The total Direct Written Premium for the Ocean & Inland Marine marketplace in 2018 was $635,215,823
Ocean & Inland Marine Insurance is the oldest line of insurance
Marine insurance is actually the oldest line of insurance, with various publications dating it back to Ancient China and the Phoenicians. More recent history from the Middle Ages shows that marine insurance was well established during this era, with the Encyclopedia Britannica stating that it was part and parcel of many a medieval sea code. In the modern era, Lloyd’s is often credited with issuing the first marine policy. According to Wikipedia, Lloyd’s was the first “marine insurance market” founded by Edward Lloyd in 1686 at his coffee house on Tower Street.
In the U.S., inland marine insurance, essentially a byproduct of ocean marine insurance, typically “indemnifies loss to movable or specialized types of property.” Nowadays, this includes a wide variety of coverages for property including everything from medical diagnostic equipment to fine arts, to wind turbines, movie equipment and musical instruments.
Just a reminder, for this and all of our Market Share Reports, the information used comes courtesy of the Division of Insurance, which is charged with compiling and issue an annual report outlining the current state of the insurance marketplace in Massachusetts each year. All of the data presented in our 2020 reports is from 2018, the latest year for which complete information is available.
A total of 271 insurers write Ocean & Inland Marine insurance in Massachusetts
There are two hundred and seventy-two insurance insurance companies that are currently licensed to write Ocean & Inland Marine insurance in Massachusetts. This is approximately 52 companies less than in 2016 when this marketplace had 323 companies writing this line of insurance. There are also no Massachusetts-based insurers who are among the top 20 largest writers as of 2018. Two Rhode Island-based insurers, however, are on the top 20 list; Factory Mutual and Affiliated Fm Ins. Co. New Hampshire-based Hanover and Connecticut-based Travelers Prop Cas Co Of America also are ranked within the Top 20.
Atlantic Speciality, a company featured in a recent Agency Checklists’ law alert involving a Cape Cod Boat shop also is ranked as a top 20 insurer here in Massachusetts. For those interested in reading that article it can be accessed here: “Atlantic Specialty Unmoors Boat Shop From Claims Of Over $150,000 Using ‘Uberrimae Fidei’ As A Defense“.
Premium and market share
The Ocean & Inland Marine Insurance marketplace had Total Direct Written Premium of $635,215,823 with a total of 272 insurers licensed to write this line of insurance. The following are additional facts and insights into the size and composition of this marketplace:
- The Total Direct Written Premium in 2018 was only $25,052,301 more than the DWP for 2017 which was $610,163,522. In 2016, the DWP was $587,269,313.
- The top 20 writers of Ocean & Inland Marine insurers had Direct Written Premium totaling $387,647,611 representing a 61.0% share of the market. In comparison in 2017, the top 20 had a total DWP of $352,025,632 representing a 57.7% share of the market.
- The remaining 251 insurers writing in this marketplace had a total Direct Written Premium of $247,568,212 representing a 39.0% market share. In 2017, this group, which was comprised of 252 companies had $258,137,890 in Direct Written Premium representing a 42.3% market share
The list of the top 20 insurers in Ocean & Inland insurance…
| Rank | NAIC# | Company Name | State | Premium Written/MA | Market Share/MA |
|---|---|---|---|---|---|
| 1. | 19917 | Liberty Ins Underwriters Inc | IL | 78,913,306 | 12.42% |
| 2. | 20443 | Continental Cas Co | IL | 61,893,812 | 9.74% |
| 3. | 19445 | National Union Fire Ins Co Of Pitts | PA | 29,115,107 | 4.58% |
| 4. | 11630 | Jefferson Ins Co | NY | 25,133,260 | 3.96% |
| 5. | 11991 | National Cas Co | OH | 20,576,439 | 3.24% |
| 6. | 21113 | United States Fire Ins Co | DE | 19,468,742 | 3.06% |
| 7. | 12190 | American Pet Ins Co | NY | 17,274,334 | 2.72% |
| 8. | 22667 | Ace Amer Ins Co | PA | 15,705,918 | 2.47% |
| 9. | 25674 | Travelers Prop Cas Co Of Amer | CT | 14,968,315 | 2.36% |
| 10. | 21482 | Factory Mut Ins Co | RI | 13,093,151 | 2.06% |
| 11. | 27154 | Atlantic Specialty Ins Co | NY | 12,302,766 | 1.94% |
| 12. | 22292 | Hanover Ins Co | NH | 11,972,953 | 1.88% |
| 13. | 20346 | Pacific Ind Co | WI | 9,488,597 | 1.49% |
| 14. | 38318 | Starr Ind & Liab Co | TX | 8,908,233 | 1.40% |
| 15. | 10111 | American Bankers Ins Co Of Fl | FL | 8,850,940 | 1.39% |
| 16. | 37923 | Geico Marine Ins Co | MD | 8,442,051 | 1.33% |
| 17. | 31325 | Acadia Ins Co | IA | 8,385,502 | 1.32% |
| 18. | 19402 | AIG Prop Cas Co | PA | 7,996,821 | 1.26% |
| 19. | 10014 | Affiliated Fm Ins Co | RI | 7,607,830 | 1.20% |
| 20. | 20281 | Federal Ins Co | IN | 7,549,534 | 1.19% |
Links to other 2020 Massachusetts Market Share Reports
- 2020 MA Market Share Report | Top 20 Auto Insurers
- 2020 MA Market Share Report | Top 20 Commercial Auto Insurers
- 2020 MA Market Share Report | Top 20 Fire Insurance
- 2020 MA Market Share Report | Top 20 Homeowners’ Insurers
- 2020 MA Market Share Report | Top 20 Aircraft (All Perils) Insurers
- 2020 MA Market Share Report | Top 20 Workers’ Comp Insurers
- 2020 MA Market Share Report | Top 20 Life & Life All Lines Insurers
