The National Association of Insurance Commissioners has issued a new in-depth report on the 2021 market share data for insurers within the Property & Casualty marketplace. A total of 33 lines of business have been analyzed both at the national and state level. In response to the publication of this data, Agency Checklists is providing a distillation of the report over the coming weeks featuring the top insurers in these marketplaces in both Massachusetts as well as the rest of the New England states.
Premium and market share in Massachusetts – Total All Lines
Six out the ten largest insurers All Lines continue to be based in Massachusetts. These are MAPFRE, Liberty Mutual, Arbella, Safety, Plymouth Rock, and The Hanover. MAPFRE continues to be the largest insurer in Massachusetts with an 8.98% share of the overall insurance market. In total, the top 10 largest insurers claim a cumulative market share of 50.36% of the market. The following table highlights these insurers along with additional information on premium and loss ratios.
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | MAPFRE INS GRP | 1,646,235 | 1,674,088 | 54.68 % | 55.52 % | 8.98 % | 8.98 % |
| 2 | LIBERTY MUT GRP | 1,375,094 | 1,370,118 | 54.02 % | 56.33 % | 7.50 % | 16.48 % |
| 3 | BERKSHIRE HATHAWAY GRP | 1,218,381 | 1,135,012 | 67.41 % | 70.06 % | 6.65 % | 23.13 % |
| 4 | TRAVELERS GRP | 1,012,685 | 962,044 | 44.17 % | 47.85 % | 5.52 % | 28.65 % |
| 5 | CHUBB LTD GRP | 910,551 | 881,530 | 39.36 % | 45.90 % | 4.97 % | 33.62 % |
| 6 | ARBELLA INS GRP | 810,066 | 802,256 | 47.36 % | 49.85 % | 4.42 % | 38.04 % |
| 7 | SAFETY GRP | 765,007 | 775,210 | 48.04 % | 49.08 % | 4.17 % | 42.21 % |
| 8 | PLYMOUTH ROCK INS GRP | 542,984 | 537,637 | 48.76 % | 50.43 % | 2.96 % | 45.18 % |
| 9 | THE HANOVER INS GRP | 477,963 | 467,497 | 43.91 % | 47.55 % | 2.61 % | 47.78 % |
| 10 | PROGRESSIVE GRP | 471,655 | 447,214 | 56.59 % | 58.16 % | 2.57 % | 50.36 % |
| ***STATE TOTAL*** | 18,330,652 | 17,684,283 | 48.40 % | 52.06 % | 100.00 % | 50.36 % |
Market Share Data for the rest of New England
Since many of our readers hail from all over New England, the following are additional snapshots of the top ten insurers for each of the other five New England states. Of note, while Liberty Mutual is the second-largest insurer in Massachusetts, it is actually the largest in Vermont, and within the top five largest in the remaining New England states. Two direct writers, Progressive and GEICO, are the largest insurers in Rhode Island and Connecticut, respectively. The following are a look at each of the five other New England state’s market share data:
Connecticut
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | BERKSHIRE HATHAWAY GRP | 769,331 | 748,985 | 80.58 % | 86.88 % | 7.68 % | 7.68 % |
| 2 | LIBERTY MUT GR | 692,226 | 677,039 | 70.35 % | 74.74 % | 6.91 % | 14.59 % |
| 3 | TRAVELERS GRP | 671,391 | 652,681 | 44.37 % | 48.45 % | 6.70 % | 21.30 % |
| 4 | CHUBB LTD GRP | 604,180 | 586,930 | 52.51 % | 58.19 % | 6.03 % | 27.33 % |
| 5 | PROGRESSIVE GRP | 513,414 | 493,578 | 66.25 % | 68.55 % | 5.13 % | 32.45 % |
| 6 | ALLSTATE INS GRP | 501,808 | 506,087 | 60.98 % | 62.04 % | 5.01 % | 37.46 % |
| 7 | HARTFORD FIRE & CAS GRP | 442,962 | 438,946 | 56.93 % | 63.31 % | 4.42 % | 41.89 % |
| 8 | STATE FARM GRP | 424,676 | 404,836 | 73.25 % | 76.27 % | 4.24 % | 46.13 % |
| 9 | FARMERS INS GRP | 275,246 | 272,384 | 64.40 % | 65.49 % | 2.75 % | 48.87 % |
| 10 | UNITED SERV AUTOMOBILE ASSN GRP | 266,043 | 262,469 | 60.04 % | 61.14 % | 2.66 % | 51.53 % |
| ***STATE TOTAL*** | 10,016,170 | 9,692,097 | 60.96 % | 65.97 % | 100.00 % | 51.53 % |
Maine
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | LIBERTY MUT GRP | 237,124 | 229,253 | 44.04 % | 46.48 % | 8.56 % | 8.56 % |
