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.
|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%|