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
- 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:
- 2nd Look 2020: The Private Passenger Auto Insurance Marketplace in Massachusetts
- First Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- NAIC 2020 Market Share Report: The Top 25 Private Passenger Auto Insurers (U.S.)
- 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 | 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:
March 2010
March 2015
March 2020
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