Continuing with our top ten lists, and in light of this week’s article on the new 2019 U.S. Property Claim’s Survey, Agency Checklists decided to focus this week’s list on the Homeowner’s Multi-Peril marketplace in Massachusetts. As just a reminder, all of our information comes courtesy of the Division of Insurance and includes data from 2017, the last year for which complete information is available.
In comparison with other lines of insurance, Homeowner’s Multi-Peril is one of the larger lines of insurance, however, the private passenger auto insurance marketplace continues to eclipse it as the larger of the two traditional lines of insurance of the independent insurance agencies in Massachusetts.
Seven insurers stopped writing Homeowner’s Multi-Peril insurance from 2016 to 2017
In 2016, there were 154 insurers writing Homeowner’s Multi-Peril Insurance in Massachusetts. As of 2017, there are now 147. In addition to the departure of these insurers, as well as the decrease in participation in the FAIR Plan noted in a previous article, the top 20 insurers were able to increase their market share in this line of business from 62.6% to 64.2%.
This is the one of the few lines of business dominated by Massachusetts-based insurers
In terms of the amount of Massachusetts-based insurers who write this line of insurance, this is one of the marketplaces dominated by homegrown insurers. As noted in past years, the top five writers of this line of insurance are all based in Massachusetts, with a total of eight of the top 20 companies hailing from here. Those companies are:
- Citation Insurance Co.
- Arbella Mutual Insurance Co.
- Commerce Insurance Co.
- Merrimack Mutual Fire Insurance Co.
- Safety Ind. Insurance Co.
- Liberty Mutual Insurance Co.
- Safety Insurance Co.
- Quincy Mutual Fire Insurance Co.
Premium and market share for this line of business
Some more data that you might find useful in understanding the Homeowner’s Multi-Peril marketplace in Massachusetts:
- The top 20 insurers have well over half of the Homeowner’s Multi-Peril market share with a combined 64.2% share of the market
- Their total Direct Written Premium comes in at $1,504,865,205/
- The remaining 127 companies writing in this line of business claim the remaining 35.8% share of the market with $838,185,730 in Direct Written Premium.
The complete list of the top 20 insurers in this marketplace…
|Company Name||State||Premium Written/MA||Market Share/MA|
|1. Citation Ins Co||MA||$199,743,046||8.52%|
|2. Arbella Mut Ins Co||MA||$136,960,033||5.85%|
|3. Commerce Ins Co||MA||$119,145,628||5.09%|
|4. Merrimack Mut Fire Ins Co||MA||$105,085,396||4.48%|
|5. Safety Ind Ins Co||MA||$101,648,066||4.34%|
|6. Amica Mut Ins Co||RI||$93,743,998||4.00%|
|7. Vermont Mut Ins Co||VT||$86,120,471||3.68%|
|8. Liberty Mut Fire Ins Co||WI||$84,311,637||3.60%|
|9. LM Gen Ins Co||IL||$56,597,447||2.42%|
|10. Met Prop & Cas Ins Co||RI||$54,273,615||2.32%|
|11. Liberty Mut Ins Co||MA||$52,934,544||2.26%|
|12. Narragansett Bay Ins Co||RI||$52,922,555||2.26%|
|13. Safety Ins Co||MA||$52,046,492||2.22%|
|14. Quincy Mut Fire Ins Co||MA||$49,756,965||2.12%|
|15. Pacific Ind Co||WI||$48,231,091||2.06%|
|16. United Prop & Cas Ins Co||FL||$47,249,814||2.02%|
|17. United Serv Automobile Assn||TX||$42,738,116||1.82%|
|18. Preferred Mut Ins Co||NY||$41,671,995||1.78%|
|19. Citizens Ins Co of Amer||MI||$41,275,921||1.76%|
|20. AIG Prop Cas Co||PA||$38,408,375||1.64%|
Other useful information about the Homeowner’s marketplace in Massachusetts
As many of our readers know, Agency Checklists publishes a four-part report on the Commissioner of Insurance’s Annual Home Insurance Report. The reported, required by law to be published each year, takes a look at the state of the Home Insurance marketplace in Massachusetts each year.
For those who would like to revisit those reports, the links to each article in our four-part series is provided below:
- 1st Look – The Latest Annual Home Insurance Report for Massachusetts For 2017 Has Been Issued
- 2nd Look: MA FAIR Plan Continues To Lose Market Share
- 3rd Look – Ranking of Massachusetts Home Insurance Policies By County
- 4th Look: 2017 Financial Results, Claims, Loss Ratios, Cancellations & Non-renewals For The Massachusetts Home Insurance Marketplace