Our last update of the year features the latest CAR data as of September 2020
As with our recent review of the Private Passenger Auto Insurance Marketplace, the following is Agency Checklists’ last bi-monthly update of 2020. Every two months, Agency Checklists checks in on the latest data to give a snapshot of the current state of the commercial automobile insurance marketplace in Massachusetts.
All of the data presented here is provided courtesy of the Commonwealth Automobile Reinsurers and represents the state of the market as of September 2020. For those unfamiliar with the Commonwealth Automobile Reinsurer, “CAR” is the official statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts.
An overview of the U.S. commercial auto insurance marketplace as a whole
According to the latest data from The National Association of Insurance Commissioners and outlined in our 2020 report, the Direct Written Premium for the top 25 commercial auto insurers in the U.S. was approximately $45,141,569,289 in 2019.
Of this group of the nation’s largest commercial auto insurers, Liberty Mutual was the only company based in Massachusetts who made the list. The Boston-based insurer is ranked as the third-largest commercial auto insurer with $1,888,125,510 in Direct Premiums Written and a 4.18% share of the national marketplace.
An overview of the Commercial Auto insurance marketplace in Massachusetts
According to the latest data on the Commercial Auto Insurance marketplace in the Commonwealth, there are currently 193 companies that are licensed to write commercial auto insurance here. The latest figures from the Division of Insurance states that the Total Direct Written premium for the entire marketplace was $916,026,84 in 2019, an increased from 2018 when it was $855,021,922.
Below is a list of all of the insurance companies that currently write commercial auto in Massachusetts along with how much they have written and how big their market share is as of May 2020. Some interesting things to note:
- MAPFRE/Commerce continues to edge out Safety as the largest commercial auto insurer in Massachusetts with a 14.84% market share versus Safety’s 13.02% market share.
- Safety continues to have the second-largest market share at 13.02% with Arbella rounding out the third spot with an 11.14% market share.
- In a decade, Travelers has moved from the top spot in this marketplace down to the 4th position.
- Progressive and Plymouth Rock are separated by just a difference of 0.48%.
A Breakdown of the Commercial Auto Insurance Marketplace by Premiums and Market Share
A breakdown of all the current writers of commercial auto insurance ranked by Premiums and corresponding market share.
|COMPANY||PREMIUMS||MA MARKET SHARE|
|6. PLYMOUTH ROCK||35,751,473||5.07%|
|7. TOKIO MARINE & NACHIDO||30,966,492||4.39%|
|8. LIBERTY MUTUAL INS||26,828,055||3.81%|
|12. SELECTIVE INSURANCE||14,553,595||2.07%|
|14. TWIN CITY FIRE INS||11,580,423||1.64%|
|15. NATIONAL GRANGE||11,251,699||1.60%|
|16. OLD REPUBLIC||9,352,668||1.33%|
|17. GREAT AMERICAN||7,921,520||1.12%|
|18. AMERICAN CASUALTY||7,139,600||1.01%|
|19. EMPLOYERS MUTUAL||6,999,843||0.99%|
|20. ARGONAUT INSURANCE COMPANY||6,839,924||0.97%|
|21. NEW HAMPSHIRE||6,583,054||0.93%|
|22. FEDERATED MUTUAL||6,348,534||0.90%|
|23. FARM FAMILY||6,127,681||0.87%|
|24. N&D MUTUAL||6,075,409||0.86%|
|25. GREEN MOUNTAIN||5,278,620||0.75%|
|26. US FIRE||4,694,568||0.67%|
|28. MERCH MUTUAL||3,693,994||0.52%|
|29. MIDDLESEX INS CO||3,614,785||0.51%|
|30. CENTRAL MUTUAL INS||3,589,373||0.51%|
|31. HARLEYSVILLE INS||3,482,700||0.49%|
|32. QUINCY MUTUAL||3,361,849||0.48%|
|34. NEW YORK AND GENERAL INS||2,309,834||0.33%|
|36. PREFERRED MUTUAL||1,828,140||0.26%|
|37. STARR INDEMNITY||1,700,033||0.24%|
|38. STATE AUTO||1,667,899||0.24%|
|41. ATLANTIC SPECIALTY||1,083,670||0.15%|
|44. LANCER INSURANCE CO.||799,517||0.11%|
|45. SOMPO AMERICA||701,232||0.10%|
|46. AMERICAN AUTOMOBILE||685,959||0.10%|
|47. PENN LUMBERMENS||672,067||0.10%|
|48. PENN MNFCT ASSC INS||668,583||0.09%|
|49. STARSTONE NATIONA||648,300||0.09%|
|50. CHURCH MUTUAL||621,204||0.09%|
|51. SECURITY NATIONAL||586,095||0.08%|
|52. EVEREST NATIONAL||571,433||0.08%|
|53. ALLIED WORLD SPECIALTY||466,784||0.07%|
|55. AXIS REINSURANCE||362,758||0.05%|
|56. MITSUI SUMITOMO||323,415||0.05%|
|57. AMICA MUTUAL||194,031||0.03%|
|59. GUIDEONE MUTUAL||146,851||0.02%|
|60. BERKSHIRE HATHAWAY||88,811||0.01%|
|61. STATE FARM||73,427||0.01%|
|62. HARCO NATIONAL||65,232||0.01%|
|65. AMERICAN ALTERNATIVE||30,443||0.00%|
|66. NORTH AMERICAN SPECIALTY||27,849||0.00%|
|67. T.H.E. INS CO||22,497||0.00%|
|69. HDI GLOBAL||4,189||0.00%|
|70. AMERICAN FAMILY||781||0.00%|
A majority of the top Commercial Auto Insurers are Massachusetts-based
Similar to other years, the top three commercial auto insurers in the Commonwealth continue to be Massachusetts-based, Commerce (MAPFRE), Safety, and Arbella, with a combined market share of 38.9% down slightly from the 39.35% market share these three companies held in our last look.
Three of the other top 10 commercial auto carriers operating in the Commonwealth are also based here: Plymouth Rock (6th), Liberty Mutual (8th), and The Hanover (10th). The following three graphs show the evolution of this marketplace over the past decade with looks at the makeup in September 2010, September 2015, and September 2020.
Compare all of our 2020 Market Share Update Reports
For those interested in reviewing all of our bi-monthly updates throughout 2020 to get a sense of how the Commercial Auto Insurance marketplace has evolved over the past year, please find links to Agency Checklists’ five other updates below:
- 1st Look 2020: The Commercial Auto Insurance Marketplace In Massachusetts
- 2nd Look 2020: The Commercial Auto Insurance Marketplace In Massachusetts
- 3rd Look 2020: The Commercial Auto Insurance Marketplace In Massachusetts
- 4th Look 2020: The Commercial Auto Insurance Marketplace In Massachusetts
- 5th Look 2020: The Commercial Auto Insurance Marketplace In Massachusetts