The latest movements and trends in the commercial automobile insurance marketplace in Massachusetts
As with our review of the private passenger auto insurance marketplace, Agency Checklists now turns to the current state of the commercial automobile insurance marketplace to review the overall shifts and trends happening within the Commonwealth,
All of the data presented here is provided courtesy of the Commonwealth Automobile Reinsurers and represents the state of the market as of September 2017, the latest date for which there is complete data available. For those unfamiliar with the Commonwealth Automobile Reinsurer, “CAR” is the official statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts.
Commerce maintains its place at the top of the list
As it has done in the Private Passenger Auto Insurance Marketplace, MAPFRE/Commerce also continues to claim the top spot in the commercial automobile insurance marketplace as of September 2017. In December 2016, Safety had risen to the number one spot from Commerce in the commercial auto insurance sphere.
By the nine month of 2017, however, Commerce continues to claim the top spot with a slight market share lead over Safety. Commerce currently has a 15.61% market share with 97,720,378 premiums, while second-place Safety has a 15.49% market share with 96,938,449 premiums. Aside from the top two commercial auto carriers, the following is a list of the top 20 commercial auto insurance carriers operating in the Commonwealth.
|5. PLYMOUTH ROCK||42,069,996||6.72%|
|6. LIBERTY MUTUAL INS||30,886,528||4.93%|
|7. TOKIO MARINE & NACHIDO||26,383,455||4.22%|
|13. NATIONAL GRANGE||10,179,270||1.63%|
|14. SELECTIVE INSURANCE||9,764,644||1.56%|
|15. GREAT AMERICAN||9,268,790||1.48%|
|16. TWIN CITY FIRE INS||9,131,364||1.46%|
|17. ARGONAUT INSURANCE COMPANY||6,646,862||1.06%|
|18. AMERICAN CASUALTY||6,370,520||1.02%|
|19. HARLEYSVILLE INS||5,470,359||0.87%|
|20. FARM FAMLY||5,280,160||0.84%|
Graphs from September 2017, April 2012 and April 2007 show how the market has changed over the past decade
The following charts list the total market share for the majority of commercial auto insurance writers in Massachusetts as of June 2017, followed by the top ten writers by market share five years ago as of June 2012, and then finally, a decade ago, as of June 2007.
These graphs are provided for those interested in seeing how the Massachusetts commercial automobile insurance market has evolved over the last ten years.
Now compare the above graphs with the top ten commercial auto insurance companies in Massachusetts a decade ago (2007):