MEMBERSHIP
AMPLIFY
EN ESPAÑOL
Connect With Us
- Popular search terms
- Automobile
- Home + Renters
- Claims
- Fraud
- Hurricane
- Popular Topics
- Automobile
- Home + Renters
- The Basics
- Disaster + Preparation
- Life Insurance
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.
U.S. Department of Commerce data show the insurance industry provided 5,140 jobs in Vermont in 2018. The Vermont insurance industry accounted for about $428.2 million in compensation in 2018.
The insurance industry contributed $1.0 billion to the Vermont gross state product (GSP) in 2017, accounting for 3.13 percent of the state GSP.
Premium taxes paid by insurance companies in Vermont totaled $57.8 million in 2019.
Direct premiums written by property/casualty insurance companies in Vermont totaled $1.3 billion in 2019. Premiums written by life/annuity insurance companies totaled $1.5 billion (including life insurance, annuities, accident and health insurance, deposit type funds and other considerations).
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 $60.9 million in gross premiums written in 2018, according to a survey by Business Insurance.
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 Vermont as measured by direct property/casualty incurred losses, were $663.8 million. Life insurance claims and benefits payouts in Vermont totaled $1.2 billion in 2019.
Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.
|
(1) Before reinsurance transactions.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
|
(1) Before reinsurance transactions.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
|
(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.
|
(1) Before reinsurance transactions.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.