The most recent total Direct Written Premium for the Private Passenger Auto Insurance Marketplace In Massachusetts is $5,401,800,744
Continuing with our top ten lists, and in conjunction with our bi-monthly look at the latest CAR Data, the next installment of our Massachusetts Market Share Reports for 2020 focuses on the Private Passenger Auto Insurance Marketplace. As just a reminder, all of our information for all our reports comes courtesy of the Division of Insurance. The 2020 Reports analyzes data from 2018, the last year for which complete information has been compiled and reviewed by the DOI.
The private passenger auto insurance marketplace continues to be the main focus of both insurers and their agent partners being the driving force of revenues.
This is the one of the few lines of business dominated by Massachusetts-based insurers
With over $5,401,800,744 in 2018. the Private Passenger Auto Insurance line of business is far and away the largest market in Massachusetts. In addition, similar to the homeowner’s marketplace, this line of insurance continues to be dominated by Massachusetts-based insurers even after a decade of “Managed Competition.”
With that said, it is important to point out that although Massachusetts-based insurers have not lost a lot of market share since the introduction of Managed Competition 11 years ago, direct writers continue to increase their market share here. For example:
- In 2016, the DOI’s official data shows GEICO as the fifth largest writer of private passenger auto with a 7.45% market share. In 2017, it ranked as the third-largest writer, with an 8.48% market share.
- For the current report, based on 2018 data, GEICO is now officially the second largest Private Passenger Auto Insurer here in the Commonwealth with a 9.67% share.
- Progressive also continues to increase its share here, from 3.5% in 2017 to 3.72% in 2018.
- In contrast, Safeco, a Liberty Mutual subsidiary which sells its insurance through independent agency partners, dropped out of the top 2018, after appearing on the list in 2017.
A total of fifty-two (52) insurers write private passenger auto insurance in Massachusetts
While there were three additional companies that entered into the private passenger auto insurance marketplace during the 2016-2017 period, there was no additional change in the number of insurers writing this line of insurance in 2018. The total number of companies writing in Massachusetts in 2016 was 49 while as of 2017, it was 52.
Premium and market share for this line of business
Other information the Division of Insurance compiled in relation to this line of insurance’s results in 2018:
- The Total Direct Written Premium for all 52 insurers in the private passenger auto insurance marketplace in 2018 was $5,401,800,744, a $213,691,401 increase in Direct Written Premium from 2017.
- The top 20 insurers increased their market share from 90.1% in 2017 to 92.5% in 2018.
- Total Direct Written Premium for the top 20 writers totaled $4,997,153,633
- The remaining 32 companies claimed Total Direct Written Premium of $404,647,111 representing a 7.5% market share.
The list of the top 20 largest auto insurers in Massachusetts ranked by premium & market share
|Company Name||State||Premium Written/MA||Market Share/MA|
|1. Commerce/MAPFRE Insurance||MA||$1,257,331,943||23.28%|
|3. Safety Ins Co||MA||$454,157,280||8.41%|
|4. Arbella Mutal Ins Co||MA||$415,596,320||7.69%|
|5. Plymouth Rock Assurance Co||MA||$340,512,119||6.30%|
|6. Liberty Mut Ins Co||MA||$293,799,839||5.44%|
|7. LM Gen Ins Co||IL||$240,558,820||4.45%|
|8. Met P&C Ins Co||RI||$202,261,346||3.74%|
|9. Progressive Direct Ins Co||OH||$200,791,676||3.72%|
|10. Standard Fire Ins Co||CT||$170,903,627||3.16%|
|11. Geico Gen Ins Co||MD||$160,690,946||2.97%|
|12. Amica Mut Ins Co||RI||$157,293,932||2.91%|
|13. Citizens Ins Co Of Amer||MI||$154,902,970||2.87%|
|14. Allstate Ins Co||IL||$78,611,802||1.46%|
|15. Quincy Mut Fire Ins Co||MA||$77,853,331||1.44%|
|16. Usaa Cas Ins Co||TX||$58,540,789||1.08%|
|17. Norfolk & Dedham Mut Fire Ins Co||MA||$56,149,262||1.04%|
|18. Vermont Mut Ins Co||VT||$54,319,969||1.01%|
|19. Progressive Cas Ins Co||OH||$54,223,501||1.00%|
|20. United Serv Automobile Assn||TX||$46,327,416||0.86%|
Other useful information about the Private Passenger Auto Insurance marketplace in Massachusetts
To help those interested in comparing the latest Division of Insurance data published here with both other national and local data Agency Checklists has published so far this year, please refer to the following links.
2020 CAR Reports
- First Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- Second Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- Third Look 2020: The Massachusetts Private Passenger Auto Insurance Marketplace
2020 MA Market Share Reports
- 2020 Massachusetts Market Share Report | Fire Insurance
- 2020 MA Market Share Report | Homeowners’ Insurers