Vermont Hurricane Insurance: Fact File

AUGUST 2016

  • Vermont was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $18.75 billion in U.S. 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 $13 million in private insurance claims in Vermont. At $9.6 billion and $6.3 billion, respectively, New York and New Jersey suffered the largest private insurance losses by far from Sandy.
  • Vermont 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, according to ISO, not including flood losses covered under the National Flood Insurance Program (NFIP). The NFIP puts its claims payouts from Irene at $1.3 billion (in all states). Some of the most serious damage from Irene resulted from river flooding in Vermont.
  • There were 4,096 flood insurance policies in Vermont in 2015. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
  • Vermont suffered damage from Hurricane Floyd, one of the most costly U.S. floods, based on NFIP payouts. The 1999 storm caused a total of $462 million in flood insurance losses in several New England and Mid-Atlantic states. This is in addition to $1.96 billion in insured (non-flood) losses ($2.80 billion in 2015 dollars).

 

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Queen City Assurance Inc. $169,866 20.3%
2 Liberty Mutual 84,382 10.1
3 W. R. Berkley Corp. 66,104 7.9
4 Travelers Companies Inc. 46,062 5.5
5 AmTrust Financial Services 25,546 3.0
6 Cincinnati Financial Corp. 23,936 2.9
7 American International Group (AIG) 23,731 2.8
8 MEMIC Group 19,955 2.4
9 Chubb Ltd. (2) 19,457 2.3
10 Zurich Insurance Group (3) 18,941 2.3

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

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

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Vermont Mutual Insurance Co. $22,507 11.8%
2 Liberty Mutual 21,147 11.1
3 Co-operative Insurance Cos 20,376 10.7
4 State Farm Mutual Automobile Insurance 14,144 7.4
5 Union Mutual Fire Insurance Co 12,161 6.4
6 Concord General Mutual Insurance Co. 11,548 6.1
7 Chubb Ltd. (2) 11,138 5.9
8 Allstate Corp. 10,445 5.5
9 Travelers Companies Inc. 9,082 4.8
10 USAA Insurance Group 8,877 4.7

(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 Private Passenger Auto Insurance In Vermont By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $54,643 15.8%
2 Berkshire Hathaway Inc. 48,514 14.0
3 Liberty Mutual 30,338 8.8
4 State Farm Mutual Automobile Insurance 28,430 8.2
5 Allstate Corp. 22,579 6.5
6 Concord General Mutual Insurance Co. 17,177 5.0
7 USAA Insurance Group 14,987 4.3
8 Hartford Financial Services 14,878 4.3
9 Vermont Mutual Insurance Co. 14,195 4.1
10 Travelers Companies Inc. 13,697 4.0

(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 2015
dollars (3)
1 Aug. 25-30, 2005 AL, FL, GA, LA, MS, TN Hurricane Katrina $41,100 $49,047
2 Aug. 24-26, 1992 FL, LA Hurricane Andrew 15,500 24,111
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 19,563
4 Sep. 12-14, 2008 AR, IL, IN, KY, LA, MO, OH, PA, TX Hurricane Ike 12,500 13,826
5 Oct. 24, 2005 FL Hurricane Wilma 10,300 12,292
6 Aug. 13-14, 2004 FL, NC, SC Hurricane Charley 7,475 9,207
7 Sep. 15-21, 2004 AL, DE, FL, GA, LA, MD, MS, NC,
NJ, NY, OH, PA, TN, VA, WV
Hurricane Ivan 7,110 8,758
8 Sep. 17-22, 1989 GA, NC, PR, SC, UV, VA Hurricane Hugo 4,195 7,152
9 Sep. 20-26, 2005 AL, AR, FL, LA, MS, TN, TX Hurricane Rita 5,627 6,715
10 Sep. 3-9, 2004 FL, GA, NC, NY, SC Hurricane Frances 4,595 5,660

(1) Includes hurricanes occurring through 2015.
(2) Property coverage only. Excludes flood damage covered by the federally administered National Flood Insurance Program.
(3) Adjusted for inflation through 2015 by ISO using the GDP implicit price deflator.

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

 

 

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

I.I.I. Facts & Stats: Hurricanes

I.I.I. Issues Updates: Catastrophes

I.I.I. Issues Updates: Hurricane and Windstorm Deductibles