The first numbers of 2020 are in…
This is the first time that our latest look at the market share numbers for the private passenger automobile insurance marketplace will include numbers from 2020. All of the tables and graphs being reviewed here focus on the first month of data, January 2020, which represents the latest date for which complete data on this marketplace is available.
As always, many thanks to the Commonwealth Automobile Reinsurers, who acts as the statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts and updates and provides all the data presented here
An overview of the private passenger marketplace in Massachusetts
Since no new data has been issued by the Division of Insurance with respect to the official state of the Private Passenger Auto Insurance Marketplace in Massachusetts, the latest data from the NAIC on the state of the Private Passenger Auto Insurance Marketplace nationally.
- The Private Passenger Auto Insurance marketplace continues to have the largest amount of direct premiums written in the industry with a total of $ 253,238,614,669 in 2019
- This represents approximately 36% of all reported written premiums in the U.S.
- It is an increase in Direct Written Premiums of $7,166,220,843 when compared to 2018 which had a total of $246,072,393,826.
- As for Direct Premiums Earned, the amount also increased to $251,011,648,078 versus $242,054,605,219 in 2018.
In addition to the latest NAIC information, for those readers looking for that report as well as other more detailed information on the Massachusetts marketplace, the following links may be of interest:
- NAIC 2020 Market Share Report: The Top 25 Private Passenger Auto Insurers (U.S.)
- First Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- Last Look 2019: The Private Passenger Auto Insurance Marketplace In Massachusetts
- 4th Look 2019: The Private Passenger Auto Insurance Marketplace In Massachusetts
- 3rd Look 2019: A Bi-Monthly Look At The Private Passenger Auto Insurance Marketplace In Massachusetts
- 2nd Look 2019: The Private Passenger Auto Insurance Marketplace In Massachusetts
- 1st Look 2019 – The 2019 Private Passenger Auto Insurance Marketplace In Massachusetts
The Private Passenger Auto Insurance Marketplace in Massachusetts in 2020
| RANK | COMPANY NAME | EXPOSURES | MARKET SHARE |
|---|---|---|---|
| 1. | COMMERCE | 122,441 | 24.12% |
| 2. | GEICO | 62,371 | 12.29% |
| 3. | SAFETY | 50,084 | 9.87% |
| 4. | LIBERTY MUTUAL | 46,095 | 9.08% |
| 5. | ARBELLA | 40,585 | 8.00% |
| 6. | PLYMOUTH ROCK | 29,642 | 5.84% |
| 7. | PROGRESSIVE | 21,183 | 4.17% |
| 8. | STANDARD FIRE | 19,286 | 3.80% |
| 9. | U S A A | 17,322 | 3.41% |
| 10. | METROPOLITAN | 16,052 | 3.16% |
| 11. | AMICA MUTUAL | 15,717 | 3.10% |
| 12. | HANOVER | 15,683 | 3.09% |
| 13. | QUINCY MUTUAL | 11,494 | 2.26% |
| 14. | NORFOLK AND DEDHAM MUTUAL | 7,000 | 1.38% |
| 15. | ALLSTATE | 6,577 | 1.30% |
| 16. | VERMONT MUTUAL | 6,059 | 1.19% |
| 17. | NATIONAL GRANGE | 4,734 | 0.93% |
| 18. | PREFERRED MUTUAL | 2,988 | 0.59% |
| 19. | STATE FARM | 1,613 | 0.32% |
| 20. | OCCIDENTAL INS | 1,602 | 0.32% |
| 21. | ELECTRIC | 1,546 | 0.30% |
| 22. | GREEN MOUNTAIN | 1,478 | 0.29% |
| 23. | INTEGON | 1,366 | 0.27% |
| 24. | FARM FAMILY | 964 | 0.19% |
| 25. | IDS | 922 | 0.18% |
| 26. | BANKERS STANDARD | 832 | 0.16% |
| 27. | PURE | 517 | 0.10% |
| 28. | PERMANENT | 419 | 0.08% |
| 29. | TRUMBULL | 405 | 0.08% |
| 30. | AMERICAN INTERNATIONAL | 276 | 0.05% |
| 31. | HARLEYSVILLE WORCESTER | 229 | 0.05% |
| 32. | CINCINNATI | 116 | 0.02% |
| 33. | MIDDLESEX | 30 | 0.01% |
| 34. | ESURANCE | 0 | 0.00% |
| TOTAL | 507,627 | 100.00% |
A look at the shifts & trends in this marketplace over the past decade
In order to give some perspective on the shifts in the marketplace over the past decade, the following three graphs depict the Top Ten Private Passenger insurers for the month of January 2020, followed by the same graph from five years earlier in 2015, and then finally from a decade ago in January 2010.
The goal is to present a more complete perspective on how the Massachusetts automobile insurance market has shifted during this highlighted period. Unlike in past years, all of the past years included in this review have now been during “Managed Competition.” With that, the following are some shifts worth noting based on the graphs below:
- Five years ago, Liberty Mutual was the second-largest private passenger auto insurer in Massachusetts with a 12.1% market share in January 2015. It is now fourth behind both GEICO and Safety Insurance with a 9.1% market share in January 2020.
- In 2015, GEICO was ranked fifth in the Commonwealth with a 5.1% market share in January 2015. It is now the second-largest with a 12.29% market share.
- Both the Hanover and Amica are not in the top ten list this year as of January 2020. Both were included on the list in 2015.
- In 2015, Progressive was not listed as a top ten auto insurer in Massachusetts. It is now ranked seventh with a 4.17% market share as of January 2020.
January 2010
January 2015
January 2020
