A Firm Foundation: How Insurance Supports the Economy

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.

Employment

U.S. Department of Commerce data show the insurance industry provided 13,920 jobs in Maine in 2018. The Maine insurance industry accounted for about $1.1 billion in compensation in 2018.

Gross State Product

The insurance industry contributed $2.3 billion to the Maine gross state product (GSP) in 2017, accounting for 3.69 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Maine totaled $93.5 million in 2019.

Premiums

Direct premiums written by property/casualty insurance companies in Maine totaled $2.3 billion in 2019. Premiums written by life/annuity insurance companies totaled $2.9 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 $109.0 million in gross premiums written in 2018, 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 2019 these payments in Maine as measured by direct property/casualty incurred losses, were $1.2 billion. Life insurance claims and benefits payouts in Maine totaled $2.3 billion in 2019.

Leading Writers

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

Top 10 Writers Of Commercial Insurance In Maine By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MEMIC $159,828 13.1%
2 Liberty Mutual 106,348 8.7
3 W. R. Berkley Corp. 101,904 8.4
4 Hanover Insurance Group Inc. 74,662 6.1
5 Travelers Companies Inc. 58,381 4.8
6 Chubb 43,947 3.6
7 Frankenmuth Mutual Insurance Co. 39,985 3.3
8 Medical Mutual Insurance Co. of Maine 37,947 3.1
9 MMG Insurance Co. 36,969 3.0
10 Tokio Marine Group 25,956 2.1

(1) Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Homeowners Insurance In Maine By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $54,154 12.0%
2 Liberty Mutual 50,168 11.1
3 Allstate Corp. 28,164 6.3
4 USAA Insurance Group 25,359 5.6
5 Hanover Insurance Group Inc. 24,700 5.5
6 MMG Insurance Co. 23,467 5.2
7 Concord Group Insurance Companies 21,878 4.9
8 Vermont Mutual Insurance Co. 21,322 4.7
9 Quincy Mutual 20,942 4.6
10 Chubb 20,296 4.5

(1) Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Life Insurance/Annuities In Maine By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln Financial   $228,326 8.0%
2 Prudential Financial Inc.   128,577 7.0
3 Jackson   96,708 6.5
4 John Hancock   75,778 6.2
5 MassMutual   71,570 5.0
6 TIAA   70,530 4.6
7 AIG   69,381 4.5
8 New York Life   68,608 4.0
9 Transamerica   61,478 3.5
10 Allianz   59,995 3.3

(1) Includes life insurance, accident and health insurance, annuity considerations, deposit-type contract funds and other considerations. Before reinsurance transactions.

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

View Archived Tables

Top 10 Writers Of Private Passenger Auto Insurance In Maine By Direct Premiums Written, 2019 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive $123,952 15.8%
2 State Farm 101,334 12.9
3 Berkshire Hathaway Inc. 90,108 11.5
4 Liberty Mutual 64,891 8.3
5 Allstate Corp 53,887 6.9
6 USAA 38,805 4.9
7 MetLife 30,924 3.9
8 Concord Group Insurance 30,159 3.8
9 Travelers 26,640 3.4
10 The Hanover Insurance Group 25,120 3.2

(1) Before reinsurance transactions.

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

View Archived Tables

State By State Comparison Tables

Directories

Create Your Own Book

  • Click here to create your own customized book of national and state-by-state tables
  • Click here to view Maine data only