None of the largest writers of this line of insurance are based in Massachusetts
As we have done in past years, over the coming weeks, Agency Checklists will be feature various top ten lists of the largest writers of various lines of insurance in Massachusetts. All of our information comes courtesy of the Division of Insurance and includes data from 2016, the last year for which complete information is available.
As we are taking a look at the Property Crime Statistics in Massachusetts this week, we also thought it would be interesting to take a look at exactly how much Burglary & Theft insurance is actually written here in the Commonwealth
A total of 116 insurers write this line of insurance in Massachusetts
In comparison with other lines of insurance, Burglary & Theft Insurance is a relatively small market. In 2016, Total Direct Written Premium was $8,701,002 dollars for the entire Commonwealth.
As for who writes this line of insurance in the Commonwealth, there are one hundred and sixteen (116) insurers are licensed to write Burglary & Theft Insurance in Massachusetts. This number includes 15 additional insurers than the last time this list was published in 2016.
There are no Massachusetts-based insurers on this Top 20 List
While there are technically no “Massachusetts-based” insurers on this list, there are three insurers who are based in New England: the Travelers Casualty & Surety, the Hanover Insurance Co., and Hartford Fire Insurance Co.
Premium and market share for the Top 10 and 20 insurers…
- The top 20 insurers dominate this market with a 90.4% market share.
- This translates into Direct Written Premium of $7,868,979 dollars.
- The remaining 96 companies represent just 9.6% of the market with $832,032 dollars in Direct Written Premium.
- Looking at the Top Ten Insurers in this line, these ten companies claim a 76.46% share of the market which represents $6,651,603 in Direct Written Premium.
- The remaining 106 companies have a 23.54% market share with $2,049,399 dollars in Direct Written Premium.
So who are actually the largest writers of this line of business…
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Travelers Cas & Surety Co Of Amer||CT||$ 1,603,325||18.43%|
|2. Zurich Amer Ins Co||NY||$ 1,229,099||14.13%|
|3. Federal Ins Co||IN||$971,607||11.12%|
|4. Fidelity & Deposit Co Of MD||MD||$679,476||7.81%|
|5. Hiscox Ins Co Inc||IL||$663,216||7.62%|
|6. National Union Fire Ins Co Of Pitts||PA||$647,741||7.44%|
|7. Hanover Ins Co||NH||$249,700||2.87%|
|8. Steadfast Ins Co||DE||$206,661||2.38%|
|9. Westchester Fire Ins Co||PA||$204,410||2.35%|
|10. US Specialty Ins Co||TX||$196,368||2.26%|
|11. Continental Cas Co||IL||$195,998||2.25%|
|12. Columbia Cas Co||IL||$143,115||1.64%|
|13. Philadelphia Ind Ins Co||PA||$134,139||1.54%|
|14. Aspen Amer Ins Co||TX||$128,523||1.48%|
|15. Ironshore Ind Inc||MN||$125,458||1.44%|
|16. Universal Underwriters Ins Co||IL||$108,351||1.25%|
|17. Berkley Regional Ins Co||DE||$106,684||1.23%|
|18. Atlantic Specialty Ins Co||NY||$94,803||1.09%|
|19. Hartford Fire In Co||CT||$90,772||1.04%|
|20. Pacific Ind Co||WI||$89,533||1.03%|