The Top Boiler & Machinery Insurers as of 2016, the latest date for which the DOI has complete information
This week, Agency Checklists review of the make-up of the Massachusetts insurance industry takes a look at the Boiler and Machinery line of insurance. Why Boiler & Machinery you ask?
As MunichRe so aptly explains on their website,
Virtually every business, institution and public entity depends on equipment to keep operations going and income flowing.
With that said, we take a look at the size and composition of this marketplace and which insurance companies have made their mark in Massachusetts.
One hundred and fifty-two (152) companies writing Boiler & Machinery insurance in the Commonwealth
A total of one hundred and fifty-two insurance companies are currently licensed to write Boiler & Machinery insurance in the Commonwealth. Since the last time that we reviewed this market, approximately 28 more companies have begun writing this line of insurance here in Massachusetts. According to the Division of Insurance, this line of insurance had Total Direct Premium of $38,276,747 in 2016, the last date for which complete information is available.
The 20 top insurers write the lion’s share of this line of insurance
As for the top 20 insurers writing Boiler & Machinery insurance, these companies dominate the marketplace, claiming an 83.4% market share. The combined Direct Written Premium for this group of insurers totaled $31,923,814 dollars.
The remaining 132 companies licensed to write Boiler & Machinery insurance, in comparison, had Direct Written Premium totaling $6,352,933. This represents the remaining 16.6% share of the Massachusetts market in 2016.
None of the top 20 insurers are based in Massachusetts
Unlike the top 20 P/C insurers profiled last week, there are no Massachusetts insurers who appear on this year’s top 20 list. There are, however, seven insurers who hail from other New England states: Factory Mutual Insurance Co.; Affiliated Fm Ins. Co; Travelers Property & Casualty Co. of America; Hartford Steam Boiler Inspection & Ins. Co.; Narragansett Bay Insurance Co; Travelers Ind. Co.; and Acadia Insurance Co.
Premium Written and MA Market Share of the Top 20 Boiler & Machinery Companies
| Company Name | State | Premium Written in MA | Market Share in MA |
| 1. Factory Mut Ins Co | RI | $11,638,282 | 30.41% |
| 2. Federal Ins Co | IN | $3,012,808 | 7.87% |
| 3. Lexington Ins Co | DE | $2,821,896 | 7.37% |
| 4. Affiliated Fm Ins Co | RI | $ 1,913,240 | 5.00% |
| 5. Travelers Prop Cas Co Of Amer | CT | $1,483,072 | 3.87% |
| 6. American Home Assur Co | NY | $1,236,093 | 3.23% |
| 7. Continental Cas Co | IL | $1,184,498 | 3.09% |
| 8. Liberty Mut Fire Ins Co | WI | $1,118,770 | 2.92% |
| 9. National Union Fire Ins Co Of Pitts | PA | $935,785 | 2.44% |
| 10. Hartford Steam Boil Inspec & Ins Co | CT | $811,964 | 2.12% |
| 11. Narragansett Bay Ins Co | RI | $679,330 | 1.77% |
| 12. Selective Ins Co Of SC | IN | $639,172 | 1.67% |
| 13. XL Ins Amer Inc | DE | $635,339 | 1.66% |
| 14. Zurich Amer Ins Co | NY | $634,999 | 1.66% |
| 15. Aspen Amer Ins Co | TX | $606,076 | 1.58% |
| 16. Great Northern Ins Co | IN | $601,797 | 1.57% |
| 17. Travelers Ind Co | CT | $572,025 | 1.49% |
| 18. Westport Ins Corp | MO | $496,674 | 1.30% |
| 19. American Guar & Liab Ins | NY | $491,447 | 1.28% |
| 20. Acadia Ins Co | NH | $410,547 | 1.07% |
