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.

Below are tables showing the state’s leading insurance companies, based on market share, and links to state by state comparison tables.

Employment

U.S. Department of Commerce data show the insurance industry provided 5,038 jobs in Vermont in 2015. The Vermont insurance industry accounted for about $379.0 million in compensation in 2015.

Gross State Product

The insurance industry contributed $1.0 billion to the Vermont gross state product (GSP) in 2014, accounting for 3.45 percent of the state GSP.

Taxes

Premium taxes paid by insurance companies in Vermont totaled $58.0 million in 2015.

Premiums

Direct premiums written by property/casualty insurance companies in Vermont totaled $1.4 billion in 2015. 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 $49.5 million in gross premiums written in 2015, 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 2015 these payments in Vermont as measured by direct property/casualty incurred losses, were $628.8 million. Life insurance claims and benefits payouts in Vermont totaled $1.1 billion in 2015, on a direct basis before reinsurance, and includes life insurance, death benefits, matured endowments, annuity benefits and other life insurance benefits. Does not include accident and health.

Leading Writers

Top 10 Writers Of Commercial Insurance In Vermont By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Queen City Assurance Inc. $169,866 20.3%
2 Liberty Mutual 84,382 10.1
3 W. R. Berkley Corp. 66,104 7.9
4 Travelers Companies Inc. 46,062 5.5
5 AmTrust Financial Services 25,546 3.0
6 Cincinnati Financial Corp. 23,936 2.9
7 American International Group (AIG) 23,731 2.8
8 MEMIC Group 19,955 2.4
9 Chubb Ltd. (2) 19,457 2.3
10 Zurich Insurance Group (3) 18,941 2.3

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.
(3) 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.

View Archived Tables

Top 10 Writers Of Homeowners Insurance In Vermont By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Vermont Mutual Insurance Co. $22,507 11.8%
2 Liberty Mutual 21,147 11.1
3 Co-operative Insurance Cos 20,376 10.7
4 State Farm Mutual Automobile Insurance 14,144 7.4
5 Union Mutual Fire Insurance Co 12,161 6.4
6 Concord General Mutual Insurance Co. 11,548 6.1
7 Chubb Ltd. (2) 11,138 5.9
8 Allstate Corp. 10,445 5.5
9 Travelers Companies Inc. 9,082 4.8
10 USAA Insurance Group 8,877 4.7

(1) Before reinsurance transactions.
(2) Chubb Ltd. data reflects the 2015 merger with Ace Ltd.

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

View Archived Tables

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

 

Rank Group/company Premiums and annuity considerations ($000) Market share
1 Jackson National Life Group   $87,816 8.5%
2 TIAA   77,569 7.5
3 Manulife Financial Corp.   76,196 7.4
4 Hartford Financial Services   68,175 6.6
5 New York Life Insurance Group   65,215 6.3
6 MetLife Inc.   56,061 5.5
7 Prudential Financial Inc.   53,648 5.2
8 AEGON   48,374 4.7
9 Massachusetts Mutual Life Insurance Co. 42,021 4.1
10 American International Group (AIG)   34,331 3.3

(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 Vermont By Direct Premiums Written, 2015 (1)

 

Rank Group/company Direct premiums written ($000) Market share
1 Progressive Corp. $54,643 15.8%
2 Berkshire Hathaway Inc. 48,514 14.0
3 Liberty Mutual 30,338 8.8
4 State Farm Mutual Automobile Insurance 28,430 8.2
5 Allstate Corp. 22,579 6.5
6 Concord General Mutual Insurance Co. 17,177 5.0
7 USAA Insurance Group 14,987 4.3
8 Hartford Financial Services 14,878 4.3
9 Vermont Mutual Insurance Co. 14,195 4.1
10 Travelers Companies Inc. 13,697 4.0

(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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