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 13,571 jobs in Maine in 2014. The Maine insurance industry accounted for about $996.8 million in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $1.6 billion to the Maine gross state product (GSP) in 2013, accounting for 2.99 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Maine totaled $106.4 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Maine totaled $2.0 billion in 2014. In addition, premiums written by life/health insurance companies totaled $2.6 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 $90.5 million in gross premiums written in 2014, 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 2014 these payments in Maine as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in Maine totaled $2.1 billion in 2014, on a direct basis before reinsurance, and includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

LEADING WRITERS

 

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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LEADING WRITERS OF LIFE INSURANCE AND ANNUITY CONSIDERATIONS IN MAINE, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $137,670 7.7%
2 Jackson National Life Group 125,807 7.0
3 Lincoln National Corp. 120,079 6.7
4 Allianz Group 86,398 4.8
5 TIAA-CREF 79,741 4.5
6 New York Life Insurance Group 72,027 4.0
7 MetLife Inc. 69,681 3.9
8 AEGON 67,610 3.8
9 Manulife Financial Corp. 67,195 3.8
10 AXA 64,633 3.6

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

Source: SNL Financial LC.

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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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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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