Source: NAIC Annual Statement Database via National Underwriter Insurance Data Services/Highline Media based on data available through mid-July.
National Underwriter Insurance Data Services (formerly known as Thomson Financial Insurance Solutions and Sheshunoff Information Services) is part of Highline Data LLC, the data affiliate of Highline Media, parent company of this magazine. For information, contact Chris Rogers at 671-441-5976.
Graphs: All results on the accompanying line graphs are net of reinsurance and were calculated using industry aggregate premiums, losses and expenses from the Insurance Expense Exhibit of the Annual Statement. The industry aggregate figures are based on results for more than 3,100 individual property-casualty insurers.
Since IEE expense data for some AIG members was unavailable for 2004, the 2004 loss ratio for AIG was calculated separately using premiums and losses available for all AIG companies from the Underwriting and Investment Exhibit (and the aggregate loss ratio figure was adjusted). The industry combined ratio for 2004 was simply adjusted to exclude AIG entirely.
Pure loss ratios do not include loss adjustment expenses.
Charts: Individual group and company direct results on the accompanying Top 25 charts were calculated using premium, loss and expense data from the state pages of the annual statement (grand total including Other Alien for the countrywide chart on page 13). Net results are from IEE (except AIG, as discussed above).
The column labeled "Percent Growth" is an indication of organic premium growth. In other words, 2003 premiums for all insurers that were part of a group in 2004 were used to calculate growth figures (including those acquired in 2004). The 2003 rank, however, is the one shown in last year's report, which ignores premiums from acquisitions completed in 2004.
State Funds Excluded: The NUIDS database excludes data for some (but not all) state funds representing more than $10 billion in premiums.
Missing funds include the State Insurance Fund of California (SCIF), the New York State Insurance Fund and the State Workers' Insurance Fund in Pennsylvania. Based on data from other sources, all three would rank in the Top 25, with SCIF ranking as the nation's largest workers' compensation insurer. According to information on the Web sites of the funds:
o SCIF direct earned premiums totaled $7.9 billion in 2004.
o NYSIF direct written premiums are $1.5 billion.
o SWIF direct written premiums are $385.5 million.
According to the California insurance department, SCIF direct written premiums totaled $8.2 billion in 2004.
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