The Top Ocean & Inland Marine Insurers as of 2014, the latest date for which the DOI has complete information
Ocean and Inland Marine which encompasses a wide variety of coverage for goods at sea and in transit is the focus of this week’s top 20 list.
Over two hundred companies are licensed to write Ocean & Inland Marine
There are a total of two hundred and seventy-six (276) companies that are currently licensed to write Ocean & Inland Marine insurance. In dollars terms, this is a $485,657,769 dollar market in Massachusetts.
A look at the Top 20 Ocean & Inland Marine insurers…
A review of the top 20 Ocean & Inland Marine insurers reveals that the top 20 companies enjoy a 58.7% share of the marketplace with $285,167,783 in Direct Written Premium.
The remaining 256 insurers licensed to write Ocean & Inland Marine insurance have a 41.3% market share with a combined Direct Premium Written total of $200,489,986 dollars.
Only one of the top 20 insurers are based in Massachusetts…
The only Massachusetts-domiciled insurer in the Top 20 in this line of insurance is the Liberty Mutual Insurance Company. Liberty Mutual also happens to be the largest writer of Ocean & Inland Marine insurance in the Commonwealth with $48,064,522 in Direct Written Premium and a 9.9% share of the marketplace.
As for representation in other New England states, another five insurers out of the Top 20 are domiciled in one of the New England states: The Travelers Prop Cas Co Of Amer (CT); Acadia Ins Co. (NH); Factory Mut Ins Co. (RI); the Hanover Ins Co. (NH); and the Affiliated Fm Ins Co. (RI).
The Top 10 Ocean & Inland Marine Insurers in Massachusetts
Focusing on the top 10 writers of Ocean & Inland Marine insurance, the numbers reveal that these ten companies have only a 40.7% share of this market with $197,870,905 dollars in premium. The remaining 266 companies have a 59.3% market share with $287,786,864 dollars in Direct Written Premium.
A review of the Top 10 Ocean & Inland Marine insurers is followed by the second set of carriers that rank eleven to twenty in the Commonwealth.
The List…
| Company Name | State | Premium Written in MA | Market Share in MA |
| 1. Liberty Mut Ins Co | MA | $48,064,522 | 9.90% |
| 2. Continental Cas Co | IL | $39,971,885 | 8.23% |
| 3. Transamerica Cas Ins Co | OH | $21,690,422 | 4.47% |
| 4. National Union Fire Ins Co Of Pitts | PA | $15,756,005 | 3.24% |
| 5. Jefferson Ins Co | NY | $14,087,082 | 2.90% |
| 6. Travelers Prop Cas Co Of Amer | CT | $12,645,909 | 2.60% |
| 7. National Cas Co | WI | $12,051,311 | 2.48% |
| 8. United States Fire Ins Co | DE | $11,431,991 | 2.35% |
| 9. Atlantic Specialty Ins C | NY | $11,176,804 | 2.30% |
| 10. Ace Amer Ins Co | PA | $10,994,974 | 2.26% |
| 11. Pacific Ind Co | WI | $10,843,603 | 2.23% |
| 12. Acadia Ins Co | NH | $10,667,333 | 2.20% |
| 13. Federal Ins Co | IN | $10,238,319 | 2.11% |
| 14. Factory Mut Ins Co | RI | $9,914,903 | 2.04% |
| 15. Hanover Ins Co | NH | $8,955,365 | 1.84% |
| 16. AGCS Marine Ins Co | IL | $8,415,918 | 1.73% |
| 17. Affiliated Fm Ins Co | RI | $7,665,944 | 1.58% |
| 18. Great Amer Ins Co of NY | NY | $6,945,797 | 1.43% |
| 19. Starr Ind & Liab Co | TX | $6,910,081 | 1.42% |
| 20. New Hampshire Ins Co | IL | $6,739,615 | 1.39% |
