Maryland Firm Foundation

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

The insurance industry in Maryland 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 48,516 jobs in Maryland in 2012. The Maryland insurance industry accounted for about $3.7 billion in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $7.2 billion to the Maryland gross state product (GSP) in 2012, accounting for 2.15 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Maryland totaled $429.4 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 Maryland surplus lines market accounted for $387.1 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 Maryland as measured by direct property/casualty incurred losses, were $5.9 billion. Life insurance claims and benefits payouts in Maryland totaled $8.2 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 MARYLAND BY DIRECT PREMIUMS WRITTEN, 2012 (1)

Rank Group Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $273,467 19.8%
2 Allstate Corp.  200,297 14.5
3 Travelers Companies Inc.  174,914 12.6
4 Erie Insurance Group  125,914 9.1
5 Nationwide Mutual Group  125,341 9.1
6 USAA Insurance Group  115,693 8.4
7 Liberty Mutual  100,863 7.3
8 Chubb Corp.  25,819 1.9
9 Homesite Group Inc.  20,066 1.5
10 Hartford Financial Services  19,787 1.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group Direct premiums written ($000) Market share
1 Travelers Companies Inc.  $293,487 7.4%
2 Hartford Financial Services  234,948 6.0
3 Liberty Mutual  225,407 5.7
4 ACE Ltd.  224,907 5.7
5 American International Group  204,285 5.2
6 Zurich Insurance Group Ltd.  175,403 4.4
7 Erie Insurance Group  171,374 4.3
8 CNA Financial Corp.  164,507 4.2
9 Nationwide Mutual Group  149,711 3.8
10 Medical Mutual Liability Insurance Society  126,346 3.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Company/Group Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc.  $847,127 22.1%
2 State Farm Mutual Automobile Insurance 754,830 19.7
3 Allstate Corp.  495,969 12.9
4 Nationwide Mutual Group  348,785 9.1
5 USAA Insurance Group  278,918 7.3
6 Erie Insurance Group  267,418 7.0
7 Progressive Corp.  211,462 5.5
8 Liberty Mutual  191,575 5.0
9 Travelers Companies Inc.  62,775 1.6
10 Hartford Financial Services  46,810 1.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

Rank Group Direct premiums written ($000) Market share
1 Prudential Financial Inc. $1,422,321 13.6%
2 Principal Financial Group Inc. 658,362 6.3
3 Manulife Financial Corp. 611,202 5.8
4 MetLife Inc. 609,008 5.8
5 Lincoln National Corp. 593,105 5.7
6 Jackson National Life Group 504,236 4.8
7 Massachusetts Mutual Life Insurance Co. 454,283 4.3
8 AEGON NV 443,047 4.2
9 New York Life Insurance Group 358,744 3.4
10 TIAA-CREF 329,746 3.2

(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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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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