How the property-casualty insurance industry supports state and local government and the Maine economy

The insurance industry is a major investor in Maine’s economic and community development.

Employment and income:
Property-casualty insurers directly employed over 1,300 people in Maine in 2008.
This employment brought $82.2 million of payroll income into the state and local
economies of Maine.

Taxes: Insurance companies operating in Maine pay a wide range of state and local
taxes. State premium taxes alone totaled over $90.2 million in 2008.

Investing in state and local government:
Property-casualty insurers are a major source of capital for state and
local government in Maine. According to analysis of A.M. Best data,
they held $1.1 billion in Maine municipal bonds in 2008 –
approximately 14% of the outstanding state and local government
debt in recent years. Insurers invest in a variety of public projects,
including education, housing, and pollution control. Insurers also
purchase general obligation bonds that finance ongoing government

Reimbursement for insured losses:
The property-casualty insurance industry pays substantial amounts to
reimburse Maine residents for accidents, illnesses, and other personal
and commercial insured losses. According to A.M. Best, in 2008, insurers
paid out $340.4 million for losses covered by residents’ automobile
insurance, $171.5 million for losses covered by homeowners insurance,
and $455.3 million for commercial losses, a total of $967.2 million
personal and commercial property-casualty losses.

— Courtesy of American Insurance Association.

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.