A Firm Foundation: How Insurance Supports the Economy

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.

Employment

U.S. Department of Commerce data show the insurance industry provided 48,924 jobs in Maryland in 2016. The Maryland insurance industry accounted for about $4.1 billion in compensation in 2016.

Gross State Product

The insurance industry contributed $8.2 billion to the Maryland gross state product (GSP) in 2015, accounting for 2.23 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Maryland totaled $552.5 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Maryland totaled $11.3 billion in 2016. In addition, premiums written by life/health insurance companies totaled $13.9 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 Maryland surplus lines market accounted for $460.9 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 Maryland as measured by direct property/casualty incurred losses, were $6.6 billion. Life insurance claims and benefits payouts in Maryland totaled $8.7 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 Maryland By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Chubb Ltd. $360,258 7.3%
2 Travelers Companies Inc. 297,425 6.0
3 Hartford Financial Services 232,020 4.7
4 Erie Insurance Group 231,757 4.7
5 Chesapeake Employers’ Insurance Co. 213,885 4.4
6 Zurich Insurance Group 212,770 4.3
7 Liberty Mutual 212,592 4.3
8 CNA Financial Corp. 207,413 4.2
9 Nationwide Mutual Group 167,843 3.4
10 American International Group (AIG) 161,795 3.3

(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 Maryland By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 State Farm  $320,103 18.2%
2 Allstate Corp. 213,837 12.2
3 Erie Insurance Group 198,956 11.3
4 USAA Insurance Group 188,564 10.7
5 Travelers Companies Inc. 171,084 9.7
6 Liberty Mutual 148,009 8.4
7 Nationwide Mutual Group 137,712 7.8
8 American Family Insurance Group 63,617 3.6
9 Chubb Ltd. 46,104 2.6
10 Hartford Financial Services 25,234 1.4

(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 Maryland, 2015 (1)

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Prudential Financial Inc.   $635,354 6.4%
2 Jackson National Life Group   567,243 5.7
3 Manulife Financial Corp.   559,674 5.7
4 AEGON   531,792 5.4
5 New York Life Insurance Group   487,583 4.9
6 MetLife Inc.   442,275 4.5
7 American International Group (AIG)   442,230 4.5
8 Lincoln National Corp.   406,518 4.1
9 TIAA   371,335 3.8
10 Massachusetts Mutual Life Insurance Co.   362,326 3.7

(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 Maryland By Direct Premiums Written, 2017 (1)

Rank Group/company Direct premiums written ($000) Market share
1 Berkshire Hathaway Inc. $1,173,739 23.6%
2 State Farm  940,404 18.9
3 Allstate Corp. 582,872 11.7
4 USAA Insurance Group 422,116 8.5
5 Erie Insurance Group 376,241 7.6
6 Nationwide Mutual Group 373,032 7.5
7 Progressive  310,170 6.2
8 Liberty Mutual 185,153 3.7
9 Travelers Companies Inc. 81,122 1.6
10 Maryland Private Passengermobile Insurance Fund 76,647 1.5

(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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