The total Direct Written Premium for this line of insurance was $36,862,551
Virtually every business, institution and public entity depends on equipment to keep operations going and income flowing.“As MunichRe so aptly explains on their website.
Forty companies stopped writing this line of insurance in Massachusetts from 2018 to 2019
In 2018, there were 152 companies actively writing Boiler & Machinery Insurance in Massachusetts. The latest data from the Division of Insurance, which focuses on 2019, notes that there are now only 112 insurers writing this line of insurance here.
Premium and market share for the Top 20 insurers in the Boiler & Machinery insurance market
As for Total Direct Written Premium, that number remains more or less comparable to the past few years with $36,862,551 in DWP for 2019.
As for the top 20 insurers writing Boiler & Machinery insurance, they have increased their market share to 85.4% from 84.8%. The combined Direct Written Premium for this group also grew from $28,013,360 to $31,496,546.
The remaining 92 insurers licensed to write Boiler & Machinery insurance had a Direct Written Premium total of $5,366,005. This represents the remaining 14.6% share of the Massachusetts market.
Are there any top insurers that are based in Massachusetts as well?
Unfortunately, no. Unlike the top other lines of insurance profiled in our annual report, there are no Massachusetts insurers who appear on this year’s top 20 list. There are, however, seven insurers who hail from other New England states as outlined below in the chart.
The complete list of the top 20 Boiler & Machinery insurers
The following is a complete listing of the top 20 insurers in this market place based on the latest data provided to us courtesy of the Massachusetts Division of Insurance.
|Rank||NAIC#||Company Name||State||Premium Written/MA||Market Share/MA|
|1.||21482||Factory Mut Ins Co||RI||$12,073,675||32.75%|
|2.||20281||Federal Ins Co||IN||2,971,502||8.06%|
|3.||25674||Travelers Prop Cas Co Of Amer||CT||2,328,427||6.32%|
|4.||10014||Affiliated Fm Ins Co||RI||1,975,307||5.36%|
|5.||20443||Continental Cas Co||IL||1,376,444||3.73%|
|6.||19445||National Union Fire Ins Co Of Pitts||PA||1,241,611||3.37%|
|7.||35300||Allianz Global Risks Us Ins Co||IL||1,120,838||3.04%|
|8.||16535||Zurich Amer Ins Co||NY||975,518||2.65%|
|9.||43001||Narragansett Bay Ins Co||RI||841,422||2.28%|
|10.||29700||North Amer Elite Ins Co||NH||738,206||2.00%|
|11.||19380||American Home Assur Co||NY||719,543||1.95%|
|12.||20303||Great Northern Ins Co||IN||709,886||1.93%|
|13.||11452||Hartford Steam Boil Inspec & Ins Co||CT||703,440||1.91%|
|14.||25658||Travelers Ind Co||CT||697,916||1.89%|
|15.||23035||Liberty Mut Fire Ins Co||WI||624,484||1.69%|
|16.||19259||Selective Ins Co Of Sc||IN||580,471||1.57%|
|17.||24554||Xl Ins Amer Inc||DE||518,787||1.41%|
|18.||26247||American Guar & Liab Ins||NY||481,829||1.31%|
|19.||31325||Acadia Ins Co||IA||436,160||1.18%|
|20.||25844||Union Ins Co||IA||381,080||1.03%|
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
- 2020 Market Share Report | Top Ocean & Inland Marine Insurers
- 2020 Market Share Report | Top Annuity Insurers