Maine Firm Foundation

KEY FACTS: THE INSURANCE INDUSTRY’S CONTRIBUTION TO THE MAINE ECONOMY

The insurance industry in Maine 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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

EMPLOYMENT

U.S. Department of Commerce data show the insurance industry provided 13,418 jobs in Maine in 2012. The Maine insurance industry accounted for about $939.1 million in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $1.6 billion to the Maine gross state product (GSP) in 2012, accounting for 2.94 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Maine totaled $99.7 million in 2013.

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 Maine surplus lines market accounted for $70.1 million in gross premiums written in 2012, 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 2012 these payments in Maine as measured by direct property/casualty incurred losses, were $834.9 million. Life insurance claims and benefits payouts in Maine totaled $1.8 billion in 2012. On a direct basis before reinsurance. Includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

 

LEADING WRITERS OF HOMEOWNERS INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Liberty Mutual  $40,000 11.4%
2 State Farm Mutual Automobile Insurance 38,235 10.9
3 Allstate Corp.  25,120 7.2
4 Concord General Mutual Ins Co.  21,113 6.0
5 MMG Insurance Co. 19,852 5.7
6 Tower Group International Ltd.  17,031 4.9
7 Hanover Insurance Group Inc.  16,403 4.7
8 Travelers Companies Inc.  16,214 4.6
9 USAA Insurance Group  15,782 4.5
10 Quincy Mutual Fire Insurance Co.  15,301 4.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 MEMIC Group  $125,248 13.5%
2 Liberty Mutual  91,491 9.9
3 W.R. Berkley Corp.  80,481 8.7
4 Hanover Insurance Group Inc.  66,976 7.2
5 Travelers Companies Inc.  52,726 5.7
6 Medical Mutual Insurance Co. of ME 29,215 3.2
7 American International Group  25,588 2.8
8 MMG Insurance Co. 23,244 2.5
9 ACE Ltd.  20,981 2.3
10 Frankenmuth Mutual Insurance Co.  19,775 2.1

(1) Before reinsurance transactions.

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Company/Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $80,089 13.4%
2 Progressive Corp.  79,771 13.3
3 Liberty Mutual  58,361 9.8
4 Allstate Corp.  49,070 8.2
5 Berkshire Hathaway Inc.  45,330 7.6
6 Concord General Mutual Insurance Co.  30,777 5.1
7 USAA Insurance Group  23,429 3.9
8 Tower Group International Ltd.  20,369 3.4
9 MetLife Inc.  19,827 3.3
10 Travelers Companies Inc.  19,701 3.3

(1) Before reinsurance transactions.

Source: SNL Financial LC.

View Archived Tables

 

 

LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN MAINE BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $293,923 14.6%
2 Massachusetts Mutual Life Insurance Co. 206,235 10.2
3 MetLife Inc. 126,386 6.3
4 Lincoln National Corp. 124,277 6.2
5 Manulife Financial Corp. 110,986 5.5
6 Jackson National Life Group 98,256 4.9
7 ING U.S., Inc. 96,354 4.8
8 TIAA-CREF 58,205 2.9
9 New York Life Insurance Group 57,467 2.9
10 Hartford Financial Services 49,973 2.5

(1) Includes life insurance, annuity consideration, deposit-type contract funds, other considerations; excludes accident and health insurance from life/health insurers. Before reinsurance transactions.

Source: SNL Financial LC.

 

STATE BY STATE COMPARISON TABLES

DIRECTORIES

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