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The Top Writers of Aircraft (All Perils) Insurance In Massachusetts

May 14, 2019 by Agency Checklists

As we have done in the Spring over the past few years, over the course of the next couple of weeks, Agency Checklists will take a look at the current market shares and overall state of various lines of insurance operating within the Commonwealth of Massachusetts. As always, all of our information comes courtesy of the Division of Insurance, which is charged with compiling and issue an annual report outlining the current state of the insurance marketplace in Massachusetts each year.

Facts about Aircraft (All Perils) Insurance:

Agency Checklists, MA Insurance News, Mass. Insurance NewsSimilar in spirit to Marine Insurance, proof of Aircraft insurance is generally required for a plane. Aviation or Aircraft insurance’s origins stem from the early 20th century, with Wikipedia stating that the first ever aviation insurance policy being introduced by Lloyd’s in 1911. While the Aircraft Insurance marketplace is rather small in Massachusetts, there is a market and thus a need to know who writes the most aircraft insurance here.

  • Only twenty-six (26) insurance companies are currently licensed to write aircraft insurance in Massachusetts.
  • The total Direct Written Premium for these 26 insurers is $17,417,154.
  • In 2017, the top 20 insurance companies had Direct Written Premium of $17,103,104 representing a 98.2% share of the marketplace.
  • The remaining 6 insurers’ total Direct Written premium totaled $314,014 representing a 1.8% market share.

Are there any top insurers that are based in Massachusetts as well?

  • No. Unfortunately no insurers in the line of insurance are based here in the Commonwealth.

The list of the top 20 insurers in the Aircraft (All Perils) Marketplace…

Company Name

State

Premium Written in MA

Market Share in MA

1. National Union Fire Is Co of Pitts

PA

$2,322,222

13.33%

2. Starr Ind & Liab Co

TX

$2,258,101

12.96%

3. Allianz Global Risk US Ins Co

IL

$1,486,719

8.54%

4. XL Specialty Ins Co

DE

$1,154,634

6.63%

5. National Liab & Fire Ins Co

CT

$1,096,265

6.29%

6. Ace Amer Ins Co

PA

$1,096,262

6.29%

7. Starnet Ins Co

DE

$952,185

5.47%

8. Old Republic Ins Co

PA

$917,115

5.27%

9. Endurance Amer Ins Co

DE

$875,632

5.03%

10. Starr Surplus Lines Ins Co

IL

$850,346

4.88%

11. American Alt Ins Corp

DE

$794,685

4.56%

12. AXA Ins Co

NY

$701,465

4.03%

13. Central States Ind Co Of Omaha

NE

$420,486

2.41%

14. Tokio Marine Amer Ins Co

NY

$406,361

2.33%

15. North Amer Elite Ins Co

NH

$330,519

1.90%

16. QBE Ins Corp

PA

$309,885

1.78%

17. Mitsui Sumitomo Ins Co of Amer

NY

$297,132

1.71%

18. Avemco Ins Co

MD

$280,989

1.61%

19. US Specialty Ins Co

TX

$279,923

1.61%

20. Hallmark Ins Co

AZ

$272,214

1.56%

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