The Top Aircraft Insurers as of 2014, the latest date for which the DOI has complete information
Aviation Insurance first appeared following the Wright Brothers’ first successful powered takeoff and landing of an aircraft at Kitty Hawk, North Carolina on December 17, 1903. Although the use of aircraft grew exponentially following this flight United States’ insurer did not quickly take to the Wright Brothers’ invention. It was not until 1911, that Lloyd’s of London wrote the first-ever aviation insurance coverage and not until 1924, that the first aircraft-specific insurance company was formed.
While aircraft liability and hull coverage primarily is written in international markets, there is a state-specific market for Massachusetts aircraft. The data available from the Division of Insurance for the Massachusetts market is for calendar year 2014.
Only 30 companies write this line of insurance in Massachusetts
A total of 30 insurers are involved in writing Aircraft Insurance (All Perils) in the Commonwealth. As a result, the total market value for this line totals $12,796,623; A far cry from the size of other lines such as Homeowners and Private Passenger Auto Insurance markets.
A look at the Top 20 Aircraft insurers…
The top 20 companies writing Aircraft Insurance (All Perils) claim a 96.8% share of the market, which makes sense since there are only 30 companies in total licensed to write this type of insurance in Massachusetts. With a 96.8% share, these 20 insurers have in total $12,391,02 dollars in Direct Written Premium.
In contrast, the remaining 10 insurers have a 3.2% market share with a total of $405,321 in Direct Written Premium.
The only Massachusetts-domiciled insurer in the Top 20 in this line of insurance is the Liberty Mutual Insurance Company. Unlike in the Ocean & Inland Marine list, Liberty Mutual is not the number one writer of this type of insurance. In this list it ranks number 18, with a 1.15% percent of the market share and $147,516 in direct premium written in Massachusetts.
As for insurer representation from other New England states, only two other insurers from New England appear on this top 20 list: The National Liability & Fire Insurance Company based out of Connecticut and the North American Elite Insurance Company based out of New Hampshire.
The Top 10 Aircraft Insurers in Massachusetts
Focusing on the top 10 writers of Aircraft Insurance, these ten companies claim a 77.5% share of this market with $9,921,494 dollars in Direct Premium Written. The remaining 20 companies have a 22.5% market share with $2,875,129 dollars in Direct Premium Written.
A review of the Top 10 Aircraft 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. National Union Fire Ins Co of Pitts||PA||$2,277,753||17.80%|
|2. National Liab & Fire Ins Co||CT||$1,304,615||10.19%|
|3. Old Republic Ins Co||PA||$1,240,972||9.70%|
|4. Federal Ins Co||IN||$959,681||7.50%|
|5. Ace Amer Ins Co||PA||$944,784||7.38%|
|6. Allianz Global Risks US Ins Co||IL||$749,723||5.86%|
|7. Illinois Natl Ins Co||IL||$698,297||5.46%|
|8. Starr Ind & Liab Co||TX||$649,129||5.07%|
|9. American Alt Ins Corp||DE||$586,091||4.58%|
|10. Starnet Ins Co||DE||$510,449||3.99%|
|11. US Specialty Ins Co||TX||$483,068||3.77%|
|12. Avemco Ins Co||MD||$372,579||2.91%|
|13. Catlin Ins Co||TX||$340,865||2.66%|
|14. Central States Ind Co Of Omaha||NE||$273,415||2.14%|
|15. North Amer Elite Ins Co||NH||$197,099||1.54%|
|16. XL Specialty Ins Co||DE||$193,008||1.51%|
|17. QBE Ins Corp||PA||$182,170||1.42%|
|18. Liberty Mut Ins Co||MA||$147,516||1.15%|
|19. Tokio Marine Amer Ins Co||NY||$140,068||1.09%|
|20. Hallmark Ins Co||AZ||$140,020||1.09%|