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:
Similar 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% |
