The Burgarly & Theft Insurance market is relatively small in Massachusetts
In comparison with other lines of insurance, Burglary & Theft Insurance is a relatively small market in Massachusetts.
According to the Division of Insurance latest Home Insurance Report, theft losses accounted for just 2.9% of the total home insurance losses in 2013 and 2.2% of total losses in 2014. In addition, the total number of theft claims decreased from 7,541 in 2013 to 5,708 in 2014, and the average statewide theft claim cost increased from $3,021 in 2013 to $3,225 in 2014.
In any case, we thought it would be interesting to take a look at exactly how much Burglary & Theft insurance is actually written here. For those interested in more crime statistics, see Agency Checklists’ comprehensive list of Property Crime Statistics by Massachusetts City and/or Town.
A total of 101 insurers write this line of insurance in Massachusetts
One hundred and one (101) insurers are licensed to write Burglary & Theft Insurance in Massachusetts. The total amount of premium for this market is $6,310,744 dollars.
There are no Massachusetts-based insurers on this Top 20 List
While there are technically no “Massachusetts-based” insurers on this list, there are four insurers on this list from New England. They are Travelers Casualty & Surety; Massachusetts Bay Insurance Co., Hanover Insurance Co., and Hartford Fire Insurance Co.
Premium and market share for the Top 10 and 20 insurers…
The top 20 insurers absolutely dominate this market with a 92.5% market share which translates into Direct Written Premium of $5,840,456 dollars.
The remaining 81 companies represent a mere 7.5% of the market with $470,288 dollars in Direct Written Premium.
As for the Top 10 insurers in this line, these ten companies claim a 77.6% share of the market with $4,896,978 dollars in Direct Written Premium. The remaining 91 companies have a 22.4% market share with $1,413,766 dollars in Direct Written Premium.
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Travelers Cas & Surety Co Of Amer||CT||$1,327,440||21.03%|
|2. Federal Ins Co||IN||$840,575||13.32%|
|3. National Union Fire Ins Co Of Pitts||PA||$701,520||11.12%|
|4. Fidelity & Deposit Co Of MD||MD||$482,658||7.65%|
|5. Zurich Amer Ins Co||NY||$408,541||6.47%|
|6. US Specialty Ins Co||TX||$408,217||6.47%|
|7. Hiscox Ins Co Inc||IL||$243,845||3.86%|
|8. Westchester Fire Ins Co||PA||$201,618||3.19%|
|9. Aspen Amer Ins Co||TX||$141,825||2.25%|
|10. Massachusetts Bay Ins Co||NH||$140,739||2.23%|
|11. Philadelphia Ind Ins Co||PA||$121,913||1.93%|
|12. Pacific Ind Co||WI||$109,739||1.74%|
|13. Hanover Ins Co||NH||$106,287||1.68%|
|14. Universal Underwriters Ins Co||IL||$105,438||1.67%|
|15. Hartford Fire In Co||CT||$102,742||1.63%|
|16. Ironshore Ind Inc||MN||$101,291||1.61%|
|17. Continental Cas Co||IL||$86,407||1.37%|
|18. Twin City Fire Ins Co Co||IN||$79,823||1.26%|
|19. Atlantic Specialty Ins Co||NY||$70,313||1.11%|
|20. Great Northern Ins Co||IN||$59,525||0.94%|