Maryland fact sheet 2016
- The life insurance industry generates approximately 32,000 jobs in Maryland, including 12,000 direct employees and 20,000 non-insurance jobs.
- 430 life insurers are licensed to do business in Maryland and 3 are domiciled in the state.
- Maryland residents have $647 billion in total life insurance coverage.
- State residents own 4 million individual life insurance policies, with coverage
averaging $105,000 per policyholder.
- Group life insurance coverage amounts to $244 billion.
- Individual life insurance coverage purchased in 2014 in Maryland totaled $31 billion.
- $9 billion was paid to Maryland residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2014.
- Annuity benefits paid in the state in 2014 totaled $2 billion.
- Life insurance companies invest approximately $107 billion in Maryland’s economy.
- About $85 billion of this investment is in stocks and bonds that help finance business development, job creation, and services in the state.
- Life insurers provide $11 billion in mortgage loans on farm, residential, and commercial properties, and own $105 million in real estate in Maryland.
- 75 million American families depend on life insurers’ products to protect their financial and retirement security.
- More than 16 percent of Americans‘ long-term savings is in permanent life insurance and retirement annuities.
- Life insurers pay out $1.6 billion to families and businesses every day.
- 80 percent of full-time workers have access to a workplace retirement plan,
and more than 80 percent of workers with access participate.1
- IRAs and individual annuities are available for all workers without access to employer-sponsored plans as well as to supplement retirement savings.
- The life insurance industry generates approximately 2.5 million jobs in the U.S.
- Life insurers invest $5.8 trillion in the U.S. economy—90 percent of the industry's total assets.
- Life insurers are a major source of bond financing for American businesses, holding 20 percent of all U.S. corporate bonds.
ACLI in Maryland
- 233 ACLI member companies provide financial and retirement security to families through life insurance, annuities, long-term care and disability income insurance, and retirement plans.
- 90 percent of all life and annuity payments are from ACLI member companies.
- 93 percent of total life insurance coverage is provided by ACLI members.
1Bureau of Labor Statistics, U.S. Department of Labor, National Compensation Survey, March 2015.
Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2014 annual statement data; U.S. Bureau of Economic Analysis, 2014 data; U.S.
Download the Fact Sheet (PDF)
STATE FACT SHEETS AND INFOGRAPHICS
ACLI's State Fact Sheets provide useful information about the life insurance industry in all 50 states and the District of Columbia, including:
- Residents employed by the industry
- Industry investments
- Residents covered and benefits paid
INSURANCE DEPARTMENT DIRECTORIES
The State Insurance Department Directory, with contact information for 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. Includes names and phone numbers for key personnel and specific subject contacts.