1
Insights@Katie
The Economic Impact of the Insurance Industry
in Illinois: 2016 Study
By Katie School of Insurance and Financial Services at Illinois State University
Table of Contents
Key Findings of the Study .............................................................................................................. 2
Introduction to Study ...................................................................................................................... 4
The Insurance Industry as Contributor to the Economy of Illinois ................................................ 5
The Insurance Industry as Investor in Government and Businesses ............................................... 8
The Insurance Industry as Protector from Financial Loss .............................................................. 8
Illinois Insurer Strength and Trust ............................................................................................ 10
Insurance Industry as Employer .................................................................................................... 10
Demographic Changes Requiring New Hires ........................................................................... 11
The Sales Force in Illinois Insurance Industry ......................................................................... 11
Wages and Salaries of Insurance Workers................................................................................ 12
The Insurance Industry as Contributor to State Tax Revenue ...................................................... 12
Insurance Industry as Citizen of the State..................................................................................... 14
Summary ....................................................................................................................................... 15
Appendix ....................................................................................................................................... 16
Appendix A State, District, Territory Ranking By Sector ....................................................... 16
Appendix B- Gross Domestic Product by State (millions of current dollars) .......................... 17
Appendix C- Gross domestic product (GDP) by industry in Illinois........................................ 19
Appendix D- Illinois Insurers Key Financials Compared to Surrounding States ..................... 23
Appendix E Insurance Industry Occupations in Illinois 2008-2018 ......................................... 24
Appendix F- Life and Health Insurers ...................................................................................... 25
Appendix G- Illinois Property Casualty Insurers (192) ............................................................ 27
2
The Economic Impact of the Insurance Industry in Illinois
This Study was conducted in 2016 by the Katie School of Insurance at Illinois State University
under the direction of Katie School Executive Director, James R. Jones. Questions regarding the
content of this study should be directed to [email protected]
Key Findings of the Study
The Illinois insurance industry is exceptionally robust and competitive. As of 2015, there
were 192 property and casualty insurers, 39 life insurers, and 41 health insurers
domiciled in Illinois.
1 out of every 5 dollars of property and casualty insurance premium in the U.S. is
underwritten by Illinois insurance companies.
The Illinois insurance industry GDP in 2014 was fourth in the entire nation with respect
to the national insurance industry. .
The insurance industry in Illinois contributes 3.67 percent of the GDP to the state of
Illinois. This is higher than construction, transportation, information, and accommodation
and food services industries, and many times more than industries such as agriculture or
mining.
According to SNL Financial, Illinois insurance companies wrote nearly $190 billion in
insurance premiums for property-casualty, life, and health insurance combined in 2015.
This placed Illinois second overall in the country and ranks higher than in every sector
compared to other “insurance industry rich” states like Wisconsin, California, and Ohio,
and much higher than the surrounding states of Indiana, Iowa, and Missouri.
$126 billion comes from the Property & Casualty sector. This represents a remarkable
21.64 percent of the entire P&C insurance sector in the United States.
144, 723 people are employed directly by the insurance industry in Illinois. This is more
than any of the surrounding states and in fact is more than twice the insurance industry
employment of Indiana or Iowa.
The median wage for insurance workers was nearly 50 percent higher than median for all
workers in Illinois.
The median wage for insurance workers in Illinois was 15 percent higher than the median
wage for workers in insurance nationally.
Over 300,000 people are employed either directly or indirectly related to insurance
industry for Illinois.
3
Illinois insurer’s investments totaled over $412 billion; with nearly $306 billion in bonds
of which nearly $29 billion were in the government bonds. This means the insurance
industry serves to finance a wide array of projects such as schools, roads, bridges, mass
transit initiatives and health care facilities
In 2015, Illinois insurers paid out $122 billion for P&C, life, and health losses and over
$61 billion to policyholders in the U.S for losses to homes, autos, and businesses. That
represents 21.27 percent of all property and casualty claims made in the entire country!
$186 billion in policyholder surplus was held on Illinois insurer balance sheets in 2015.
Illinois has just under 5 percent of the workforce in the insurance industry. However,
some occupations are particularly present in Illinois, such as insurance underwriters with
more than 10 percent of those in the country working in Illinois.
Workers in the insurance industry in Illinois earned just over $12 billion or nearly 3
percent of the total earnings for workers in the state.
Illinois revenue from insurers through taxes, licenses, fees, and fines totaled
$411,371,823 in 2015.
Insurance workers were estimated to have paid over $1.5 billion in taxes to the state of
Illinois in 2014.
4
Introduction to Study
This study conducted in 2016 by the Katie School of Insurance at Illinois State University
examined the role of the insurance industry in Illinois with respect to its impact on the economy,
including its role in state employment, loss indemnification, and institutional investment in
government and corporate bonds, and its role as a contributor to state tax revenues.
Data was sourced from SNL Financial database, the Bureau of Economic Analysis (BEA), the
Bureau of Labor Statistics (BLS), U.S. Census Bureau, Illinois Comptrollers Website, Illinois
Insurance Department website, Illinois Information Workforce Center, Illinois Department of
Employment Security (IDES), and then with the Insurance Information Institute, and other
sources to confirm data. The most recent available information was included in this study. For
insurance company financial data the last available year is the 2015 results. The most recent
available economic and employment data was 2014.
Thanks to Illinois State University Economics graduate assistant, S. Azfar Hussain for his hard
work on this project. A special thanks to the Independent Insurance Agents of Illinois, the
Illinois Insurance Association, and NAIFA for sponsoring this study.
About the Katie School at Illinois State University
The Katie School at Illinois State University has a mission to support students interested in
pursuing careers in the insurance industry. The Katie School provides scholarships, internships,
education, extracurricular programs, and cutting-edge research win which students can
participate. The Katie School supports high school students by hosting summer risk management
and insurance camps. The Katie School supports applied, relevant research focused on providing
insights on real industry issues, and supports continuous learning and professional development
for industry practitioners, through seminars and workshops.
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The Insurance Industry as Contributor to the Economy of Illinois
The insurance industry favorably affects the state economy through both direct and indirect
economic activity. Typical direct contributions expected by any business, include contribution to
the local economy’s GDP, employment of workers, and payment of corporate taxes. Insurance
also has some unique direct economic impacts both through its role as protector of economic
loss, and through its role as institutional investor in government and business.
A less recognized, but arguably equally significant indirect contribution is its ability to promote
economic development via a better understanding of the risks, encouragement of loss mitigation,
and enabling individuals and businesses to engage in productive activities that involve risk.
Insurance is a financial risk management tool that allows individuals and businesses to reduce or
avoid risk through the transfer, pooling or sharing of risk with a third party, usually an insurer.
While various risk-sharing arrangements have been in existence for centuries, risk today is
usually contractually transferred (via an insurance policy) to and absorbed by an insurance
company in exchange for a payment (i.e., the premium). The insurer contractually obligates itself
to pay the losses of policyholders.
Individuals and businesses who are insured against a variety of potentially catastrophic losses,
are then enabled to engage in activities that produce or preserve wealth, create jobs, and foster
investment, innovation and entrepreneurship. As individuals and businesses have greater
security to protect themselves from loss they need to hold less capital which means people and
business have more to consume and invest in things like human capital and technology, making
state economies more competitive and robust.
