The final 2017 numbers for the commercial automobile insurance marketplace in Massachusetts are in…
As with our review of the private passenger auto insurance marketplace, Agency Checklists also takes a look at the current state of the commercial automobile insurance marketplace at the end of 2017 courtesy of CAR. In addition, it might be helpful or interesting to compare these numbers with a list of the top Commercial Auto Insurers in the Commonwealth per Direct Written Premiums and market share as of 2017.
All of the data presented here is provided courtesy of the Commonwealth Automobile Reinsurers and represents the state of the market as of December 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.
A look at the market as a whole
According to the latest numbers from the Division of Insurance, total Direct Written Premium totaled $835,081,080 dollars in 2016, with a total of 212 companies writing commercial auto in the Commonwealth. Of that number, the top 20 companies wrote approximately $547,057,695 dollars in Direct Written Premium, essentially commanding a 65.5% share of the market place.
The remaining 192 companies wrote $288,023,385 in Direct Written Premium which translated into a 34.5% market share.
Commerce continues at the top of the list…
As in the Private Passenger Auto Insurance Marketplace, MAPFRE/Commerce also continues to claim the top spot in the commercial automobile insurance marketplace according to CAR’s last monthly report for 2017.
In December 2016, Safety briefly had risen to the number one spot to overtake Commerce in the commercial auto insurance sphere. If one notices, however, the first and second largest insurers’ difference in market share is almost negligible.
The following is a list of the premiums and corresponding market share for the sector as of December 2017:
|5. PLYMOUTH ROCK||59,551,358||7.13%|
|6. LIBERTY MUTUAL INS||41,582,603||4.98%|
|7. TOKIO MARINE & NACHIDO||32,292,126||3.86%|
|12. GREAT AMERICAN||15,057,518||1.80%|
|14. SELECTIVE INSURANCE||13,690,473||1.64%|
|15. NATIONAL GRANGE||13,461,965||1.61%|
|16. TWIN CITY FIRE INS||12,299,977||1.47%|
|17. AMERICAN CASUALTY||8,879,285||1.06%|
|18. EMPLOYERS MUTUAL||6,974,644||0.83%|
|19. HARLEYSVILLE INS||6,937,198||0.83%|
|20. FARM FAMLY||6,525,831||0.78%|
Graphs from December 2017, June 2017, 2012 and 2007 to the evolution of this marketplace 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.
And how the market share distribution looked mid-way through this past year:
Now compare the above graphs with the top ten commercial auto insurance companies in Massachusetts from the past lustrum (2012):
And then from a decade ago (2007):