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 $362 million to the Wyoming gross state product (GSP) in 2016, accounting for 1.01 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Wyoming totaled $24.8 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Wyoming totaled $1.2 billion in 2017. Premiums written by life/annuity 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 2017 these payments in Wyoming as measured by direct property/casualty incurred losses, were $644.4 million. Life insurance claims and benefits payouts in Wyoming totaled $843.2 million in 2017.

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.

Top 10 Writers Of Commercial Insurance In Wyoming By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers $48,332 9.1%
2 Liberty Mutual 45,486 8.5
3 Zurich 27,257 5.1
4 Nationwide 27,186 5.1
5 American International Group (AIG) 18,024 3.4
6 Mountain West Farm Bureau Mutual Insurance Company 17,121 3.2
7 Chubb 17,078 3.2
8 FM Global 14,963 2.8
9 Farmers Insurance 14,392 2.7
10 Progressive 14,311 2.7

(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 Wyoming By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $46,209 21.9%
2 Farmers Insurance Group  36,798 17.5
3 Mountain West Farm Bureau Mutual Insurance Company 34,650 16.4
4 Liberty Mutual 18,326 8.7
5 USAA Insurance Group 12,487 5.9
6 Allstate Corp. 9,783 4.6
7 Nationwide Mutual Group 8,017 3.8
8 Chubb 7,078 3.4
9 American National Insurance 5,389 2.6
10 American International Group (AIG) 4,198 2.0

(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 Wyoming By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Great West $149,969 17.1%
2 New York Life Insurance Group  52,952 6.0
3 Prudential Financial Inc.  52,128 5.9
4 Lincoln National Corp.  46,837 5.3
5 Iowa Farm Bureau Federation 32,205 3.7
6 TIAA 28,656 3.3
7 Jackson National Life Group  26,162 3.0
8 Massachusetts Mutual Life Insurance Co.  23,559 2.7
9 American International Group (AIG) 23,030 2.6
10 Allianz 21,678 2.5

(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.

Top 10 Writers Of Private Passenger Auto Insurance In Wyoming By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $94,449 22.9%
2 Progressive 59,070 14.3
3 Farmers Insurance Group  47,826 11.6
4 Mountain West Farm Bureau Mutual Insurance Company 42,127 10.2
5 Berkshire Hathaway Inc. 36,174 8.8
6 USAA Insurance Group 28,554 6.9
7 Liberty Mutual 27,955 6.8
8 Allstate Corp. 20,016 4.8
9 Nationwide Mutual Group 11,036 2.7
10 American National Insurance 7,102 1.7

(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

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