Having adequate insurance protection for homes and businesses in times of increasing
catastrophic losses is important for governments as the need for state government disaster relief
is mitigated. This is especially important in the current climate where federal disaster relief is
highly politicized, and state funding is uncertain. Regardless of the political party in control of
Congress, funding for disaster relief and FEMA will continue to be uncertain. This uncertainty
affects state budgets to the extent that they may have to contribute for more of their own local
disaster relief. Private market solutions will continue to be sought, and a competitive and robust
insurance industry in a state can reduce uninsured rates, and the need for public disaster
assistance, and may in some cases, obviate the need for state subsidized insurance.
The Illinois insurance industry is exceptionally robust and competitive. As of 2015, there were
192 property and casualty insurers, 39 life insurers, and 41 health insurers domiciled in Illinois.
In fact 1 out of every 5 dollars of property and casualty insurance premium in the U.S. is
underwritten by Illinois insurance companies!
This has a tremendous positive impact on the economy of Illinois. We can look at the
contribution of Illinois insurers in several ways. The percentage to the overall insurance
industry’s contribution to our national GDP, and as a percentage of the state of Illinois GDP for
all industries. Exhibit 1 shows the contribution to the insurance industry’s national GDP.
Exhibit 1- Percentage of U.S. Insurance Industry Contribution to National GDP
6
Millions of Dollars
% of National INS
IND
New York
39,978
9.74%
California
31,352
7.64%
Texas
26,495
6.46%
Illinois
26,283
6.41%
Pennsylvania
20,882
5.09%
Source: Bureau of Economic Analysis,
Exhibit 2 shows the insurance industry’s contribution to Illinois GDP in comparison to other
industries in Illinois. As detailed in Exhibit 2, the insurance industry in Illinois contributes
3.67% percent of the GDP to the state of Illinois. This is higher than construction, transportation,
information, and accommodation and food services industries, and many times more industries
such as agriculture or mining. Although insurance is not the top contributing industry to the state
GDP, it is one of the more significant industries. Appendix C lists all industries and their
contribution to the state GDP.
Exhibit 2- Illinois Gross Domestic Product by Industry
Gross Domestic Product by State (millions of current dollars)
Illinois 2013
Millions of
Dollars
% of State GDP
Insurance carriers and related activities
26,283
3.67%
Transportation and warehousing
25,897
3.62%
Information
24,702
3.45%
Construction
24,441
3.42%
Accommodation and food services
18,181
2.54%
Agriculture, forestry, fishing, and hunting
11480
1.61%
Mining
3797
0.53%
Source: 2013 Bureau of Economic Analysis, State GDP
Another way to consider the economic impact is to consider the premiums written (revenue
generated) by Illinois insurers compared to other states. According to SNL Financial, Illinois
insurance companies wrote $189.61 billion in insurance premiums for property-casualty, life,
and health insurance combined. This placed Illinois second overall in the country.
Exhibit 3 depicts where Illinois placed in each of the three insurance sectors, P&C, Life, and
Health. Illinois ranks higher in every sector compared to Wisconsin, California, and Ohio, and
ranks much higher than the surrounding states of Indiana, Iowa, and Missouri.
Exhibit 3 - Ranking of Illinois Insurance Premiums Written to Other States
State, District, Territory Ranking By Sector
Direct Premiums 2015
States, District, Territory
Rank-Overall
Rank P&C
Rank Health
Rank Life
7
CT
10
8
29
2
IL
2
1
1
14
NY
1
3
4
1
WI
7
10
3
12
PA
8
11
2
17
OH
3
2
6
10
NE
11
5
35
5
CA
17
9
27
22
TX
4
7
5
7
FL
15
14
8
30
IN
16
26
21
6
IA
14
15
33
3
MO
18
18
15
27
Source: SNL Database 2015
Exhibit 4 illustrates the extent to which the Illinois insurance industry dominates the property
and casualty industry (often referred to as P&C, which covers items such as personal and
commercial autos, homes, buildings, and professional legal liability). $125.947 billion of the
total $582 billion comes from the P&C sector represents a 21.64 percent of the entire P&C
insurance sector! That is extraordinary for any product for one state to be so dominate. This is
more than the percentage of autos manufactured in Michigan.
1
Exhibit 4 – Premiums Written by Insurance Sector Compared to U.S. Total Premiums
Written
Area
P&C Ins
Life Ins
Health Ins
Direct Premiums
Written 2015 Total All
Lines ($000)
Direct Premiums &
Annuity Consid: Life,
A&H 2015 Y Total All
Lines ($000)
Direct Premiums
Written 2015 Y AR:
Total All Lines
($000)
ILLINOIS
125,946,981.658
18,313,896.374
45,355,965.657
U.S. Total
582,041,689.038
680,150,362.327
516,867,636.692
Percentage of U.S. Total
21.64%
2.69%
8.78%
SNL Database – 2015
The size alone conveys only one dimension of the industry’s importance. The benefits that
accrue to individuals, businesses, the economy and society as a whole are many and varied in
nature.
Although specific sections of this study cover the topics of the role of the insurance industry as
investor, employer, and contributor to Illinois tax revenues, it is worthwhile mentioning in this
section that the economic impact to Illinois goes beyond the direct employment and
compensation paid to workers in the insurance industry. Indirect effects of their employment and
1
http://www.detroitchamber.com/econdev/chamber-initiatives/michauto-universal-name/the-auto-industry-in-
michigan/
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compensation include transactions increasing the demand for goods and services in other directly
affected industries. This is known as the multiplier effect and is well-recognized in econometric
modeling systems. It can be estimated that the insurance industry supports over 300,000 jobs in
Illinois using econometric modeling systems such as REMI, RIMS II, and IMPLAN
Direct employment and compensation to insurance industry workers will be discussed later in
detail in the section dedicated to that topic.
The Insurance Industry as Investor in Government and Businesses
As policyholders take out insurance, insurers invest the premiums until claims are paid. Insurers
boost the economy by increasing investments heavily in both government and corporate bonds.
The insurance industry’s need to maintain large holdings of assets to back claims and satisfy
regulator and ratings agency requirements means that the industry is one of the largest
institutional investors in world. Indeed, the industry is usually ranked among the top three
institutional investors across a broad range of asset categories. Insurers are necessarily
conservative investors and as such concentrate their investments in relatively low risk, highly
liquid securities, especially bonds. This conservative portfolio allocation is illustrated by an
Insurance Information Institute study showing on average two-thirds of invested assets for
property-casualty insurers are in the form of bonds, and three-quarters of life insurers’ portfolio
is in fixed income securities.
2
Exhibit 5 shows that Illinois insurers’ investments totaled over $412.4 billion, of these
investments nearly $305.3 billion were in bonds.
Exhibit 5 - Investments of Illinois Insurers 2015 ($000)
Insurance Sector
Total Cash &
Investments
Investment in Govt.
Bonds:
NET ADM Bonds 2015
Health Insurers
11,401,188.97
2,245,757.65
8,304,415.97
Life Insurers
164,207,148.90
8,471,864.61
128,896,047.71
P&C Insurers
236,839,740.64
17,934,849.52
168,095,934.55
Total
412,448,078.50
28,652,471.78
305,296,398.23
SNL Database - 2015
On average, about 10 percent of the insurance industry’s bond portfolio is invested in
government securities issued by states and counties, and cities. What this means for state and
local economies is that the insurance industry serves to finance a wide array of projects such as
schools, roads, bridges, mass transit initiatives and health care facilities.
