The list is based upon the latest data provided by the Division of Insurance
As we get into the groove of 2018, Agency Checklists thought it would be a good idea to revisit our top 10 lists which take a look at the largest writers in each line of insurance in the Commonwealth.
The lists, compiled by and provided to us courtesy of the Division of Insurance, break down the market share of the various top 10 and the top 20 insurers in Massachusetts per line of insurance. The Division also provides statistics on the total written premium for each marketplace. All of the data listed here is for the year 2016, the latest date for which complete information is currently available.
There are a total of 533 companies writing Property & Casualty insurance in Massachusetts
Five hundred and thirty-three (533) insurance companies are currently licensed to write Property & Casualty insurance in the Commonwealth. In dollar terms, these 533 property & casualty insurers write a combined total of $13,493,200,963 in Direct Written Premium, making Massachusetts the eleventh largest insurance market in the United States.
Unlike many other states, however, the Massachusetts Property & Casualty marketplace is largely dominated by home-grown companies. In fact, the top four P&C insurers all hail from the Commonwealth with their Total Direct Written Premium equaling $3,167,709,181 dollars.
The 20 top insurers have just under half of the total market share
The total market share of the top 20 Property & Casualty insurance companies has decreased a bit since we last took a look at this list. From a 50.1% market share in 2016, the top 20 Property & Casualty insurers now have a combined amount of Direct Written Premium totaling $6,676,138,054 representing a 49.3% share of the marketplace.
As for the remaining 513 companies licensed to write Property/Casualty insurance here, these companies Direct Written Premium equaled $6,817,062,909 combined representing a 50.7% market share in Massachusetts.
How many of the Top 20 Property & Casualty Companies are based in New England?
Out of the top 20 P&C companies, eight call Massachusetts home. If one is to include the total number of insurers based in New England, then more than half of the top 20 insurers, or 11 in total, are from the region.
Premium Written and MA Market Share of the Top 20 P&C Companies
Company Name |
State |
Premium Written in MA |
MA Market Share |
1. Commerce Ins Co |
MA |
$1,454,895,109 |
10.75% |
2. Safety Ins Co |
MA |
$620,590,689 |
4.59% |
3. Arbella Mut Ins Co |
MA |
$605,292,657 |
4.47% |
4. Liberty Mut Ins Co |
MA |
$486,930,696 |
3.60% |
5. Government Employees Ins Co |
MD |
$367,756,375 |
2.72% |
6. Plymouth Rock Assur Corp |
MA |
$327,435,472 |
2.42% |
7. Metropolitan Prop & Cas Ins Co |
RI |
$282,822,066 |
2.09% |
8. LM Gen Ins Co |
IL |
$262,455,867 |
1.94% |
9. Amica Mut Ins Co |
RI |
$245,612,817 |
1.82% |
10. Federal Ins Co |
IN |
$243,136,048 |
1.80% |
11. Citizens Ins Co Of Amer |
MI |
$220,582,597 |
1.63% |
12. Citation Ins Co |
MA |
$217,297,840 |
1.61% |
13. Arbella Protection Ins Co |
MA |
$179,098,328 |
1.32% |
14. National Union Fire Ins Co Of Pitts |
PA |
$178,127,278 |
1.32% |
15. Vermont Mut Ins Co |
VT |
$177,994,022 |
1.32% |
16. Liberty Mut Fire Ins Co |
WI |
$171,695,064 |
1.27% |
17. Progressive Direct Ins Co |
OH |
$165,171,786 |
1.22% |
18. Quincy Mut Fire Ins Co |
MA |
$161,844,127 |
1.20% |
19. Continental Cas Co |
IL |
$160,868,916 |
1.19% |
20. Standard Fire Ins Co |
CT |
$146,530,300 |
1.08% |
