Vermont Firm Foundation

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

The insurance industry in Vermont 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 5,142 jobs in Vermont in 2012. The Vermont insurance industry accounted for about $330.3 million in compensation in 2012.

GROSS STATE PRODUCT

The insurance industry contributed $819 million to the Vermont gross state product (GSP) in 2012, accounting for 2.88 percent of the state GSP.

TAXES

Premium taxes paid by insurance companies in Vermont totaled $57.5 million in 2013.

PREMIUMS

Direct premiums written by property/casualty insurance companies in Vermont totaled $1.4 billion in 2013. In addition, premiums written by life/health insurance companies totaled $1.3 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 Vermont surplus lines market accounted for $49.8 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 2013 these payments in Vermont as measured by direct property/casualty incurred losses, were $570 million. Life insurance claims and benefits payouts in Vermont totaled $979 million 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 VERMONT BY DIRECT PREMIUMS WRITTEN, 2013 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Queen City Assurance Inc. $169,396 19.7%
2 Archer-Daniels-Midland Co. 81,624 9.5
3 Liberty Mutual 67,983 7.9
4 W. R. Berkley Corp. 61,554 7.2
5 Travelers Companies Inc. 44,827 5.2
6 American International Group 25,019 2.9
7 Cincinnati Financial Corp. 24,862 2.9
8 AmTrust Financial Services 18,195 2.1
9 Hartford Financial Services 17,886 2.1
10 MEMIC Group 17,195 2.0

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 Vermont Mutual Insurance Co. $21,204 11.9%
2 Co-operative Insurance Cos. 19,217 10.8
3 Liberty Mutual 18,506 10.4
4 State Farm Mutual Automobile Insurance 13,364 7.5
5 Concord General Mutual Insurance Co. 12,245 6.9
6 Union Mutual Fire Insurance Co. 12,082 6.8
7 Allstate Corp. 9,879 5.6
8 Chubb Corp. 8,904 5.0
9 Travelers Companies Inc. 8,370 4.7
10 USAA Insurance Group 7,768 4.4

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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

 

Rank Group/company Direct premiums written ($000) Market share
1 TIAA-CREF $82,381 8.9%
2 Prudential Financial Inc. 64,995 7.0
3 Manulife Financial Corp. 64,800 7.0
4 MetLife Inc. 57,572 6.2
5 Jackson National Life Group 53,434 5.7
6 New York Life Insurance Group 51,213 5.5
7 Massachusetts Mutual Life Insurance Co. 36,709 3.9
8 AEGON 36,194 3.9
9 Lincoln National Corp. 34,120 3.7
10 National Life Group 29,827 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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LEADING WRITERS OF PRIVATE PASSENGER AUTO INSURANCE IN VERMONT BY DIRECT PREMIUMS WRITTEN, 2013 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $50,729 15.8%
2 Berkshire Hathaway Inc. 40,343 12.5
3 Liberty Mutual 26,894 8.4
4 State Farm Mutual Automobile Insurance 26,467 8.2
5 Allstate Corp. 21,633 6.7
6 Concord General Mutual Insurance Co. 19,225 6.0
7 Hartford Financial Services 14,630 4.6
8 Nationwide Mutual Group 14,528 4.5
9 Vermont Mutual Insurance Co. 13,901 4.3
10 USAA Insurance Group 13,503 4.2

(1) Before reinsurance transactions.

Source: SNL Financial LC.

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STATE BY STATE COMPARISON TABLES

DIRECTORIES

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