The Insurance Industry as Protector from Financial Loss
The main role of the insurance industry is to protect policyholders from financial loss covered
under insurance policies. The three major sectors of insurance industry are property-casualty,
life, and health. Although there are a few insurers who participate in all three sectors, in general
2
http://financialservices.house.gov/uploadedfiles/hhrg-112-ba04-wstate-rhartwig-20120724.pdf
9
the insurers in each sector are different for each sector. A complete list of Illinois insurers, as of
2015, by insurance sector can be found in the appendix of this study.
In the P&C industry each year auto and home insurers pay billions to hundreds of thousands of
policyholders whose vehicles or homes were damaged or destroyed in accidents or by natural
disasters as well as to individuals who suffered bodily injuries as the result of liability losses
covered by these policies. A similar sum is paid each year to business owners for claims arising
from a wide spectrum of property and liability claims, including injuries suffered by workers in
occupational settings (via worker compensation insurance policies).
The life insurance industry provides individuals and families (beneficiaries) with financial
protection against the possibility of loss of income due to death of an insured individual. They
also provide payments for annuities. An annuity, in its simplest form, is a contract between an
individual and a life insurance company specifying a future stream or series of payments that
will be made in exchange for a payment made to that insurance company today. The annuity
arrangement allows the purchaser of the annuity to transfer to the insurer the risk associated with
outliving one’s assets.
Health insurers pay for medical expenses including routine health care and prescriptions, as well
as acute care requiring hospitalization, surgeries, and treatments for chronic and terminal
illnesses. Health insurance also included disability coverages and long term care and nursing
care.
In 2015, Illinois insurers paid out $122.129 billion for P&C, life, and health losses. Exhibit 6
highlights the losses paid out in 2015 by insurance sector, and the percentage of losses paid out
by Illinois insurers compared to the U.S. as a whole.
What is perhaps most striking from this exhibit is that the U.S. economy as a whole is a
beneficiary of insurers in Illinois, which are significantly non-life property and casualty losses.
In 2015, Illinois property and casualty insurance paid out over $61 billion to policyholders in the
U.S for losses to homes, autos, and businesses. That represents 21.27 percent of all property and
casualty claims made in the entire country, helping individuals and communities recover from
disasters.
Exhibit 6 - Losses Paid By Illinois Insurers as Percentage of U.S. Payments By Insurance Sector
Area
P&C Ins
Life Ins
Health Ins
Losses Paid Less Salvage
2015 Y AR: Total All
Lines ($000)
Benefits & Losses 2015
Y AR: Total All Lines
($000)
Medical Losses Incurred
2015 Y AR: Total All
Lines ($000)
ILLINOIS
61,108,034.86
19,888,312.96
41,133,438.52
U.S. Total
287,316,065.75
616,779,676.13
470,675,350.68
Percentage of U.S. Total
21.27%
3.22%
8.74%
Source: SNL Database – 2015
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Insurers also play a role in preventing losses and encouraging loss prevention and mitigation by
offering discounts for not smoking, taking driver’s education classes, installing sprinklers and
alarms, participating in worker safety programs, buying cars with higher safety ratings, and many
other discounts to encourage policyholders to prevent and reduce losses. Insurers also sponsor
organizations such as the Insurance Institute for Highway Safety which performs tests on
automobile crashworthiness. Over the years insurance industry funded studies have contributed
to automobile safety via, seat belts, head rests, airbags, reducing teen related highway deaths,
reduced alcohol fatalities, auto crash tests, breakaway light poles, guard rails, compression zones
on highway barriers, and other initiatives. The industry funds the Institute for Business & Home
Safety which studies how to make buildings safer from disasters. Illinois insurers play a
significant role in funding these organizations and others related organizations.
Illinois Insurer Strength and Trust
Because insurers assume trillions of dollars of exposure in exchange for premiums received from
millions of policyholders each year, insurers necessarily hold assets large enough to pay any
reasonable—and even highly improbable—levels of claim activity.
Insurers maintain surpluses according to regulatory and rating agency requirements in order to be
able to meet their financial obligations in times of catastrophes.
Exhibit 7 details the $186.2 billion in policyholder surplus held on Illinois insurer balance sheets
in 2015.
Exhibit 7 - Illinois Insurers Policyholder Surplus
Insurer Type
Surplus as Regards Policyholders 2015 Y ($000)
Health Insurers
11,456,889
Life Insurers
20,957,660
P&C Insurers
153,777,254
Source: SNL Database - 2015
Consumers also benefit from Illinois insurers. Several Illinois insurers have consistently been
rated highly for customer satisfaction. For example, in 2015, two out of the top three auto
insurers (as rated by J.D. Powers for customer satisfaction) were insurers domiciled in Illinois.
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Insurance Industry as Employer
The insurance industry in the U.S. employs nearly 3 million people. In 2014, 144,723 people
were employed directly by the insurance industry in Illinois. This is more than any of the
surrounding states and in fact is more than twice the employment of Missouri, Indiana, or Iowa.
These people work in various occupations in insurance industry, in organizations ranging in size
from large insurance companies to single person insurance agencies. Exhibit 8 provides detailed
employment numbers from 2007 to 2014, for the U.S., Illinois, and surrounding states.
3
http://www.jdpower.com/press-releases/2015-us-auto-insurance-study
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Exhibit 8 - Total full and part-time employment in Insurance Industry
SA25N Insurance carriers and related activities (number of jobs)
State or Area
2007
2008
2009
2010
2011
2012
2013
2014
United States
2919200
2931300
2922200
2900000
3024700
3013000
3022800
3109200
Illinois
145519
144670
143198
143034
145741
144807
142500
144723
Surrounding States
Wisconsin
80793
81247
81619
80273
82453
82411
80748
79188
Missouri
61752
61695
61579
62518
65324
65590
64878
66641
Indiana
57766
58988
58502
58152
60329
59495
59016
61502
Iowa
54267
55681
53938
53605
55174
54248
54341
55423
Source: Bureau of Economic Analysis : http://www.bea.gov/regional/index.htm
Although the state of Illinois has just under 5 percent of the workforce in the insurance industry,
some occupations are more present in Illinois. For example, Illinois is home to almost 10 percent
of insurance underwriters in the country. What may be interesting for some is to see that while
four of the top five occupations are somewhat industry specific, most of the occupations are not.
For example, Illinois has over 13 percent of all the business operation specialists and all the
commodities and securities sales force in the industry. Illinois is home to more than its share of
several other well-paying occupations such as accountants, financial analysts, management
analysts, computer systems analysts, and computer software engineers.
Demographic Changes Requiring New Hires
What is not reflected in the percentage growth is the change in the demographics of the
workforce of the insurance industry. Insurers also have greater exposure to the aging workforce
than most industries due to its long time focus on experienced workers. For this reason, even the
underwriting occupation, where the absolute number is declining, new hiring opportunities exist
as younger workers replace retiring workers. The number of insurance workers 55 or older has
increased by 74 percent in the last 10 years, compared to a 45 percent increase for the overall
workforce. This means that 20 percent of the insurance workforce is near retirement age
(compared to 15 percent of the broader financial services workforce). By 2018, this number is
projected to rise to 25 percent.
