The Total Direct Written Premium For The Aircraft All Perils Insurance Marketplace in Massachusetts was $16,659,827
Our comprehensive look at the current state of various lines of insurance in Massachusetts continues with a look at the Aviation Insurance marketplace in Massachusetts. Similar in spirit to Marine Insurance, proof of Aircraft insurance’s origins stem from the early 20th century, with Wikipedia stating that the first-ever aviation insurance policy was introduced by Lloyd’s in 1911.
While a comparatively small marketplace here in the Commonwealth, there was an increase in the number of insurers from 2017 to 2018, when four more companies began writing this line of insurance. As always, all of our information comes courtesy of the Division of Insurance, which is charged with compiling and issuing an annual report outlining the current state of the insurance marketplace in Massachusetts each year.
Facts about Aircraft (All Perils) Insurance:
- There are 30 insurance companies currently licensed to write aircraft insurance in Massachusetts. This number is up from 26 companies in 2017.
- The total Direct Written Premium for this line of insurance in 2018 was $16,659,827, a decrease from the total Direct Written Premium in 2017 of $17,417,154.
- In 2017, the top 20 insurance companies had Direct Written Premium of $16,271,499 representing a 97.7% share of the marketplace.
- The remaining 10 insurers’ in this line had a total Direct Written premium totaled of $388,328 representing a 2.3% market share.
Are there any top insurers that are based in Massachusetts as well?
- No. Unfortunately no insurers in this line of insurance are based here in the Commonwealth.
The list of the top 20 insurers in the Aircraft (All Perils) Marketplace…
| NAIC# | Company Name | State | Premium Written/MA | Market Share/MA |
|---|---|---|---|---|
| 38318 | 1. Starr Ind & Liab Co | TX | $3,152,703 | 18.92% |
| 19445 | 2. National Union Fire Ins Co Of Pitts | PA | $2,243,574 | 13.47% |
| 35300 | 3. Allianz Global Risk US Ins Co | IL | $1,984,281 | 11.91% |
| 20052 | 4. National Liab & Fire Ins Co | CT | $1,169,542 | 7.02% |
| 22667 | 5. Ace Amer Ins Co | PA | $1,169,536 | 7.02% |
| 37885 | 6. XL Specialty Ins Co | DE | $1,072,794 | 6.44% |
| 24147 | 7. Old Republic Ins Co | PA | $995,042 | 5.97% |
| 10641 | 8. Endurance Amer Ins Co | DE | $758,564 | 4.55% |
| 19720 | 9. American Alt Ins Corp | DE | $712,506 | 4.28% |
| 34274 | 10. Central States Ind Co Of Omaha | NE | $394,206 | 2.37% |
| 10945 | 11. Tokio Marine Amer Ins Co | NY | $375,640 | 2.25% |
| 40045 | 12. Starnet Ins Co | IA | $342,138 | 2.05% |
| 20362 | 13. Mitsui Sumitomo Ins Co Of Amer | NY | $309,686 | 1.86% |
| 39217 | 14. QBE Ins Corp | PA | $305,377 | 1.83% |
| 10367 | 15. Avemco Ins Co | MD | $301,100 | 1.81% |
| 29599 | 16. US Specialty Ins Co | TX | $237,413 | 1.43% |
| 29700 | 17. North Amer Elite Ins Co | NH | $225,139 | 1.35% |
| 34037 | 18. Hallmark Ins Co | AZ | $224,561 | 1.35% |
| 19941 | 19. American Commerce Ins Co | OH | $185,201 | 1.11% |
| 16691 | 20. Great Amer Ins Co | OH | $112,496 | 0.68% |
| Totals | $16,271,499 | 100% |
