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 13,798 jobs in Maine in 2016. The Maine insurance industry accounted for about $1.1 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $1.9 billion to the Maine gross state product (GSP) in 2015, accounting for 3.25 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Maine totaled $102.5 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Maine totaled $2.2 billion in 2016. In addition, premiums written by life/health insurance companies totaled $2.7 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 $99.6 million in gross premiums written in 2016, 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 2016 these payments in Maine as measured by direct property/casualty incurred losses, were $1.0 billion. Life insurance claims and benefits payouts in Maine totaled $1.9 billion in 2016.

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, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 MEMIC $156,617 14.2%
2 W.R. Berkley Corp. 98,148 8.9
3 Liberty Mutual 93,259 8.4
4 Hanover Insurance Group Inc. 71,771 6.5
5 Travelers Companies Inc. 53,930 4.9
6 Chubb Ltd. 40,716 3.7
7 Frankenmuth Insurance 35,582 3.2
8 Medical Mutual Insurance Co. of Maine 33,714 3.1
9 MMG Insurance Co. 32,924 3.0
10 Zurich Insurance Group (2) 26,407 2.4

(1) Before reinsurance transactions.
(2) 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.

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Top 10 Writers Of Homeowners Insurance In Maine By Direct Premiums Written, 2017 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $49,731 11.9%
2 Liberty Mutual 48,282 11.5
3 Allstate Corp. 27,529 6.6
4 Hanover Insurance Group Inc. 23,516 5.6
5 MMG Insurance Co. 22,547 5.4
6 USAA Insurance Group 21,448 5.1
7 Concord General Mutual Insurance Company  21,398 5.1
8 Quincy Mutual  20,714 4.9
9 Vermont Mutual Insurance  19,761 4.7
10 Chubb Ltd. 18,709 4.5

(1) Before reinsurance transactions.

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

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Top 10 Writers Of Life Insurance And Annuity Considerations In Maine, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $165,829 8.5%
2 Massachusetts Mutual Life Insurance Co.   155,923 8.0
3 Jackson National Life Group   119,650 6.1
4 Lincoln National Corp.   116,535 6.0
5 Manulife Financial Corp.   90,154 4.6
6 MetLife Inc.   86,413 4.4
7 American International Group (AIG)   67,947 3.5
8 TIAA   66,788 3.4
9 AEGON   66,405 3.4
10 New York Life Insurance Group   61,288 3.1

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

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

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Top 10 Writers Of Private Passenger Auto Insurance In Maine By Direct Premiums Written, 2018 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Progressive  $113,711 14.9%
2 State Farm  104,793 13.7
3 Berkshire Hathaway Inc.  82,369 10.8
4 Liberty Mutual  65,962 8.6
5 Allstate Corp.  53,802 7.0
6 USAA  36,850 4.8
7 MetLife  29,311 3.8
8 Concord Group Insurance  29,160 3.8
9 Travelers Companies Inc.  26,295 3.4
10 The Hanover Insurance Group  24,586 3.2

(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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