3rd Look 2020: The Massachusetts Private Passenger Auto Insurance Marketplace

The latest numbers for March 2020 are in…

The latest numbers for our bi-monthly look at the market share within the Massachusetts Private Passenger Auto Insurance marketplace are here. All of the tables and graphs being reviewed here focus on the first month of data, March 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

top 25 insurers commercial auto insurers

The Private Passenger Auto Insurance marketplace continues to have the largest amount of direct premiums written in the US insurance 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:

The Private Passenger Auto Insurance Marketplace in Massachusetts in 2020

RANK	COMPANY NAME	EXPOSURES	MARKET SHARE
1.	COMMERCE	286,571	23.06%
2.	GEICO	186,059	14.97%
3.	LIBERTY MUTUAL	110,135	8.86%
4.	SAFETY	108,211	8.71%
5.	ARBELLA	94,244	7.58%
6.	PLYMOUTH ROCK	78,539	6.32%
7.	PROGRESSIVE	59,806	4.81%
8.	STANDARD FIRE	45,147	3.63%
9.	U S A A	42,036	3.38%
10.	METROPOLITAN	39,114	3.15%
11.	AMICA MUTUAL	35,807	2.88%
12.	HANOVER	35,516	2.86%
13.	QUINCY MUTUAL	22,736	1.83%
14.	ALLSTATE	20,540	1.65%
15.	NORFOLK AND DEDHAM MUTUAL	14,255	1.15%
16.	VERMONT MUTUAL	13,909	1.12%
17.	NATIONAL GRANGE	12,913	1.04%
18.	PREFERRED MUTUAL	6,754	0.54%
19.	STATE FARM	4,542	0.37%
20.	GREEN MOUNTAIN	3,960	0.32%
21.	INTEGON	3,295	0.27%
22.	ELECTRIC	2,889	0.23%
23.	ESURANCE	2,645	0.21%
24.	BANKERS STANDARD	2,573	0.21%
25.	PERMANENT GENERAL	2,236	0.18%
26.	FARM FAMILY	2,084	0.17%
27.	PURE	2,002	0.16%
28.	OCCIDENTAL INS	1,518	0.12%
29.	TRUMBULL	1,196	0.10%
30.	AMERICAN INTERNATIONAL	733	0.06%
31.	HARLEYSVILLE WORCESTER	422	0.03%
32.	CINCINNATI	391	0.03%
33.	MIDDLESEX	181	0.01%
	TOTAL	1,242,960	100.00%

A couple of things to note from the latest data…

GEICO continues to increase its market share in Massachusetts with it claiming a 15% share for March, more than double the market share it had in 2015.
The Commonwealth’s largest auto insurer MAPFRE/Commerce saw a slight decrease in its market share from a reported 24.12% to 23.1%.
In 2010 MAPFRE has a 30.6% market share as of March, while Safety was the second largest with a 12% market share.
Both Liberty Mutual and Safety saw a decrease in market share percentages as well. In March of 2015 Liberty Mutual was the second-largest auto insurer with 12.2%.

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 March 2020, followed by the same graph from five years earlier in 2015, and then finally from a decade ago in March 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: