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The insurance industry in Wyoming 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.
U.S. Department of Commerce data show the insurance industry provided 3,474 jobs in Wyoming in 2016. The Wyoming insurance industry accounted for about $163 million in compensation in 2016.
The insurance industry contributed $291 million to the Wyoming gross state product (GSP) in 2015, accounting for about 1 percent of the state GSP.
Premium taxes paid by insurance companies in Wyoming totaled $28 million in 2016.
Direct premiums written by property/casualty insurance companies in Wyoming totaled $1.1 billion in 2016. In addition, premiums written by life/health insurance companies totaled $1.1 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
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 Wyoming surplus lines market accounted for $55.9 million in gross premiums written in 2016, according to a survey by Business Insurance.
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 Wyoming as measured by direct property/casualty incurred losses, were $681 million. Life insurance claims and benefits payouts in Wyoming totaled $782 million in 2016.
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, foods, landslides, lightning, winter storms, tornadoes, and wildfires are some of the natural disasters that have occurred or could occur in Wyoming.
Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.
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(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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(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.
|
(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.