4
High growth insurance occupations through 2020 in Illinois are expected to be computer systems
analysts, insurance agents, customer service representatives, and claims adjusters, and marketing.
The Sales Force in Illinois Insurance Industry
One unique and important part of the industry relates to insurance agents and brokers. Contrary
to popular belief, insurance agents and brokers are not becoming obsolete in a digital
environment. Insurance is a relationship business built on trust, and technology may enhance that
4
http://www.griffithfoundation.org/uploads/McKinsey-Talent-white-paper-FINAL.pdf
12
relationship customers, but for many products and services an agent or broker is still preferred.
Illinois is home to some of the largest insurance brokerage firms in the world.
Exhibit 9 shows the breakdown of the insurance agents and brokers’ workforce in 2014,
including self-employed agents, principals, managers and customer service representatives
working for insurance agents and brokers.
Exhibit 9 Insurance Agents and Brokers Workforce in Illinois, May 2014
NAICS 524210 - Insurance Agencies and Brokerages, Illinois, May 2014
Occupation Code
Occupational Title
Employment
Percentage of
Total Emp.
(Estimated)
All Occupations*
5,765,880
100%
41-3021
Insurance Sales Agents
18,200
0.32%
43-4051
Customer Service Representatives*
117,520
2.04%
43-9041
Insurance Claims and Policy Processing Clerks*
11,420
0.20%
13-0000
Business and Financial Operations Occupations*
299,620
5.20%
11-0000
Management Occupations*
368,230
6.39%
Self Employed
Insurance Sales**
16802
Total Agent and Brokers Workforce including Self-
employed
74,242
*NOTE- The Insurance Sales Agent figure is reported specifically in the IDES. The other occupations numbers are based on the national average
of percentage of these occupations within the Insurance Agents and Brokers industry sub-category. ** This is based on Census Data for 2010 for
“non-employer” status working as agent or broker in Illinois. “Non-employers” are self-employed individuals operating unincorporated businesses
(known as sole proprietorships), which may or may not be the owner's principal source of income.
Wages and Salaries of Insurance Workers
According to the Bureau of Economic Analysis, workers in the insurance industry in Illinois
earned just over $12 billion in 2014. The jobs in the insurance industry jobs compare favorably
to the average employment in Illinois. According to the BLS workers in the insurance industry
earn nearly 50 more than the median for all workers in Illinois.
5
In addition wages for Illinois
workers in the insurance industry compare favorable to national averages for the same
occupations
6
.
As mentioned in the section on economic impact, the employment and income in the insurance
industry has significant impact on employment and income in other industries, this is especially
true for Illinois which hosts an industry with such high-paying occupations.
The Insurance Industry as Contributor to State Tax Revenue
5
Median for all workers was $48,780 for 2014 compared to the median wage of workers employed in the insurance
industry in Illinois which was $72,370.
6
Source: SOC code: Standard Occupational Classification code -- see
http://www.bls.gov/oes/current/oes_il.htm#13-0000; http://www.bls.gov/oes/current/naics3_524000.htm
13
Illinois’s tax policy with respect to the insurance industry is different from other industries and
has some unique taxes. Exhibit 10 illustrates some of the various sources of revenue the state of
Illinois gets from the insurance industry. The state of Illinois collected $411,371,823 from the
insurance industry as of December 2015 and $396,537,356 in 2014.
Exhibit 10- Illinois Revenue from Insurers 2014 and 2015 Taxes, Licenses, Fees, and Fines
Code
Revenue Source
Year 2015
Year 2014
Total
$411,371,823
$396,537,356
394
PRIVILEGE TAX-INSURANCE
$182,795,367
$171,284,230
468
RETALIATORY TAX
$127,743,620
$122,390,880
915
LICENSES FEES OR REGISTRATION
$9,137,017
$6,746,775
1846
SURPLUS LINE TAX - INSURANCE
$43,389,062
$40,123,259
111
FIRE MARSHALL TAX
$26,896,407
$25,441,508
780
FINES PENALTIES OR VIOLATIONS
$14,492,366
$12,457,481
713
SELF INSURERS ASSESSMENTS
$1,148,452
$2,593,531
104
EMPLOYER PAY/EMPLOYEE COMP
$1,107,508
$1,035,177
344
1/2% COMP PYMT MADE EMPLOYER
$4,662,023
$14,464,514
Source:
http://www.wh1.ioc.state.il.us/Expert/Rev/ERControl.cfm?Control=State&Reset=Y&GroupBy=Fund&SortName=No&CFID=28904
50&CFTOKEN=ae38ac89dfa1e555-BB476730-5056-93B5-5E7DFB23B62CE5B3
The two largest categories are privilege taxes and retaliatory taxes. Both of these are related to
taxes on insurance premiums.
Exhibit 11- State Government Tax Collections: 2014
(Amounts in thousands)
Item
United States
Illinois
Indiana
Iowa
Missouri
Wisconsin
Insurance premium
Tax
18,094,904
359,240
223,072
105,532
302,166
185,502
Total taxes
865,752,089
39,182,894
16,846,961
8,271,839
11,240,657
16,410,925
Percent of State Tax
2.09%
0.92%
1.32%
1.28%
2.69%
1.13%
http://www.census.gov/govs/statetax/
14
Premium Taxes in 2014 (which does not include license fees and some other revenue items)
equaled $359,240,000 representing 0.92% of the Illinois state’s revenues. This is the least
compared to surrounding states where insurers play significant economic roles in their states’
economies. The percentage of premium insurance taxes to overall state revenue in Illinois was
less than Indiana (1.32%); Iowa (1.28%), and Wisconsin (1.13%) as detailed below in Exhibit
11.
In addition to taxes from insurance organizations, the state collects incomes, sales, excise, and
property taxes from employees working in the industry. Taxes paid by insurance workers to the
state of Illinois are estimated to be over $1.5 billion.
7
Insurance Industry as Citizen of the State
Property/casualty and life/health insurance companies contribute to the economy far beyond their
core function of helping to manage risk. According to the Insurance Information Institute, the
insurance industry is the 11th largest charitable giver in the U.S. and the 7th largest globally by
employee. U.S. property/casualty insurers have increased their charitable giving by an average of
7
Employee compensation for workers in Illinois in 2014 was $409.93 billion. Insurance industry workers were paid 3% of overall employee
compensation for the state therefore the estimated individual income taxes paid by industry workers to the state was $ 1, Additionally data from
the taxfoundation.org was used to estimate sales, excise, and property taxes for 144,723 workers. These added an addition ($206,230,275 sales
and excise taxes, and 287,275,155 Property tax). This is likely to be underestimated because sales tax and property taxes correlate with income,
so the 50 percent higher income would make that $1.5 billion even more.
Explanation of Tax Calculation
Per Section 409 of the Illinois Insurance Code (215 ILCS 5/409, effective May 29, 1998), there is a premium tax
of 0.4% on the net taxable premium for all accident and health written, 0.5% on the net taxable premiums
written for all other types of insurance premiums written. This premium tax is paid by the insurers for the
“privilege” of writing insurance in Illinois. This applies to all insurers doing business in Illinois. However, some
insurers domiciled in other states (foreign insurers) are required to pay an additional tax to retaliate for the
higher taxes charged against Illinois insurers doing business in their home states.
