial Group Inc.   1,003,528 8.9
3 Prudential Financial Inc.   789,895 7.0
4 Northwestern Mutual   761,349 6.7
5 Lincoln Financial   516,042 4.6
6 Jackson   440,230 3.9
7 John Hancock   412,000 3.6
8 Pacific Life   338,294 3.0
9 Securian   321,587 2.8
10 Transamerica   297,678 2.6

(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 Wisconsin By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive   $659,836 19.8%
2 American Family Insurance   619,445 18.6
3 State Farm   459,654 13.8
4 Berkshire Hathaway Inc.   161,145 4.8
5 Allstate Corp.   151,201 4.5
6 Erie Insurance   122,267 3.7
7 ACUITY A Mutual Insurance Co. 108,335 3.3
8 West Bend Mutual Insurance Co. 100,349 3.0
9 USAA   86,856 2.6
10 Liberty Mutual   79,801 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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