The latest numbers for May 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, May 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 the United States
- 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.
An overview of the private passenger marketplace in Massachusetts
In addition to CAR’s updates on the Private Passenger Auto Insurance Marketplace throughout the year, the Division of Insurance also publishes an official statement on the state of this market each year. Unlike CAR’s raw data, however, the Division’s Market Share Report most recent report on this marketplace dates from 2018 and reflects an official tally and analysis of complete data for that year. For those interested in accessing the DOI’s latest numbers please refer to Agency Checklists MA Market Share Report 2020: Private Passenger Auto Insurers.
Past market share reports and links
For those looking to reference Agency Checklists’s bi-monthly CAR reports from early this year, please refer to the links below.
2020 Reports
- 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.)
2019 Reports
- 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
A breakdown of the Marketplace in Massachusetts by Exposures and Market Share
| RANK | COMPANY NAME | EXPOSURES | MARKET SHARE |
|---|---|---|---|
| 1. | COMMERCE | 472,908 | 22.87% |
| 2. | GEICO | 306,700 | 14.83% |
| 3. | SAFETY | 180,983 | 8.75% |
| 4. | LIBERTY MUTUAL | 179,837 | 8.70% |
| 5. | ARBELLA | 161,212 | 7.79% |
| 6. | PLYMOUTH ROCK | 133,072 | 6.43% |
| 7. | PROGRESSIVE | 106,233 | 5.14% |
| 8. | STANDARD FIRE | 74,317 | 3.59% |
| 9. | U S A A | 69,237 | 3.35% |
| 10. | METROPOLITAN | 63,884 | 3.09% |
| 11. | AMICA MUTUAL | 60,165 | 2.91% |
| 12. | HANOVER | 58,391 | 2.82% |
| 13. | QUINCY MUTUAL | 36,083 | 1.74% |
| 14. | ALLSTATE | 33,813 | 1.63% |
| 15. | NATIONAL GRANGE | 27,745 | 1.34% |
| 16. | VERMONT MUTUAL | 22,582 | 1.09% |
| 17. | NORFOLK AND DEDHAM MUTUAL | 22,460 | 1.09% |
| 18. | PREFERRED MUTUAL | 10,753 | 0.52% |
| 19. | STATE FARM | 7,877 | 0.38% |
| 20. | GREEN MOUNTAIN | 6,974 | 0.34% |
| 21. | INTEGON | 5,193 | 0.25% |
| 22. | BANKERS STANDARD | 4,872 | 0.24% |
| 23. | ELECTRIC | 4,488 | 0.22% |
| 24. | PURE | 4,111 | 0.20% |
| 25. | ESURANCE | 4,091 | 0.20% |
| 26. | FARM FAMLY | 3,395 | 0.16% |
| 27. | TRUMBULL | 2,178 | 0.11% |
| 28. | OCCIDENTAL INS | 1,444 | 0.07% |
| 29. | AMERICAN INTERNATIONAL | 1,307 | 0.06% |
| 30. | CINCINNATI | 796 | 0.04% |
| 31. | HARLEYSVILLE WORCESTER | 633 | 0.03% |
| 32. | MIDDLESEX | 448 | 0.02% |
| 33. | |||
| | TOTAL | 2,068,182 | 100.00% |
A couple of things to note from the latest data…
- GEICO continues to increase its market share in Massachusetts with 306,700 exposures so far in 2020. If you notice in the 2010 graph, this insurer does not even make an appearance in the top ten on the May 2010 CAR Graph. Five years later in 2015, it has a 6.5% market share.
- The Commonwealth’s largest auto insurer MAPFRE/Commerce saw another decrease in its market share from a reported 24.12% in February of this year to 23.1% in March to 22.87% in May. This number, however, is very fluid and fluctuates throughout the year based on renewal dates, etc.
- In 2010, MAPFRE has a 30.6% market share, 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 2015 Liberty Mutual was the second-largest auto insurer with 12.2%. It is now third with 10.9% share.
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 May 2020, followed by the same graph from five years earlier in 2015, and then finally from a decade ago in 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:
May 2010
May 2015
May 2020