Illinois law (215 ILCS 5/444, Reg. 2515.10 to 2515.100) states that “Any taxes, licenses or other fees in the
aggregate, or any fines, penalties, deposit requirements as would be imposed on Illinois insurers as a
condition precedent to their doing business in other states that would exceed those Illinois imposes on
insurers, agents or representatives of insurers domiciled in other states, shall result in a retaliatory tax.” The
purpose of the retaliatory tax is “to promote the interstate business of domestic insurance companies and
thus attempt to prevent other states from handicapping Illinois domestic companies with excessive taxes.”
The way in which states enforce this tax is by charging a retaliatory tax on insurers from other states whose
premium tax is higher than its own. For example, insurers from state #1 incur a higher tax when operating in
state #2, then state #1 will charge the higher tax to insurers of state #2 who wish to do business in state #1.
For example, consider an insurance firm domiciled in Ohio writing a policy in Illinois. Illinois's privilege
(premium) tax rate was 0.5%. The Ohio rate was 1.4%. The Ohio insurer must pay the 0.5% Illinois premium
tax on policies written in Illinois. Additionally, the Ohio insurer must pay the state of Illinois a retaliatory tax of
.9% (the Ohio premium tax rate of 1.4% minus the Illinois rate of .5%).
15
15 percent since 2011, to an industry total of $575 million in 2014 benefiting communities in
which they operate throughout the United States.
The Insurance Industry Charitable Foundation, established by the property/casualty insurance
industry in 1994, has contributed more than $23.5 million in local community grants and nearly
200,000 volunteer hours to hundreds of community nonprofit organizations. .Some of the most
charitable firms are domiciled in Illinois. Insurers such as State Farm, Allstate, Zurich North
America, and CNA for example all have foundations that make charitable contributions to local
causes.
Summary
The insurance industry in Illinois has an exceptional impact on both the economy of Illinois and
on the U.S. economy as a whole. The insurance industry’s employment, contribution to state
GDP, premiums written, losses paid, and investments made placed the Illinois insurance industry
as one of the top ranking industry’s in the nation. The importance of Illinois property and
casualty insurers as one of the country’s most significant mechanisms for insuring losses to
homes, autos, and businesses is difficult to overstate. The insurance industry in Illinois is a key
driver of the Illinois, and arguable U.S. economy. Efforts should be made to ensure that
employment in the industry continues to grow, as these well-paying jobs are able to support
Illinois state and local communities.
16
Appendix
Appendix A- Ranking of State Insurance Industries
Appendix B- Gross Domestic Product for Insurance by State
Appendix C- Gross Domestic Product Illinois (millions of current dollars) 2013
Appendix D- Illinois Insurers Key Financials Compared to Surrounding States
Appendix E- Insurance Industry Occupations in Illinois 2008-2018
Appendix F- Illinois Life and Health Insurers
Appendix G- Illinois Property and Casualty Insurers
Appendix A State, District, Territory Ranking By Sector
Net Premiums 2015
States, District, Territory
Rank-
Overall
Rank
P&C
Rank
Health
Rank Life
AK
45
40
.
.
AL
28
17
25
39
AR
38
39
26
38
AZ
36
38
47
15
CA
17
9
27
22
CO
20
29
23
16
CT
10
8
29
2
`DC
40
46
24
.
DE
37
52
42
8
FL
15
14
8
30
GA
22
21
14
37
HI
43
41
30
43
IA
14
15
33
3
ID
49
50
39
42
IL
2
1
1
14
IN
16
26
21
6
KS
30
32
36
19
KY
25
23
13
40
LA
26
24
20
33
MA
6
4
9
11
MD
27
28
22
29
ME
33
33
41
20
MI
5
12
7
4
MN
12
6
31
9
MO
18
18
15
27
MS
31
22
34
32
17
MT
52
48
50
47
NC
32
27
19
45
ND
51
49
46
44
NE
11
5
35
5
NH
42
43
45
25
NJ
9
13
10
13
NM
44
45
32
.
NV
21
30
17
.
NY
1
3
4
1
OH
3
2
6
10
OK
41
36
44
28
OR
23
34
18
21
PA
8
11
2
17
PR
48
51
.
36
RI
34
16
40
41
SC
29
35
28
23
SD
46
44
43
34
TN
13
19
11
18
TX
4
7
5
7
UT
35
37
37
24
VA
19
25
16
26
VT
39
20
48
35
WA
24
31
12
31
WI
7
10
3
12
WV
47
47
38
.
WY
50
42
49
46
Appendix B- Gross Domestic Product by State (millions of current dollars)
Gross domestic product (GDP) by state (millions of current dollars)
Bureau of Economic Analysis
Insurance carriers and related activities
Fips
Area
2013
Percent of State GDP
0
United States
410277
1000
Alabama
3594
0.90%
2000
Alaska
357
0.10%
4000
Arizona
7921
1.90%
5000
Arkansas
1700
0.40%
6000
California
31352
7.60%
8000
Colorado
5912
1.40%
9000
Connecticut
17139
4.20%
10000
Delaware
5874
1.40%
11000
District of Columbia
1163
0.30%
18
12000
Florida
19845
4.80%
13000
Georgia
9869
2.40%
15000
Hawaii
1267
0.30%
16000
Idaho
926
0.20%
17000
Illinois
26283
6.40%
18000
Indiana
8796
2.10%
19000
Iowa
10821
2.60%
20000
Kansas
4098
1.00%
21000
Kentucky
4084
1.00%
22000
Louisiana
3523
0.90%
23000
Maine
1593
0.40%
24000
Maryland
6945
1.70%
25000
Massachusetts
13201
3.20%
26000
Michigan
11459
2.80%
27000
Minnesota
10933
2.70%
28000
Mississippi
1580
0.40%
29000
Missouri
7377
1.80%
30000
Montana
626
0.20%
31000
Nebraska
5374
1.30%
32000
Nevada
1762
0.40%
33000
New Hampshire
3037
0.70%
34000
New Jersey
19688
4.80%
35000
New Mexico
1085
0.30%
36000
New York
39978
9.70%
37000
North Carolina
6809
1.70%
38000
North Dakota
760
0.20%
39000
Ohio
17673
4.30%
40000
Oklahoma
2754
0.70%
41000
Oregon
3499
0.90%
42000
Pennsylvania
20882
5.10%
44000
Rhode Island
2087
0.50%
45000
South Carolina
3613
0.90%
46000
South Dakota
916
0.20%
47000
Tennessee
6902
1.70%
48000
Texas
26495
6.50%
49000
Utah
2173
0.50%
50000
Vermont
777
0.20%
51000
Virginia
6240
1.50%
53000
Washington
5943
1.40%
54000
West Virginia
1110
0.30%
55000
Wisconsin
12220
3.00%
56000
Wyoming
264
0.10%
19
91000
New England
37835
9.20%
92000
Mideast
94529
23.00%
93000
Great Lakes
76430
18.60%
94000
Plains
40277
9.80%
95000
Southeast
68869
16.80%
96000
Southwest
38255
9.30%
97000
Rocky Mountain
9901
2.40%
98000
Far West
44180
10.80%
Legend / Footnotes:
Note-- NAICS Industry detail is based on the 2007 North American Industry Classification System
(NAICS).
