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.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Maine totaled $2 billion in 2013. In addition, premiums written by life/health insurance companies totaled $2.7 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).

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 $78.1 million in gross premiums written in 2013, 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 2013 these payments in Maine as measured by direct property/casualty incurred losses, were $983 million. Life insurance claims and benefits payouts in Maine totaled $1.8 billion in 2013. 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

 

LEADING WRITERS OF COMMERCIAL INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MEMIC Group $129,760 13.4%
2 Liberty Mutual 89,893 9.3
3 W. R. Berkley Corp. 85,140 8.8
4 Hanover Insurance Group Inc. 68,238 7.1
5 Travelers Companies Inc. 55,144 5.7
6 American International Group 31,568 3.3
7 Medical Mutual Insurance Co. of ME 27,488 2.8
8 MMG Insurance Co. 25,354 2.6
9 Frankenmuth Mutual Insurance Co. 24,129 2.5
10 ACE Ltd. 20,896 2.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF HOMEOWNERS INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Liberty Mutual $42,876 11.7%
2 State Farm Mutual Automobile Insurance 40,769 11.1
3 Allstate Corp. 25,816 7.0
4 Concord General Mutual Insurance Co. 22,460 6.1
5 MMG Insurance Co. 19,948 5.4
6 Tower Group International Ltd. 17,289 4.7
7 USAA Insurance Group 17,170 4.7
8 Hanover Insurance Group Inc. 16,690 4.6
9 Travelers Companies Inc. 16,473 4.5
10 Quincy Mutual Fire Insurance Co. 16,207 4.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN MAINE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Prudential Financial Inc. $159,744 9.2%
2 Lincoln National Corp. 125,182 7.2
3 MetLife Inc. 87,605 5.1
4 Jackson National Life Group 80,620 4.7
5 Manulife Financial Corp. 79,192 4.6
6 AXA 77,892 4.5
7 TIAA-CREF 66,663 3.8
8 Voya Financial Inc. 62,990 3.6
9 Massachusetts Mutual Life Insurance Co. 61,585 3.6
10 Ameriprise Financial Inc. 60,681 3.5

(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.

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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN MAINE BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $83,634 13.6%
2 Progressive Corp. 82,428 13.4
3 Liberty Mutual 59,588 9.7
4 Berkshire Hathaway Inc. 50,105 8.2
5 Allstate Corp. 49,371 8.1
6 Concord General Mutual Insurance Co. 32,036 5.2
7 USAA Insurance Group 24,632 4.0
8 MetLife Inc. 21,207 3.5
9 Travelers Companies Inc. 19,993 3.3
10 Tower Group International Ltd.  19,590 3.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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