1st Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

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%
2. GEICO*	708,973	15.80%
3. LIBERTY MUTUAL	365,651	8.15%
4. SAFETY	353,265	7.87%
5. ARBELLA	345,518	7.70%
6. PLYMOUTH ROCK	290,633	6.48%
7. PROGRESSIVE	260,783	5.81%
8. STANDARD FIRE	181,400	4.04%
9. U S A A	164,191	3.66%
10. HANOVER	131,737	2.94%
11. AMICA MUTUAL	128,108	2.86%
12. METROPOLITAN	126,964	2.83%
13. ALLSTATE	94,442	2.11%
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%
18. ZURICH	33,053	0.74%
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%
23. PURE	10,533	0.23%
24. ELECTRIC	8,807	0.20%
25. TRUMBULL	7,921	0.18%
26. FARM FAMILY	7,418	0.17%
27. CINCINNATI	4,261	0.09%
28. AMERICAN INTERNATIONAL	2,723	0.06%
29. MARKEL AMERICAN	1,437	0.03%
30. TOKIO	1,145	0.03%
31. MIDDLESEX	1,075	0.02%
32. HARLEYSVILLE WORCESTER	1,047	0.02%
33. FIREMEN’S INS CO	216	0.00%
34. AMERICAN FAMILY HOME	22	0.00%
TOTALS	4,486,545	100.00%

*An adjustment was made to include GEICO’s estimated missing data

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”.