Note-- Per capita real GDP statistics for 1997-2014 reflect Census Bureau mid-year population
estimates available as of December 2014.
Appendix C
Appendix C- Gross domestic product (GDP) by industry in Illinois
Industry
Description
2012
2013
101
All industry total
709257
715239
102
Private industries
635484
640680
103
Agriculture, forestry, fishing, and hunting
6170
11480
104
Farms
5723
11039
105
Forestry, fishing, and related activities
448
441
106
Mining
3522
3797
107
Oil and gas extraction
229
210
108
Mining, except oil and gas
3112
3418
109
Support activities for mining
180
168
110
Utilities
9397
9382
111
Construction
23013
24441
112
Manufacturing
103370
96339
113
Durable goods manufacturing
52219
49757
114
Wood products manufacturing
393
448
115
Nonmetallic mineral products manufacturing
1512
1628
116
Primary metals manufacturing
2442
2237
117
Fabricated metal products
9546
9274
118
Machinery manufacturing
20153
16492
119
Computer and electronic products manufacturing
4963
6132
120
Electrical equipment, appliance, and components
manufacturing
3066
3200
20
121
Motor vehicles, bodies and trailers, and parts
manufacturing
4090
4099
122
Other transportation equipment manufacturing
866
832
123
Furniture and related products manufacturing
962
1014
124
Miscellaneous manufacturing
4226
4400
125
Nondurable goods manufacturing
51151
46583
126
Food and beverage and tobacco products
manufacturing
10950
11980
127
Textile mills and textile product mills
180
196
128
Apparel and leather and allied products
manufacturing
329
350
129
Paper products manufacturing
1808
2096
130
Printing and related support activities
2535
2557
131
Petroleum and coal products manufacturing
11949
8930
132
Chemical products manufacturing
18393
15297
133
Plastics and rubber products manufacturing
5007
5178
134
Wholesale trade
52467
54246
135
Retail trade
36709
36976
136
Transportation and warehousing
25374
25897
137
Air transportation
5642
5889
138
Rail transportation
2563
2857
139
Water transportation
360
400
140
Truck transportation
6565
6540
141
Transit and ground passenger transportation
1705
1743
142
Pipeline transportation
314
328
143
Other transportation and support activities
5038
5053
144
Warehousing and storage
3188
3086
145
Information
23681
24702
146
Publishing industries, except Internet (includes
software)
6177
6050
147
Motion picture and sound recording industries
2125
2166
148
Broadcasting and telecommunications
12995
13849
149
Data processing, internet publishing, and other
information services
2384
2637
150
Finance, insurance, real estate, rental, and leasing
156480
154615
151
Finance and insurance
67071
63964
152
Federal Reserve banks, credit intermediation, and
related services
24170
24395
153
Securities, commodity contracts, and investments
12974
12122
154
Insurance carriers and related activities
26840
26283
21
155
Funds, trusts, and other financial vehicles
3086
1164
156
Real estate and rental and leasing
89409
90651
157
Real estate
80473
81647
158
Rental and leasing services and lessors of intangible
assets
8936
9004
159
Professional and business services
95798
97186
160
Professional, scientific, and technical services
55458
56029
161
Legal services
13275
13389
162
Computer systems design and related services
9018
9542
163
Miscellaneous professional, scientific, and technical
services
33165
33098
164
Management of companies and enterprises
17132
17719
165
Administrative and waste management services
23209
23437
166
Administrative and support services
21247
21505
167
Waste management and remediation services
1961
1932
168
Educational services, health care, and social assistance
58854
60140
169
Educational services
10153
10241
170
Health care and social assistance
48700
49900
171
Ambulatory health care services
20599
21188
172
Hospitals and nursing and residential care facilities
24123
24559
173
Social assistance
3979
4153
174
Arts, entertainment, recreation, accommodation, and
food services
24104
24781
175
Arts, entertainment, and recreation
6443
6600
176
Performing arts, spectator sports, museums, and
related activities
3205
3373
177
Amusements, gambling, and recreation industries
3238
3227
178
Accommodation and food services
17660
18181
179
Accommodation
4208
4540
180
Food services and drinking places
13452
13641
181
Other services, except government
16546
16700
182
Government
73772
74559
183
Federal civilian
11071
10672
184
Federal military
3432
3290
185
State and local
59269
60597
186
Natural resources and mining
9692
15277
187
Trade
89176
91221
188
Transportation and utilities
34771
35279
189
Private goods-producing industries
136075
136057
22
190
Private services-providing industries
499410
504624
Footnotes: NAICS Industry detail is based on the 2007 North American Industry Classification System
(NAICS).
Source: U.S. Department of Commerce / Bureau of Economic Analysis / Regional Product Division
23
Appendix D- Illinois Insurers Key Financials Compared to Surrounding States
U.S Insurers Policyholder Surplus
States
Surplus as Regards Policyholders 2015 Y ($000)
Premiums Written by Insurance Sector Compared to U.S. Total Premiums Written
States
P&C Ins
Life Ins
Health Ins
Direct Premiums
Written 2015
Total All Lines
($000)
Percentage
of U.S. Total
Direct Premiums
& Annuity Consid:
Life, A&H 2015 Y
Total All Lines
($000)
Percentage
of U.S. Total
Direct Premiums
Written 2015 Y
AR: Total All
Lines ($000)
Percentage
of U.S. Total
ILLINOIS
125,946,981.658
21.64%
18,313,896.374
2.69%
45,355,965.657
8.78%
IOWA
15,124,192.009
2.60%
61,422,876.857
9.03%
3,448,671.387
0.67%
INDIANA
22,413,776.533
3.85%
39,933,682.008
5.87%
8,322,079.584
1.61%
KENTUCKY
1,175,947.648
0.20%
166,774.606
0.02%
14,074,554.330
2.72%
MISSORI
8,678,403.177
1.49%
2,074,304.181
0.30%
12,371,372.175
2.39%
WISCONSIN
27,268,149.273
4.68%
24,682,806.825
3.63%
36,923,362.193
7.14%
U.S. Total
582,041,689.038
680,150,362.327
516,867,636.692
SNL Database - 2015
Losses Paid By Illinois Insurers and surrounding states as Percentage of U.S. Payments By Insurance Sector
Area
P&C Ins
Life Ins
Health Ins
Losses Paid Less
Salvage 2015 Y
AR: Total All
