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.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Maryland totaled $10 billion in 2013. In addition, premiums written by life/health insurance companies totaled $13.5 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 Maryland surplus lines market accounted for $409.8 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 Maryland as measured by direct property/casualty incurred losses, were $5.6 billion. Life insurance claims and benefits payouts in Maryland totaled $8.7 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 MARYLAND BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Travelers Companies Inc. $305,330 7.0%
2 Hartford Financial Services 230,491 5.3
3 ACE Ltd. 229,220 5.2
4 Chesapeake Employers’ Insurance Co. 219,225 5.0
5 Liberty Mutual 216,698 5.0
6 American International Group 216,066 4.9
7 Erie Insurance Group 189,975 4.4
8 Zurich Insurance Group 186,679 4.3
9 CNA Financial Corp. 169,868 3.9
10 Nationwide Mutual Group 161,541 3.7

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $291,617 19.7%
2 Allstate Corp. 206,364 13.9
3 Travelers Companies Inc. 174,377 11.8
4 Erie Insurance Group 144,689 9.8
5 USAA Insurance Group 134,688 9.1
6 Nationwide Mutual Group 128,186 8.6
7 Liberty Mutual 117,981 8.0
8 Chubb Corp. 27,224 1.8
9 American Family Mutual 24,509 1.7
10 Hartford Financial Services 20,260 1.4

(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, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MetLife Inc. $1,072,554 10.2%
2 Prudential Financial Inc. 674,830 6.4
3 Lincoln National Corp. 633,724 6.0
4 Manulife Financial Corp. 603,845 5.8
5 AEGON 551,766 5.3
6 Jackson National Life Group 550,218 5.2
7 New York Life Insurance Group 465,815 4.4
8 American International Group 409,721 3.9
9 TIAA-CREF 396,102 3.8
10 Massachusetts Mutual Life Insurance Co. 315,772 3.0

(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 MARYLAND BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $881,225 22.1%
2 State Farm Mutual Automobile Insurance 768,861 19.2
3 Allstate Corp. 504,486 12.6
4 Nationwide Mutual Group 347,681 8.7
5 USAA Insurance Group 299,082 7.5
6 Erie Insurance Group 280,181 7.0
7 Progressive Corp. 216,053 5.4
8 Liberty Mutual 207,822 5.2
9 Maryland Automobile Insurance Fund 65,129 1.6
10 Travelers Companies Inc. 56,411 1.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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