Our first look of 2022 focuses on the latest CAR Data as of November 2021
As we enter the second month of 2022, the latest numbers for our bi-monthly market share update have come out and are now ready to review. The following numbers on the Massachusetts Private Passenger Auto Insurance Marketplace are from November 2021, the latest month for which complete data is available.
As always, many thanks to the Commonwealth Automobile Reinsurers, which acts as the statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts and provides Agency Checklists with all the data presented here.
A breakdown of the Marketplace in Massachusetts by Exposures and Market Share
A breakdown of the Marketplace in Massachusetts by Exposures and Market Share:
- While MAPFRE continues to be the largest Private Passenger Auto insurer in the Commonwealth, it is receiving increasing competition from GEICO. The carrier had a 22.20% market share in November 2020 as compared to its 21.47% market share as of November 2021.
- In comparison, GEICO increased its year-over-year market share percentage showing an increase from 15.50% in November 2020 to 15.80% as of the same month in 2021.
- The third and fourth largest Private Passenger Auto insurers, Liberty Mutual and Safety, also saw a year-over-year decrease in market shares.
- Liberty Mutual’s market share was 8.45% as of November 2020, while it is now 8.15% as November 2021.
- Safety’s market share also decreased from 8.39% as November 2020 to 7.87% as of November 2021.
The Current State of the Private Passenger Auto Insurance Marketplace in Massachusetts
|COMPANY NAME||EXPOSURES||2021 MARKET SHARE|
|1. MAPFRE (COMMERCE)||963,347||21.47%|
|3. LIBERTY MUTUAL||365,651||8.15%|
|6. PLYMOUTH ROCK||290,633||6.48%|
|8. STANDARD FIRE||181,400||4.04%|
|9. U S A A||164,191||3.66%|
|11. AMICA MUTUAL||128,108||2.86%|
|14. QUINCY MUTUAL||73,587||1.64%|
|15. NORFOLK AND DEDHAM MUTUAL||55,445||1.24%|
|16. AMERICAN FAMILY||51,064||1.14%|
|17. VERMONT MUTUAL||46,521||1.04%|
|19. STATE FARM||19,425||0.43%|
|20. GREEN MOUNTAIN||16,876||0.38%|
|21. PREFERRED MUTUAL||16,503||0.37%|
|22. BANKERS STANDARD||12,454||0.28%|
|26. FARM FAMILY||7,418||0.17%|
|28. AMERICAN INTERNATIONAL||2,723||0.06%|
|29. MARKEL AMERICAN||1,437||0.03%|
|32. HARLEYSVILLE WORCESTER||1,047||0.02%|
|33. FIREMEN’S INS CO||216||0.00%|
|34. AMERICAN FAMILY HOME||22||0.00%|
Historical Shifts & Trends in the Private Passenger Auto Insurance Marketplace
The following three graphs depict the Top Ten Private Passenger Insurers for the month of November 2021, followed by the same graph for the same month, from five years earlier in November 2016, and then finally from a decade ago in November 2011.
Together, they provide an opportunity to look at the shifts in the marketplace over the past decade, allowing a a side-by-side comparison on how the Private Passenger Auto Insurance Marketplace is evolving. Unlike in past updates, all of the past years included in this review have now been during “Managed Competition”.
How to view Agency Checklists’ past market share reports and links
For those looking to reference Agency Checklists’ bi-monthly CAR reports from early this year, please refer to the links below.
- 1st Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 2nd Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 3rd Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 4th Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 5th Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 6th Look 2021: The MA Private Passenger Auto Insurance Marketplace
- 1st Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- 2nd Look 2020: The Private Passenger Auto Insurance Marketplace in Massachusetts
- 3rd Look 2020: The Private Passenger Auto Insurance Marketplace in Massachusetts
- 4th Look 2020: MA Private Passenger Auto Insurance Marketplace
- Last Look 2020: The Private Passenger Auto Insurance Marketplace In Massachusetts
- NAIC 2020 Market Share Report: The Top 25 Private Passenger Auto Insurers (U.S.)