Our second look at the state of the 2018 Commercial Automobile insurance marketplace in Massachusetts are in…
As with our review of the private passenger auto insurance marketplace, Agency Checklists turns its focus this week to the current state of the commercial automobile insurance marketplace.
All of the data presented here is provided courtesy of the Commonwealth Automobile Reinsurers and represents the state of the market as of April 2018, the latest date for which complete data is 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
As we did in our first look at this market earlier this year, the following is an overview of the entire market according to the 2016 Report from the Division of Insurance. Based on the official Division report, total Direct Written Premium for this line 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.
Safety continues to edge out MAPFRE/Commer for the top spot
While MAPFRE/Commerce ended 2017 with the largest market share in the commercial auto insurance space, the first four months of 2018 have seen Boston-based Safety with a 1.10% lead over the Webster-based company.
This mirrors the pattern seen over the past year or so. If our readers may remember, in December 2016, Safety briefly had risen to the number one spot to overtake Commerce in the commercial auto insurance sphere. this was reversed by the end of 2017, however, with Commerce coming in at number one on this list.
The following is a list of the top 20 Commercial Auto Insurers in Massachusetts ranked by Premiums from highest to lowest for the Policy Year 2018, thus far:
| COMPANY | PREMIUMS | MARKET SHARE |
1. SAFETY |
49,558,228 |
17.11% |
2. COMMERCE |
46,362,820 |
16.01% |
3. ARBELLA |
30,869,623 |
10.66% |
4. TRAVELERS |
23,446,699 |
8.10% |
5. PLYMOUTH ROCK |
18,392,214 |
6.35% |
6. LIBERTY MUTUAL INS |
13,019,653 |
4.50% |
7. FIREMAN’S |
12,482,455 |
4.31% |
8. HANOVER |
11,412,841 |
3.94% |
9. PROGRESSIVE |
11,230,564 |
3.88% |
10. TOKIO MARINE & NACHIDO |
10,431,084 |
3.60% |
11. NATIONAL GRANGE |
5,562,213 |
1.92% |
12. ZURICH |
5,348,841 |
1.85% |
13. UTICA |
5,137,870 |
1.77% |
14. TWIN CITY FIRE INS |
5,057,432 |
1.75% |
15. SELECTIVE INSURANCE |
4,220,113 |
1.46% |
16. GREAT AMERICAN |
4,078,795 |
1.41% |
17. FARM FAMILY |
3,071,932 |
1.06% |
18. EMPLOYERS MUTUAL |
2,787,622 |
0.96% |
19. AMERICAN CASUALTY |
2,738,234 |
0.95% |
20. FEDERAL |
2,713,773 |
0.94% |
Graphs from April 2018, April 2013 and April 2008 depicting the evolution of this marketplace over the past decade
The following charts list the market share for the top ten commercial auto insurance writers in Massachusetts as of April 2018, followed by the top ten writers by market share five years ago as of April 2013, and then finally, as of February 2008.
These graphs are provided for those interested in seeing how the Massachusetts commercial automobile insurance market has evolved over the past decade.
APRIL 2018
And how the market share distribution looked just five years ago:
APRIL 2013
Now compare the above graphs with the top ten commercial auto insurance companies in Massachusetts from a decade ago:
APRIL 2008