Lines ($000)
Percentage
of U.S. Total
Benefits &
Losses 2015 Y
AR: Total All
Lines ($000)
Percentage
of U.S. Total
Medical Losses
Incurred 2015 Y
AR: Total All Lines
($000)
Percentage
of U.S. Total
ILLINOIS
61,108,034.86
21.27%
19,888,312.96
3.22%
41,133,438.52
8.74%
IOWA
4,187,740.19
1.46%
58,957,424.36
9.56%
3,040,976.89
0.65%
INDIANA
6,158,626.18
2.14%
36,170,238.43
5.86%
7,167,478.01
1.52%
KENTUCKY
747,310.68
0.26%
282,764.64
0.05%
12,024,179.60
2.55%
MISSOURI
2,959,908.95
1.03%
9,193,609.84
1.49%
10,226,830.29
2.17%
WISCONSIN
12,597,504.96
4.38%
24,034,976.24
3.90%
31,645,624.51
6.72%
U.S. Total
287,316,065.75
616,779,676.13
470,675,350.68
Source: SNL Database - 2015
24
Health Ins
Life Ins
P&C Ins
ILLINOIS
11,456,888.82
20,957,659.50
153,777,253.97
IOWA
1,573,674.42
29,526,530.48
10,320,384.98
INDIANA
1,229,428.06
13,192,151.64
21,945,468.63
KENTUCKY
1,828,762.20
284,167.20
1,529,423.59
MISSOURI
2,742,251.38
14,870,290.90
9,741,635.61
WISCONSIN
5,935,699.04
22,489,695.03
29,907,587.80
Source: SNL Database - 2015
Appendix E Insurance Industry Occupations in Illinois 2008-2018
Occupation
Illinois
Employment
2008
Projected
2018
National
Employment
Percent
Of
National
Insurance
Industry
Insurance Agents
13,578
15,705
308320
4.4%
Customer Service
9,813
10,781
247,080
4.0%
Claims Adjusters
9,278
9,743
184,650
5.0%
Insurance Claims Processing
9,157
9,131
194820
4.7%
Insurance Underwriters
8,100
7,863
83510
9.7%
Business Operations
Specialists
4,133
4,074
31590
13.1%
Secretary Admin Support
3,641
3,588
58650
6.2%
First Line Office Managers
2,270
2,243
52670
4.3%
Accountants
2,235
2,335
34,430
6.5%
Management Analysts
2,182
2,127
34030
6.4%
Computer Systems Analysts
2,026
2,283
37,410
5.4%
Managers
1,761
1,735
38340
4.6%
Financial Analysts
1,408
1,523
18,090
7.8%
Computer Software Engineers
Applications
1,324
1,620
24,830
5.3%
Financial Managers
1,258
1,282
26,630
4.7%
Commodities and Securities
Sales
1,241
1,301
9540
13.0%
Computer Programmers
1,144
904
13,140
8.7%
Computer and IS Managers
742
834
17,750
4.2%
Actuaries
598
646
13020
4.6%
Insurance Appraiser
344
346
10340
3.3%
Personal Financial Advisors
N/A
6940
N/A
25
Source: Illinois Information Workforce Center 2008-2018 (IDES 2012)
Comparison of 2014 Wages for Insurance Occupations in Illinois Compared to National
Average
Illinois Insurance Industry Occupation
(SOC code) 2014
Illinois Annual
Mean Wage 2014
National Annual
Mean Wage 2014
Insurance Industry
All Insurance Carriers (NAICS 524000)
$72,370
$62,510
Claims Adjusters Examiners and Investigators(131031)
$63,830
$63,500
Personal Financial Advisors(132052)
$98,640
$108,090
Insurance Underwriters(132053)
$65,250
$70,570
Insurance Sales Agents(413021)
$73,860
$63,730
Securities Commodities and Financial Services Sales
Agents(413031)
$104,660
$103,260
Insurance Claims and Policy Processing Clerks(439041)
$38,030
$38,740
Actuaries 15-2011
$99,460
$110,090
Source: SOC code: Standard Occupational Classification code -- see
http://www.bls.gov/oes/current/oes_il.htm#13-0000;
http://www.bls.gov/oes/current/naics3_524000.htm
Appendix F- Life and Health Insurers
Life Insurers (39)
Health Insurers (40)
4 Ever Life Insurance Co.
Access Care General Inc.
Allstate Assurance Co.
Aet. Better Hlth Inc. (IL)
Allstate Life Insurance Co.
American Specialty Hlth Ins Co
Amalgamated L&H Insurance Co.
Celtic Insurance Co.
Bankers Life & Casualty Co.
Cig. HealthCare of IL Inc.
Columbian Life Insurance Co.
Cmnty Care Alliance of IL NFP
Combined Insurance Co. of Am
CompBenefits Dental Inc.
COUNTRY Investors Life Assr Co
Coventry Health Care of IL Inc
COUNTRY Life Insurance Co.
Delta Dental of Illinois
Dearborn National Life Ins Co.
Dental Benefit Providers of IL
Destiny Health Insurance Co.
Family Health Network Inc.
26
Educators Life Ins Co. of Am
First Cmnwlth Ltd Health (IL)
ELCO Mutual Life & Annuity
First Commonwealth Ins Co.
EquiTrust Life Insurance Co.
Harmony Health Plan of IL Inc.
Federal Life Ins Co. (Mutual)
HCSC Insurance Services Co.
Fidelity Life Assn. A Legal
Health Alliance - Midwest Inc.
Guarantee Trust Life Ins Co.
Health Alliance Connect Inc.
Horace Mann Life Insurance Co.
Health Alliance Med Plans Inc.
Illinois Mutual Life Ins Co.
HlthCare Svc Corp. a Mutual
Life Assurance Co. of America
Huma. Benefit Plan of IL Inc.
Lincoln Heritage Life Ins Co.
Huma. Dental Concern Ltd.
Mutual Trust Life Insurance Co
IlliniCare Health Plan Inc.
Old Repub Life Insurance Co.
Land of Lincoln Mutl Hlth Ins
Pekin Life Insurance Co.
Meridian Health Plan of IL Inc
Physicians' Bnfts Tr Life Ins
Merit Health Insurance Co.
Professional Life & Cas Co.
Moli. Healthcare of IL Inc
ProTec Insurance Co.
.tio.l Dental Care Inc.
Reliance Standard Life Ins Co.
Preferred Insurance Svcs Inc.
Resource Life Insurance Co.
Pre-Paid Health Services Inc.
State Farm Health Insurance Co
Sidney Hillman Health Centre
State Farm Life & Accdt Assr
Sterling Life Insurance Co.
State Farm Life Insurance Co.
Symphonix Health Insurance Inc
Trustmark Insurance Co.
TruAssure Insurance Co.
Trustmark Life Insurance Co.
Union Health Service Inc.
United Insurance Co of America
Union Medical Center
United Natl Life Ins Co. of Am
UnitedHealthcare Ins Co. (IL)
Wilcac Life Insurance Co.
UnitedHealthcare Ins Co. of IL
XL Life Insurance & Annuity Co
UnitedHealthcare of IL Inc.
Zurich American Life Ins Co.
UnitedHealthcare Plan
.
Vision Service Plan of IL NFP
SNL Database – 2015
27
Appendix G- Illinois
Property Casualty
Insurers (192)
Company Name
1. ACIG Insurance Co.
2. ACSTAR Insurance Co.
3. Affirmative Insurance Co.
4. AGCS Marine Insurance
Co.
5. AIG Specialty Insurance
Co.
6. Alamance Insurance Co.
7. Allianz Global Risks US
Ins Co
8. Allianz Underwriters Ins
Co.
9. Allstate F&C Insurance
Co.
10. Allstate Indemnity Co.
11. Allstate Insurance Co.
12. Allstate New Jersey Ins
Co.
13. Allstate NJ P&C Insurance
Co.
14. Allstate North American
Ins Co
15. Allstate Northbrook Indem
Co.
16. Allstate P&C Insurance
Co.
17. Allstate Vehicle & Ppty
Ins Co
18. American Access Casualty
Co.
19. American Alliance
Casualty Co.
20. American Country
Insurance Co.
