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. In addition to taking a look at the Top 20 Homeowner’s Multi-Peril Insurance Companies in Massachusetts this week, we also decided to take a look at the top Commercial Multi-Peril Insurance Companies as well.
The Top 10 and the Top 20 Commercial Multi-Peril Insurance Companies in Massachusetts
In Massachusetts, there are a total of 213 insurance companies that write the Commercial Multi-Peril line of insurance. According to the latest figures from the Division of Insurance those 213 insurers wrote a total of $1,047,574,784 in direct written premiums in 2014.
Turning to look at the insurers with the greatest market share, the top 20 companies have a 50.2% percent share of the total market with $525,521,321 in direct written premiums. The remaining 193 companies write $522,053,463 representing a 49.8% market share.
As for the top 10 Commercial Multi-Peril Insurance Companies, in 2014 these ten companies only represented a 31.8% market share with $332,838,046 in direct written premium. The remaining ten companies ranked 11-20 commanded a much larger share of the market overall writing $714,736,738 in direct written premium which translated into a 68.2% of market share. Only three Massachusetts-based insurers appear within the top ten list: Norfolk & Dedham, Commerce and Quincy Mutual. The first is the Norfolk & Dedham Mutual Fire Ins. Co. which comes in at number 4, followed by Commerce occupying the seventh spot and Quincy Mutual the eighth.
The Top 20 Commercial Multi-Peril Insurance Companies in Massachusetts
| Company Name | State | Premium Written in MA | Market Share in MA |
| 1. Philadelphia Ind. Ins. Co. | PA | $65,186,320 | 6.22% |
| 2. Federal Ins. Co. | IN | $43,239,963 | 4.13% |
| 3. Northern Security Ins. Co. Inc. | VT | $36,009,951 | 3.44% |
| 4. Norfolk & Dedham Mut. Fire Ins. Co. | MA | $33,011,538 | 3.15% |
| Main St. Amer. Assurance Co. | FL | $30,312,954 | 2.89% |
| Citizens Ins. Co. of America | MI | $29,663,125 | 2.83% |
| Commerce Ins. Co. | MA | $25,696,986 | 2.45% |
| Quincy Mutual Fire Ins. Co. | MA | $23,945,133 | 2.29% |
| Massachusetts Bay Ins. Co. | NH | $23,416,430 | 2.24% |
| Travelers Cas. Ins. Co. Of America | CT | $22,355,646 | 2.13% |
| Travelers Ind. Co. of America | CT | $22,126,795 | 2.11% |
| QBE Ins. Corp. | PA | $21, 886, 17 | 2.09% |
| Vermont Mutual Ins. Co. | VT | $21,408,609 | 2.04% |
| Travelers Prop Cas. Co. of America | CT | $21,036,947 | 2.01% |
| Charter Oak Fire Ins. Co. | CT | $19,473,736 | 1.86% |
| Hanover Ins. Co. | NH | $18,525,313 | 1.77% |
| Hartford Fire Ins. Co. | CT | $17,678,463 | 1.69% |
| Travelers Ind. Co. of CT | CT | $17,624,366 | 1.68% |
| Ohio Security Ins. Co. | NH | $16,658,364 | 1.59% |
| Safety Ins. Co. | MA | $16,264,565 | 1.55% |
