A look at the size of the Homeowner’s Multi-Peril marketplace in Massachusetts…
Continuing with our top ten lists, and in light of this week’s article on the new 2018 U.S. Property Claim’s Survey, Agency Checklists decided to focus this week’s list on the Homeowner’s Multi-Peril marketplace in Massachusetts. As just a reminder, 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.
In comparison with other lines of insurance, Homeowner’s Multi-Peril is one of the larger lines of insurance, however it is not the largest. For example, with $2,279,299,505 in Total Direct Written Premium in 2016, this market is much, much, larger than the Burglary & Theft line of insurance, but smaller than the Life Insurance marketplace here.
A total of 154 insurers write this line of insurance in Massachusetts
There are only 154 insurers writing Homeowner’s Multi-Peril Insurance in Massachusetts. This is much smaller than many other lines of insurance, for example, this number is less than half of the number that write life insurance.
In terms of the amount of Massachusetts-based insurers who write this line of insurance, however, this is where this line dominates. For example, the top five writers of this line of insurance are all based in Massachusetts, with a total of nine, or just under half, of the top 20 companies hailing from here. Those companies are:
- Citation Insurance Co.
- Arbella Mutual Insurance Co.
- Commerce Insurance Co.
- Safety Ind. Insurance Co.
- Merrimack Mutual Fire Insurance Co.
- Liberty Mutual Insurance Co.
- Safety Insurance Co.
- Quincy Mutual Fire Insurance Co.
- Bunker Hill Insurance Co.
Premium and market share for the Top 10 and 20 insurers…
Some more data that you might find interesting about this line of insurance:
- The top 20 insurers have over half the Homeowner’s Multi-Peril market share with their Direct Written Premium totaling $1,425,994,969.
- This amount represents a 62.6% share of the market.
- The remaining 134 companies writing in this line of business have a 37.4% of the market with $853,304536 dollars in Direct Written Premium.
So who are actually the largest writers of this line of business…
Please note, all of the names in color correspond to those companies that have been listed above as based in Massachusetts…
|Company Name||State||Premium Written in MA||Market Share in MA|
|1. Citation Ins Co||MA||$193,198,100||8.48%|
|2. Arbella Mut Ins Co||MA||$149,208,886||6.55%|
|3. Commerce Ins Co||MA||$114,103,134||5.01%|
|4. Safety Ind Ins Co||MA||$98,602,187||4.33%|
|5. Merrimack Mut Fire Ins Co||MA||$93,976,001||4.12%|
|6. Liberty Mut Fire Ins Co||WI||$91,367,849||4.01%|
|7. Amica Mut Ins Co||RI||$86,192,019||3.78%|
|8. Vermont Mut Ins Co||VT||$81,041,449||3.56%|
|9. Metropolitan Prop & Cas Ins Co||RI||$54,374,839||2.39%|
|10. LM Gen Ins Co||IL||$52,096,856||2.29%|
|11. Liberty Mut Ins Co||MA||$51,485,857||2.26%|
|12. Safety Ins Co||MA||$51,110,188||2.24%|
|13. Quincy Mut Fire Ins Co||MA||$50,734,240||2.23%|
|14. Pacific Ind Co||WI||$49,850,572||2.19%|
|15. Narragansett Bay Ins Co||RI||$48,745,561||2.14%|
|16. United Prop & Cas Ins Co||FL||$42,538,582||1.87%|
|17. Preferred Mut Ins Co||NY||$40,727,087||1.79%|
|18. United Serv Automobile Assn||TX||$40,227,783||1.76%|
|19. Bunker Hill Ins Co||MA||$36,413,779||1.60%|
|20. Citizens Ins Co Of Amer||MI||$36,199,517||1.59%|