21. American Freedom
Insurance Co.
22. American Heartland Ins
Co.
23. American Medical
Assurance Co.
24. American Service
Insurance Co.
25. American Zurich Insurance
Co.
26. AMEX Assurance Co.
27. Apollo Casualty Co.
28. Argo.ut Great Central Ins
Co.
29. Argo.ut Insurance Co.
30. Argo.ut Ltd Risk Insurance
Co
31. Argo.ut-Midwest
Insurance Co.
32. Argo.ut-Southwest Ins Co.
33. Ashmere Insurance Co.
34. Associated Intl Insurance
Co.
35. AXIS Insurance Co.
36. AXIS Surplus Insurance
Co.
37. Benefit Security Insurance
Co.
38. BITCO General Insurance
Corp.
39. BITCO .tio.l Insurance Co.
40. Blue Hill Specialty Ins Co.
41. Castle Key Indemnity Co.
42. Castle Key Insurance Co.
43. CEM Insurance Co.
44. Chicago Insurance Co.
45. Citizens Insurance Co. of
IL
46. Clarendon .tio.l Ins Co.
47. Clear Blue Insurance Co.
48. Columbia Casualty Co.
49. Continental Casualty Co.
50. Contractors Bonding & Ins
Co.
51. COUNTRY Casualty
Insurance Co.
52. COUNTRY Mutual
Insurance Co.
53. COUNTRY Preferred
Insurance Co
54. Delphi Casualty Co.
55. Diamond Insurance Co.
56. Direct Auto Insurance Co.
57. Doctors Direct Insurance
Inc.
58. Echelon P&C Insurance
Co.
59. Economy Fire & Casualty
Co.
60. Economy Preferred
Insurance Co
61. Economy Premier
Assurance Co.
62. Encompass Floridian
Indem Co.
63. Encompass Floridian Ins
Co.
64. Encompass Home & Auto
Ins Co.
65. Encompass Indemnity Co.
66. Encompass Independent
Ins Co.
67. Encompass Insurance Co.
28
68. Encompass Insurance Co.
of Am
69. Encompass Insurance Co.
of NJ
70. Encompass P&C Co.
71. Encompass P&C Ins Co.
of NJ
72. Evanston Insurance Co.
73. Falcon Insurance Co.
74. Farmers Automobile Ins
Assn.
75. Farmers New Century Ins
Co.
76. FB Alliance Insurance Co.
77. Fi.ncial Indemnity Co.
78. First Chicago Insurance
Co.
79. First Fi.ncial Insurance Co.
80. First Liberty Insurance
Corp.
81. Florists' Insurance Co.
82. Florists' Mutual Insurance
Co.
83. Fortress Insurance Co.
84. Founders Insurance Co
(IL)
85. Frontline Ins Unlimited
Co.
86. Governmental
Interinsurance
87. Granite State Insurance
Co.
88. Guilford Insurance Co.
89. Harco .tio.l Insurance Co.
90. Hartford Insurance Co. of
IL
91. HDI Global Insurance Co.
92. Hiscox Insurance Co.
93. Homesite Insurance Co. of
FL
94. Homesite Insurance Co. of
IL
95. Horace Mann Insurance
Co.
96. Horace Mann P&C
Insurance Co.
97. Hutterian Brethren Mutl
Ins
98. IL Cas Co. (A Mutual Ins
Co.)
99. IL State Bar Assn. Mutl
Ins Co
100. Illinois Farmers Insurance
Co.
101. Illinois .tio.l Insurance Co
102. Illinois Union Insurance
Co.
103. Independent Mutual Fire
Ins Co
104. Insurance Co. of Illinois
105. Interstate Fire & Casualty
Co.
106. ISMIE Indemnity Co.
107. ISMIE Mutual Insurance
Co.
108. Kemper Financial
Indemnity Co.
109. Kemper Independence Ins
Co.
110. Lancer Insurance Co.
111. Liberty Ins Underwriters
Inc.
112. Liberty Insurance Corp.
113. Lighthouse Casualty Co.
114. LM General Insurance Co.
115. LM Insurance Corp.
116. Lutheran Mutual Fire Ins
Co.
117. Madison Mutual Ins Co.
(IL)
118. Markel Insurance Co.
119. Medical Alliance
Insurance Co.
120. Mendakota Casualty Co.
121. Merastar Insurance Co.
122. Mercury Insurance Co. of
IL
123. Mercury .tio.l Insurance
Co.
124. MidStates ReInsurance
Corp.
125. Midvale Indemnity Co.
126. Midwest Insurance Co.
127. Mount Carroll Mutual Ins
Co.
128. Mt. Hawley Insurance Co.
129. .tio.l Fire & Casualty Co.
130. .tio.l Heritage Insurance
Co
131. .tio.l Surety Corp.
132. .tl Fire Ins Co. of Hartford
133. New Hampshire Insurance
Co.
134. NHRMA Mutual Insurance
Co.
135. North Light Specialty Ins
Co.
136. Oglesby Reinsurance Co.
137. Old Repub General Ins
Corp.
138. Old Repub Union
Insurance Co.
139. Omni Indemnity Co.
140. Omni Insurance Co.
141. OMS .tio.l Insurance Co.
RRG
142. OneCIS Insurance Co.
143. PACO Assurance Co.
144. Peerless Indemnity Ins Co.
145. Pekin Insurance Co.
29
146. Podiatry Insurance Co. of
Am
147. Prime Insurance Co.
148. Prime P&C Insurance Inc.
149. Public Service Insurance
Co.
150. Republic Credit Indemnity
Co.
151. Response Insurance Co.
152. Response Worldwide
Direct Auto
153. Response Worldwide Ins
Co.
154. RLI Insurance Co.
155. Rockford Mutual
Insurance Co.
156. Safeco Insurance Co. of IL
157. Safety First Insurance Co.
158. Safeway Ins Co. of AL
Inc.
159. Safeway Insurance Co.
160. SeaBright Insurance Co.
161. Select Markets Insurance
Co.
162. Specialty Risk of America
163. Specialty Surplus
Insurance Co
164. Spinker Insurance Co.
165. Standard Mutual Insurance
Co.
166. Starr Surplus Lines Ins Co.
167. State Farm Fire & Casualty
Co.
168. State Farm General Ins Co.
169. State Farm Guaranty Ins
Co.
170. State Farm Indemnity Co.
171. State Farm Mutl
Automobile Ins
172. Stonegate Insurance Co.
173. Teachers Insurance Co.
174. Third Coast Insurance Co.
175. TransGuard Ins Co. of Am
Inc.
176. Transit General Insurance
Co.
177. Transportation Insurance
Co.
178. U.S. Insurance Co. of
America
179. Underwriters at Lloyd's
(IL)
180. Unique Insurance Co.
181. United Casualty Ins Co. of
Am
182. United Equitable Insurance
Co.
183. United Sec Hlth & Cas Ins
Co.
184. Unitrin Direct Insurance
Co.
185. Unitrin Direct P&C Co.
186. Univ Underwriters of TX
Ins Co
187. Universal Underwriters Ins
Co.
188. USPlate Glass Insurance
Co.
189. Virginia Surety Co.
190. Warner Insurance Co.
191. Western Select Insurance
Co.
192. Zurich American Ins Co.
of IL
