A Firm Foundation: How Insurance Supports the Economy

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.

Employment

U.S. Department of Commerce data show the insurance industry provided 5,005 jobs in Vermont in 2016. The Vermont insurance industry accounted for about $391.8 million in compensation in 2016.

Gross State Product

The insurance industry contributed $1.2 billion to the Vermont gross state product (GSP) in 2015, accounting for 3.88 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Vermont totaled $59.1 million in 2016.

Premiums

Direct premiums written by property/casualty insurance companies in Vermont totaled $1.2 billion in 2016. In addition, premiums written by life/health insurance companies totaled $1.4 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 $65.8 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 Vermont as measured by direct property/casualty incurred losses, were $549.9 million. Life insurance claims and benefits payouts in Vermont totaled $1.0 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.

State By State Comparison Tables

• Employment
• Premiums
• Surplus Lines
• Gross State Product
• State Taxes
• Insurance Companies By State
• Catastrophes By State
• Residual Markets
• Captives By State
• Incurred Losses By State
• Insured Cars By State
• Insured Homes By State
• Businesses By State

Directories

• State Insurance Departments
• State Organizations

Create Your Own Book

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