The Top Boiler & Machinery Insurers as of 2014, the latest date for which the DOI has complete information
As we start 2016, we continue to look at the top insurers in Massachusetts within various line of insurance. This week, we decided to review the top 20 Boiler and Machinery insurance companies. Why Boiler & Machinery you ask?
As MunichRe so aptly explains on their website,
Virtually every business, institution and public entity depends on equipment to keep operations going and income flowing.
With that said, we take a look at the size and composition of this marketplace and which insurance companies have made their mark in Massachusetts.
One hundred and twenty-four (124) companies writing Boiler & Machinery insurance in Mass.
A total of one hundred and twenty-four (124) insurance companies are currently licensed to write Boiler & Machinery insurance in the Commonwealth. This number is two less than the number of companies in 2013. In dollar terms, in 2014, these 124 insurers wrote a combined total of $29,141,758 dollars.
The 20 top insurers write the lion’s share of this line of insurance
As for the top 20 insurers writing Boiler & Machinery insurance, these companies dominate the marketplace, claiming an 83.3% market share. As for their combined Direct Written Premium totals, they had a total of $24,269,862 dollars in DWP in 2014.
As for the remaining 104 companies licensed here, these companies’ Direct Written Premium totaled $4,871,896. This gave them a 16.7% share of the Massachusetts market in 2014.
None of the top 20 insurers are based in Massachusetts
Unlike the top 20 P/C insurers profiled last week, there are no Massachusetts insurers who appear on this year’s top 20 list. There are, however, six insurers who hail from other New England states: Factory Mutual Insurance Co.; Affiliated Fm Ins. Co; Travelers Property & Casualty Co. of America; Hartford Steam Boiler Inspection & Ins. Co.; Travelers Ind. Co.; and Acadia Insurance Co.
More about the Top 10 Boiler & Machinery Insurers in Massachusetts
These insurers currently claim a 66.2% market share with $19,294,842 dollars in Direct Written Premium. In contrast, the remaining 114 Boiler & Machinery insurers represent a 33.8% market share with a total of $9,846,916 dollars in Direct Written Premium.
A review of the top 10 Boiler & Machinery insurers is followed by the second set of carriers that rank eleven to twenty in the Commonwealth.
Premium Written and MA Market Share of the Top 20 Boiler & Machinery Companies
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Factory Mut Ins Co||RI||6,440,310||22.10%|
|2. Federal Ins Co||IN||2,672,138||9.17%|
|3. Affiliated Fm Ins Co||RI||1,872,489||6.43%|
|4. Zurich Amer Ins Co||NY||1,486,633||5.10%|
|5. National Union Fire Ins Co Of Pitts||PA||1,424,313||4.89%|
|6. Travelers Prop Cas Co Of Amer||CT||1,257,007||4.31%|
|7. Liberty Mut Fire Ins Co||WI||1,178,882||4.05%|
|8. Continental Cas Co||IL||1,165,323||4.00%|
|9. New Hampshire Ins Co||IL||966,306||3.32%|
|10. Hartford Steam Boil Inspec & Ins Co||CT||831,441||2.85%|
|11. Aspen Amer Ins Co||TX||698,420||2.40%|
|12. Westport Ins Corp||MO||635,225||2.18%|
|13. Selective Ins Co Of SC||IN||543,338||1.86%|
|14. Great Northern Ins Co||IN||538,780||1.85%|
|15. Travelers Ind Co||CT||495,897||1.70%|
|16. Acadia Ins Co||NH||438,745||1.51%|
|17. Great Amer Ins Co of NY||NY||422,589||1.45%|
|18. Universal Underwriters Ins Co||IL||409,662||1.41%|
|19. Vigilant Ins Co||NY||404,550||1.39%|
|20. American Guar & Liab Ins||NY||387,814||1.33%|