Ocean and Inland Marine which encompasses a wide variety of coverage for goods at sea and in transit is the focus of this week’s “Top 20” list. As always, all of our market information comes courtesy of the Massachusetts Division of Insurance.
Fast Facts about this line of insurance:
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Three hundred and twenty-three companies are currently licensed to write Ocean & Inland Marine insurance here in the Commonwealth.
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There are forty-seven (47) more insurers in this line since the last time we took a look at this marketplace.
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These 323 insurers have a combined Total Direct Written Premium of $587,269,313 dollars.
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Honing in on the top 20 Ocean & Inland Marine insurers reveals that these 20 companies enjoy a 60.3% share of the marketplace with $353,900,200 dollars in Direct Written Premium.
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The remaining 303 insurers claim a 39.7% share of this market which translates into a combined Direct Premium Written total of $233,369,113 dollars.
Are there any top insurers that are based in Massachusetts as well?
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Yes. Liberty Mutual, which is based in downtown Boston, also happens to be the fourth largest writer of Ocean & Inland Marine insurance in the Commonwealth.
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In 2016, it had $19,425,193 dollars in Mass.-written premiums representing a 3.31% share of the marketplace.
The list of the top 20 insurers in Ocean & Inland insurance…
Company Name |
State |
Premium Written in MA |
Market Share in MA |
1. Liberty Ins Underwriters Inc |
IL |
$65,571,946 |
11.17% |
2. Continental Cas Co |
IL |
$60,286,183 |
10.27% |
3. Transamerica Cas Ins Co |
OH |
$26,615,472 |
4.53% |
4. Liberty Mut Ins Co |
MA |
$19,425,193 |
3.31% |
5. Jefferson Ins Co |
NY |
$16,503,983 |
2.81% |
6. United States Fire Ins Co |
DE |
$15,524,717 |
2.64% |
7. National Cas Co |
OH |
$15,033,838 |
2.56% |
8. Travelers Prop Cas Co Of Amer |
CT |
$14,823,564 |
2.52% |
9. National Union Fire Ins Co Of Pitts |
PA |
$14,604,847 |
2.49% |
10. Ace Amer Ins Co |
PA |
$12,834,947 |
2.19% |
11. Factory Mut Ins Co |
RI |
$11,646,433 |
1.98% |
12. Atlantic Specialty Ins Co |
NY |
$11,283,351 |
1.92% |
13. Acadia Ins Co |
NH |
$10,031,172 |
1.71% |
14. Pacific Ind Co |
WI |
$9,983,616 |
1.70% |
15. American Pet Ins Co |
NY |
$9,736,234 |
1.66% |
16. Federal Ins Co |
IN |
$8,699,001 |
1.48% |
17. AGCS Marine Ins Co |
IL |
$8,355,539 |
1.42% |
18. Hanover Ins Co |
NH |
$8,143,412 |
1.39% |
19. AXA Ins Co |
NH |
$7,888,193 |
1.34% |
20. American Bankers Ins Co Of FL |
FL |
$6,908,559 |
1.18% |
