The list is based on data compiled by the Division of Insurance for 2014, the last year for which complete data is available
As we have done in past years, over the coming weeks, we will take a look at the top companies in Massachusetts for various lines of insurance. All of our information comes from statistics compiled by The Massachusetts Division of Insurance for the calendar year 2014, the last year for which complete information is available. With the various issues surrounding the recent rate increases in Massachusetts, including the AG’s recent comments and policy recommendation to the Massachusetts Legislature, this week features a look at the top 20 insurance companies that write Home Insurance in the Commonwealth.
The Top 10 and the Top 20 Home Insurance Companies in Massachusetts
In Massachusetts, the Homeowner’s Multi-Peril 2014 Premium and Market Share report states that 146 insurance companies currently write homeowner’s insurance in the Commonwealth totaling $2,054,748,666. Of that amount, the top 20 companies represent a 65.7% with $1,349,946,253 in direct written premium. The remaining 126 companies write $704,802,413 representing a market share in Massachusetts of 34.3%.
Digging deeper, market share for the top 10 Multi-Peril Insurance Companies is almost half of the market share for this line of insurance. As of 2014, the top 10 companies write $950,567,548 in direct written premium translating into a 46.3% of the Massachusetts market share. In comparison, the remaining ten companies ranked 11-20 write $1,104,181,118 representing a 53.7% market share.
A final note of interest is the fact that six out of the top 10 Homeowner’s Multi-Peril Insurance Companies are based in Massachusetts, as compared to only three in the list for the top 10 Commercial Multi-Peril Insurance Companies.
The Top 20 Multi-Peril Insurance Companies in Massachusetts in 2015
|Company Name||State||Premium Written in MA||Market Share in MA|
|Citation Ins. Co.||MA||$167,643,426||8.16%|
|Arbella Mutual Ins. Co.||MA||$152,207,467||7.41%|
|Liberty Mutual Fire Ins. Co.||WI||$102,197,756||4.97%|
|Commerce Ins. Co.||MA||$99,177,134||4.83%|
|Safety Insurance Co.||MA||$88,961,763||4.33%|
|Merrimack Mut. Fire Ins. Co.||MA||$87,319,393||4.25%|
|Amica Mutual Ins. Co.||RI||$74,983,023||3.65%|
|Vermont Mutual Ins. Co.||VT||$71,881,380||3.50%|
|Metropolitan Prop & Cas Ins. Co.||RI||$53813,625||2.62%|
|Quincy Mutual Fire Ins. Co.||MA||$52,279,664||2.55%|
|Pacific Ind. Co.||WI||$52,279,664||2.54%|
|Safety Ins. Co.||MA||$44,702,573||2.18%|
|Liberty Mut. Ins. Co.||MA||$42,231,716||2.06%|
|Phoenix Ins. Co.||CT||$40,637,046||1.98%|
|Narrangansett Bay Ins. Co.||RI||$40,203,418||1.96%|
|Preferred Mut. Ins. Co.||NY||$37,512,383||1.83%|
|United Serv. Automobile Assn.||TX||$37,373,834||1.82%|
|LM Gen. Ins. Co.||IL||$37,029,112||1.80%|
|Standard Fire Ins. Co.||CT||$33,931,145||1.65%|
|USAA Cas. Ins. Co.||TX||$33,477,814||1.63%|