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.
Forty-four companies stopped writing this line of insurance in Massachusetts from 2016-2017
Of note to follow this market. In 2018, there were 152 companies actively writing Boiler & Machiner Insurance in Massachusetts for the year 2016, which was an increase in 28 companies from the year before. As of 2017, however, the latest data from the Division of Insurance shows that there are now only 108 companies writing this line of insurance. For example, Lexington Insurance Company and Aspen Insurance Company, both which appeared on the top 20 list in 2016, do not appear on the 2017 list.
As for Total Direct Written Premium, that number also is down, as compared to the year before, with just over $33,019,977 in 2017. In 2016, that number was $38,276,747.
Premium and market share for the Top 20 insurers in the Boiler & Machinery insurance market
Unsurprisingly, the top 20 insurers writing Boiler & Machinery insurance tend to dominate the marketplace in Massachusetts, claiming an 84.8%. This is a slight increase from the market share they held in 2016 which was 83.4% market share. The combined Direct Written Premium for this group of insurers totals $28,013,360.
The remaining 88 insurers licensed to write Boiler & Machinery insurance, in comparison, had Direct Written Premium totaling $5,006,617. This represents the remaining 15.2% share of the Massachusetts market as of 2017.
Are there any top insurers that are based in Massachusetts as well?
Unfortunately, no. Unlike the top other lines of insurance profiled in our annual report, there are no Massachusetts insurers who appear on this year’s top 20 list. There are, however, eight insurers who hail from other New England states: Factory Mutual Insurance Co.; Affiliated Fm Ins. Co; Travelers Property & Casualty Co. of America; Narragansett Bay Insurance Co; Hartford Steam Boiler Inspection & Ins. Co.; North Amer Elite Ins Co ; Travelers Ind. Co.; and Acadia Insurance Co.
The following is a complete listing of the top 20 insurers in this market place based on the latest data provided to us courtesy of the Massachusetts Division of Insurance.
The complete list of the top 20 Boiler & Machinery insurers
|1. Factory Mut Ins Co||RI||$9,434,534||28.57%|
|2. Federal Ins Co||IN||$3,027,676||9.17%|
|3. Affiliated Fm Ins Co||RI||$1,825,167||5.53%|
|4. Travelers Prop Cas Co Of Amer||CT||$1,733,931||5.25%|
|5. National Union Fire Ins Co Of Pitts||PA||$1,400,932||4.24%|
|6. Continental Cas Co||IL||$1,370,024||4.15%|
|7. American Home Assur Co||NY||$1,183,069||3.58%|
|8. Narragansett Bay Ins Co||RI||$849,165||2.57%|
|9. Hartford Steam Boil Inspec & Ins Co||CT||$833,601||2.52%|
|10. North Amer Elite Ins Co||NH||$801,249||2.43%|
|11. Liberty Mut Fire Ins Co||WI||$738,681||2.24%|
|12. Zurich Amer Ins Co||NY||$717,664||2.17%|
|13. Selective Ins Co Of SC||IN||$638,062||1.93%|
|14. Travelers Ind Co||CT||$608,389||1.84%|
|15. American Guard & Liab Ins||NY||$580,855||1.76%|
|16. Acadia Ins Co||NH||$580,478||1.76%|
|17. Great Northern Ins Co||IN||$556,201||1.68%|
|18. Allianz Global Risk US Ins Co||IL||$430,885||1.30%|
|19. Vigilant Ins Co||NY||$359,791||1.09%|
|20. Union Ins Co||IA||$343,006||1.04%|
Links to other 2019 Massachusetts Market Share Reports
- The Top Writers of Aircraft (All Perils) Insurance In Massachusetts
- The Top Writers of Ocean & Inland Marine Insurance In Massachusetts
- The Top 20 Writers of Fire Insurance In Massachusetts
- The Top 20 Writers of Life Insurance In Massachusetts
- The Top 20 Writers of Annuities Insurance In Massachusetts
- The Top 20 Workers Compensation Insurers In Massachusetts
- The Top 20 Writers of Fidelity & Surety Insurance in Massachusetts