A Firm Foundation: How Insurance Supports the Economy

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

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.

Employment

U.S. Department of Commerce data show the insurance industry provided 3,681 jobs in Wyoming in 2017. The Wyoming insurance industry accounted for about $169.8 million in compensation in 2017.

Gross State Product

The insurance industry contributed $291 million to the Wyoming gross state product (GSP) in 2015, accounting for about 1 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Wyoming totaled $28 million in 2016.

Premiums

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).

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 Wyoming surplus lines market accounted for $64.3 million in gross premiums written in 2017, 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 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.

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. Earthquakes, foods, landslides, lightning, winter storms, tornadoes, and wildfires are some of the natural disasters that have occurred or could occur in Wyoming.

Leading Writers

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

State By State Comparison Tables

• Employment
• Premiums
• Surplus Lines
• Gross State Product
• State Taxes
• Insurance Companies By State
• Catastrophes By State
• Residual Markets
• Captives By State
• Incurred Losses By State
• Insured Cars By State
• Insured Homes By State
• Businesses By State

Directories

• State Insurance Departments
• State Organizations

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