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 48,009 jobs in Maryland in 2014. The Maryland insurance industry accounted for about $3.8 billion in compensation in 2014.

GROSS STATE PRODUCT

The insurance industry contributed $6.9 billion to the Maryland gross state product (GSP) in 2013, accounting for 2.06 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Maryland totaled $475.3 million in 2014.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Maryland totaled $10.3 billion in 2014. In addition, premiums written by life/health insurance companies totaled $13.0 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 $489.1 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 Maryland as measured by direct property/casualty incurred losses, were $5.8 billion. Life insurance claims and benefits payouts in Maryland totaled $9.8 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 Maryland By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. (2) $341,673 7.4%
2 Travelers Companies Inc. 291,058 6.3
3 Hartford Financial Services 228,850 4.9
4 Erie Insurance Group 226,224 4.9
5 Chesapeake Employers’ Insurance Co. 225,398 4.9
6 American International Group (AIG) 218,949 4.7
7 Zurich Insurance Group (3) 203,040 4.4
8 CNA Financial Corp. 188,664 4.1
9 Liberty Mutual 183,248 4.0
10 Nationwide Mutual Group 178,839 3.9

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) Data for Farmers Insurance Group of Companies and Zurich Financial Group (which owns Farmers' management company) are reported separately by S&P Global Market Intelligence.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

View Archived Tables

 

 

Top 10 Writers Of Homeowners Insurance In Maryland By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm Mutual Automobile Insurance $313,480 19.3%
2 Allstate Corp. 208,844 12.8
3 Erie Insurance Group 178,610 11.0
4 Travelers Companies Inc. 166,459 10.2
5 USAA Insurance Group 164,169 10.1
6 Liberty Mutual 137,799 8.5
7 Nationwide Mutual Group 131,933 8.1
8 American Family Insurance Group 40,195 2.5
9 Chubb Ltd. (2) 36,046 2.2
10 Hartford Financial Services 23,265 1.4

(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 MARYLAND, 2014 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc. $648,587 6.7%
2 Jackson National Life Group 612,176 6.3
3 Lincoln National Corp. 568,445 5.9
4 AEGON 533,606 5.5
5 New York Life Insurance Group 510,076 5.3
6 Manulife Financial Corp. 503,609 5.2
7 American International Group (AIG) 430,077 4.4
8 MetLife Inc. 383,172 4.0
9 TIAA-CREF 352,681 3.6
10 Massachusetts Mutual Life Ins. Co. 341,637 3.5

(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 Maryland By Direct Premiums Written, 2015 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $967,815 22.5%
2 State Farm Mutual Automobile Insurance 821,549 19.1
3 Allstate Corp. 536,597 12.5
4 Nationwide Mutual Group 359,090 8.4
5 USAA Insurance Group 333,092 7.8
6 Erie Insurance Group 304,249 7.1
7 Progressive Corp. 247,758 5.8
8 Liberty Mutual 205,374 4.8
9 Maryland Automobile Insurance Fund 72,908 1.7
10 Travelers Companies Inc. 54,758 1.3

(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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