Maine Hurricane Insurance: Fact File

AUGUST 2016

  • Maine was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in property losses, excluding flood insurance claims covered by the federal flood insurance program, according to estimates from ISO’s PCS unit. This would make Sandy the third most costly U.S. hurricane, after hurricanes Katrina and Andrew.
  • Sandy resulted in $36 million in private insurance claims in Maine. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
  • Maine was one of 14 states affected by August 2011’s Hurricane Irene, the first hurricane to hit the U.S. since Hurricane Ike in 2008. Irene impacted 14 states, causing a total of $4.3 billion in insured property damage, not including flood losses covered under the National Flood Insurance Program (NFIP), according to ISO. The NFIP puts its claims payouts from Irene at $1.3 billion (in all states).
  • There were 8,735 flood insurance policies in Maine in 2015. Standard homeowner’s policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
  • The insured value of properties in coastal areas of Maine totaled $164.6 billion in 2013, accounting for 58 percent of the state’s total insured property exposure, according to an analysis by AIR Worldwide.
  • Population growth from 2010 to 2015 in coastal New England counties ranged from 3.6 percent in Massachusetts to 1.6 percent in New Hampshire, 0.3 percent in Rhode Island and Connecticut, and 0.4 percent in Maine, according to the U.S. Census Bureau.

 

Top 10 Writers Of Commercial Insurance In Maine By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MEMIC Group $145,101 13.4%
2 Liberty Mutual 126,926 11.8
3 W. R. Berkley Corp. 94,663 8.8
4 Hanover Insurance Group Inc. 71,431 6.6
5 Travelers Companies Inc. 54,815 5.1
6 Chubb Ltd. (2) 37,595 3.5
7 Medical Mutual Insurance Co. of ME 33,153 3.1
8 American International Group (AIG) 31,161 2.9
9 Frankenmuth Mutual Insurance Co. 29,957 2.8
10 MMG Insurance Co. 29,410 2.7

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Homeowners Insurance In Maine By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $48,099 12.4%
2 Liberty Mutual 46,940 12.1
3 Allstate Corp. 27,278 7.0
4 Concord General Mutual Insurance Co. 22,630 5.8
5 Hanover Insurance Group Inc. 21,876 5.6
6 MMG Insurance Co. 21,215 5.5
7 Quincy Mutual Fire Insurance Co. 20,368 5.3
8 USAA Insurance Group 19,437 5.0
9 Vermont Mutual Insurance Co. 17,350 4.5
10 Chubb Ltd. (2) 17,058 4.4

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Writers Of Private Passenger Auto Insurance In Maine By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $94,615 14.5%
2 Progressive Corp. 87,878 13.5
3 Liberty Mutual 61,937 9.5
4 Berkshire Hathaway Inc. 60,980 9.3
5 Allstate Corp. 52,630 8.1
6 Concord General Mutual Insurance Co. 29,417 4.5
7 USAA Insurance Group 26,975 4.1
8 MetLife Inc. 25,578 3.9
9 Travelers Companies Inc. 23,647 3.6
10 Quincy Mutual Fire Insurance Co. 22,990 3.5

(1) Before reinsurance transactions.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Top 10 Costliest Hurricanes In The United States (1)

($ millions)

        Estimated insured loss (2)
Rank Date Location Hurricane Dollars when
occurred
In 2016
dollars (3)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $49,793
2 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 24,478
3 Oct. 28-31, 2012 CT, DC, DE, MA, MD, ME,
NC,NH, NJ, NY, OH, PA,
RI, VA, VT, WV
Hurricane Sandy 18,750 19,860
4 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 14,036
5 Oct. 24, 2005 FL Hurricane Wilma 10,300 12,479
6 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,348
7 Sep. 15-21, 2004 AL, DE, FL, GA, LA, MD, MS, NC, NJ, NY, OH, PA, TN, VA, WV Hurricane Ivan 7,110 8,891
8 Sep. 17-22, 1989 GA, NC, PR, SC, UV, VA Hurricane Hugo 4,195 7,260
9 Sep. 20-26, 2005 AL, AR, FL, LA, MS, TN, TX Hurricane Rita 5,627 6,817
10 Sep. 3-9, 2004 FL, GA, NC, NY, SC Hurricane Frances 4,595 5,746

(1) Includes hurricanes occurring through 2016.
(2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(3) Adjusted for inflation through 2016 by ISO using the GDP implicit price deflator.

Source: Property Claim Services (PCS®), a Verisk Analytics® business.

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NATIONAL FLOOD INSURANCE POLICIES IN FORCE, SELECTED STATES, 2012 (1)

State Total SFHA (2) NSFHA (3) Unknown
Connecticut 41,079 26,568 14,427 84
Maine 9,032 4,836 4,195 1
New Hampshire 9,408 6,007 3,395 6
Ohio 42,140 27,074 15,048 18
Rhode Island 16,129 9,674 6,280 175
Vermont 4,326 2,701 1,492 133

(1) As of August, 2012.
(2) Policies for properties in Special Flood Hazard Areas (SFHAs), or floodplains, as designated by FEMA.
(3) Policies for properties not in Special Flood Hazard Areas.

Source: Federal Emergency Management Agency.

 

Other Resources

I.I.I. Facts & Stats: Flood Insurance