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 13,831 jobs in Maine in 2017. The Maine insurance industry accounted for about $1.1 billion in compensation in 2017.

Gross State Product

The insurance industry contributed $2.0 billion to the Maine gross state product (GSP) in 2016, accounting for 3.37 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Maine totaled $95.9 million in 2017.

Premiums

Direct premiums written by property/casualty insurance companies in Maine totaled $2.3 billion in 2017. Premiums written by life/annuity insurance companies totaled $2.6 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 $95.5 million in gross premiums written in 2017, 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 2017 these payments in Maine as measured by direct property/casualty incurred losses, were $1.1 billion. Life insurance claims and benefits payouts in Maine totaled $2.0 billion in 2017.

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, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 MEMIC $157,780 13.8%
2 W. R. Berkley Corp. 99,889 8.7
3 Liberty Mutual 99,589 8.7
4 The Hanover Insurance Group 73,066 6.4
5 Travelers Companies Inc. 56,585 4.9
6 Chubb 45,253 3.9
7 Frankenmuth Insurance 38,598 3.4
8 MMG Insurance Co 34,300 3.0
9 Medical Mutual Insurance Co. of ME 29,423 2.6
10 Zurich 24,925 2.2

(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 Homeowners Insurance In Maine By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 State Farm $51,976 12.1%
2 Liberty Mutual 49,361 11.4
3 Allstate Corp. 27,835 6.4
4 The Hanover Insurance Group 23,990 5.5
5 USAA 23,692 5.5
6 MMG Insurance Co. 22,961 5.3
7 Concord Group Insurance 21,534 5.0
8 Quincy Mutual 20,678 4.8
9 Vermont Mutual Insurance 20,512 4.7
10 Chubb 18,056 4.2

(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/Annuities In Maine By Direct Premiums Written, 2018 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Lincoln National Corp.  $212,898 10.7%
2 Prudential Financial Inc.  188,480 9.5
3 Massachusetts Mutual Life Insurance Co.  90,160 4.5
4 Jackson National Life Group  90,119 4.5
5 John Hancock Life Insurance Co. 89,762 4.5
6 New York Life Insurance Group  65,712 3.3
7 Allianz 64,349 3.2
8 Athene Holding Ltd.  60,604 3.0
9 TIAA 59,469 3.0
10 American International Group (AIG) 55,879 2.8

(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.

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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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