The Top P&C Insurers is based upon the latest data provided by the Division of Insurance
As we start 2016, Agency Checklists thought it would be a good idea to begin it with a look at the largest Property & Casualty companies in the Commonwealth. The list, compiled by the Division of Insurance, takes a look at the market share of both the top 10 and the top 20 insurers in Massachusetts.
There are a total of 516 companies writing Property & Casualty insurance in Massachusetts
Five hundred and sixteen (516) insurance companies are currently licensed to write Property & Casualty insurance in the Commonwealth. In dollar terms, these 516 property & casualty insurers write a combined total of $12,376,243,697 dollars, making Massachusetts the eleventh largest insurance market in the United States. (Massachusetts Out Of The Top Ten… Agency Checklists, August 11, 2015).
Unlike many other states, however, the Massachusetts Property & Casualty marketplace is dominated by home-grown companies. In fact, the top five insurers all hail from here, with a total of nine, or just under half, of the total top 20 being based in the Commonwealth.
The 20 top insurers have just over half of the total market share
The top 20 Property & Casualty insurance companies have a combined amount of Direct Written Premium totaling $6,205,133,997 representing a 50.1% share of the marketplace.
As for the remaining 496 companies licensed to write Property/Casualty insurance here, these companies Direct Written Premium equaled $6,171,109,700 combined representing a 49.9% market share in Massachusetts.
Twelve of the Top 20 Property & Casualty Companies are based in New England
Out of the top 20 P&C companies, nine of these insurers call Massachusetts home. If one is to include the total number of insurers based in New England, then more than half of the top 20 insurers, or 12 in total, are from the region, making this a marketplace dominated by local insurers.
The Top 10 Property & Casualty Companies in Massachusetts
Honing in on the top 10 P&C companies in the Commonwealth, these insurers represent a 36.8% market share with $4,555,459,035 dollars in Direct Written Premium. In contrast, the remaining 506 P&C insurers represent a 63.2% market share with a total of $7,820,784,662 dollars in Direct Written Premium.
Unlike other states, however, Massachusetts Property & Casualty marketplace differs in that the majority of companies operating here are based in either the Commonwealth or New England. For example, four of the top five insurers are headquartered in the Boston area, while the fifth and largest carrier may soon have it headquarters in Boston (See MAPFRE USA Announces…A Move Downtown, Agency Checklists, November 15, 2015). These five carriers represent a 27.38% market share with $3,388,959,110 in Direct Written Premium.
Below is a listing of the top ten P&C insurers followed by the second set of carriers that rank eleven to twenty in the state.
Premium Written and MA Market Share of the Top 20 Property & Casualty Companies
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Commerce Ins Co||MA||1,356,336,955||10.96%|
|2. Safety Ins Co||MA||596,935,471||4.82%|
|3. Liberty Mut Ins Co||MA||575,690,703||4.65%|
|4. Arbella Mut Ins Co||MA||568,129,890||4.59%|
|5. Plymouth Rock Assur Corp||MA||291,866,091||2.36%|
|6. Metropolitan Prop & Cas Ins Co||RI||270,469,507||2.19%|
|7. Federal Ins Co||IN||238,360,582||1.93%|
|8. Government Employees Ins Co||MD||231,176,032||1.87%|
|9. Amica Mut Ins Co||RI||225,979,744||1.83%|
|10. Citizens Ins Co Of Amer||MI||200,514,060||1.62%|
|11. National Union Fire Ins Co Of Pitts||PA||197,034,043||1.59%|
|12. Citation Ins Co||MA||191,578,265||1.55%|
|13. Liberty Mut Fire Ins Co||WI||190,911,394||1.54%|
|14. Quincy Mut Fire Ins Co||MA||164,003,472||1.33%|
|15. Vermont Mut Ins Co||VT||163,919,531||1.32%|
|16. Arbella Protection Ins Co||MA||159,103,248||1.29%|
|17, Continental Cas Co||IL||151,204,641||1.22%|
|18. LM Gen Ins Co||IL||147,560,781||1.19%|
|19. Progressive Direct Ins Co||OH||146,350,128||1.18%|
|20. Merrimack Mut Fire Ins Co||MA||138,009,459||1.12%|