| 2 | STATE FARM GRP | 182,101 | 176,198 | 52.60 % | 53.38 % | 6.57 % | 15.13 % |
| 3 | MAINE EMPLOYERS MUT INS GRP | 172,394 | 166,356 | 53.01 % | 56.88 % | 6.22 % | 21.35 % |
| 4 | PROGRESSIVE GRP | 170,030 | 165,118 | 58.53 % | 59.02 % | 6.14 % | 27.48 % |
| 5 | BERKSHIRE HATHAWAY GRP | 136,23 | 133,088 | 69.49 % | 70.87 % | 4.92 % | 32.40 % |
| 6 | THE HANOVER INS GRP | 134,333 | 130,695 | 32.47 % | 35.10 % | 4.85 % | 37.25 % |
| 7 | TRAVELERS GRP | 129,401 | 118,810 | 44.10 % | 46.48 % | 4.67 % | 41.92 % |
| 8 | WR BERKLEY CORP GRP | 118,410 | 112,325 | 39.53 % | 40.91 % | 4.27 % | 46.19 % |
| 9 | ALLSTATE INS GRP | 117,744 | 119,380 | 45.02 % | 45.45 % | 4.25 % | 50.44 % |
| 10 | MMG INS CO | 95,781 | 93,102 | 45.49 % | 47.35 % | 3.46 % | 53.89 % |
| ***STATE TOTAL*** | 2,771,319 | 2,674,372 | 48.05 % | 50.34 % | 100.00 % | 53.89 % |
New Hampshire
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | LIBERTY MUT GRP | 274,839 | 271,226 | 39.31 % | 41.15 % | 9.70 % | 9.70 % |
| 2 | STATE FARM GRP | 174,582 | 168,162 | 57.44 % | 58.14 % | 6.16 % | 15.86 % |
| 3 | BERKSHIRE HATHAWAY GRP | 167,867 | 164,492 | 58.88 % | 59.95 % | 5.92 % | 21.78 % |
| 4 | PROGRESSIVE GRP | 163,003 | 159,050 | 56.91 % | 57.48 % | 5.75 % | 27.53 % |
| 5 | ALLSTATE INS GRP | 149,926 | 150,131 | 44.23 % | 44.64 % | 5.29 % | 32.82 % |
| 6 | WR BERKLEY CORP GRP | 128,218 | 121,657 | 44.98 % | 48.85 % | 4.52 % | 37.34 % |
| 7 | TRAVELERS GRP | 124,286 | 117,024 | 40.61 % | 45.03 % | 4.39 % | 41.73 % |
| 8 | UNITED SERV AUTOMOBILE ASSN GRP | 99,720 | 97,012 | 52.87 % | 53.63 % | 3.52 % | 45.25 % |
| 9 | THE HANOVER INS GRP | 87,877 | 85,638 | 30.87 % | 33.87 % | 3.10 % | 48.35 % |
| 10 | AUTO OWNERS GRP | 71,794 | 72,524 | 50.76 % | 51.90 % | 2.53 % | 50.88 % |
| ***STATE TOTAL*** | 2,834,333 | 2,756,343 | 45.17 % | 47.82 % | 100.00 % | 50.88 % |
Rhode Island
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | PROGRESSIVE GRP | 311,021 | 300,866 | 55.97 % | 57.07 % | 10.80 % | 10.80 % |
| 2 | BERKSHIRE HATHAWAY GRP | 206,091 | 203,667 | 68.19 % | 72.90 % | 7.16 % | 17.96 % |
| 3 | ALLSTATE INS GRP | 186,153 | 183,302 | 55.99 % | 57.89 % | 6.46 % | 24.42 % |
| 4 | LIBERTY MUT GRP | 169,476 | 157,995 | 53.12 % | 56.16 % | 5.88 % | 30.30 % |
| 5 | AMICA MUT GRP | 161,523 | 188,163 | 54.60 % | 56.94 % | 5.61 % | 35.91 % |
| 6 | TRAVELERS GRP | 115,314 | 111,543 | 61.80 % | 67.60 % | 4.00 % | 39.92 % |
| 7 | UNITED SERV AUTOMOBILE ASSN GRP | 109,218 | 107,513 | 62.47 % | 63.38 % | 3.79 % | 43.71 % |
| 8 | NATIONWIDE CORP GRP | 104,649 | 103,916 | 63.46 % | 65.72 % | 3.63 % | 47.34 % |
| 9 | CHUBB LTD GRP | 102,743 | 96,689 | 63.96 % | 70.94 % | 3.57 % | 50.91 % |
| 10 | BEACON MUT GRP | 99,065 | 101,519 | 54.23 % | 58.73 % | 3.44 % | 54.35 % |
| ***STATE TOTAL*** | 2,879,868 | 2,830,657 | 54.85 % | 58.14 % | 100.00 % | 54.35 % |
Vermont
| Rank | Group/Company Name | Direct Premiums Written (000) | Direct Premiums Earned (000) | Loss Ratio | Loss & Containment Ratio | Market Share | Cumulative Market Share |
|---|---|---|---|---|---|---|---|
| 1 | LIBERTY MUT GRP | 123,957 | 123,785 | 53.64 % | 56.11 % | 8.75 % | 8.75 % |
| 2 | BERKSHIRE HATHAWAY GRP | 98,45 | 97,254 | 69.38 % | 73.04 % | 6.95 % | 15.69 |
| 3 | PROGRESSIVE GRP | 92,499 | 90,853 | 52.56 % | 53.18 % | 6.53 % | 22.22 % |
| 4 | TRAVELERS GRP | 72,009 | 70,700 | 36.02 % | 38.21 % | 5.08 % | 27.30 % |
| 5 | CO OPERATIVE INS COS | 64,527 | 63,142 | 42.12 % | 42.33 % | 4.55 % | 31.85 % |
| 6 | VERMONT MUT GRP | 64,141 | 63,485 | 35.33 % | 35.20 % | 4.53 % | 36.38 % |
| 7 | WR BERKLEY CORP GRP | 57,803 | 55,869 | 29.24 % | 30.66 % | 4.08 % | 40.45 % |
| 8 | STATE FARM GRP | 54,825 | 52,841 | 58.09 % | 58.31 % | 3.87 % | 44.32 % |
| 9 | AUTO OWNERS GRP | 41,526 | 41,656 | 66.29 % | 67.25 % | 2.93 % | 47.25 % |
| 10 | UNITED SERV AUTOMOBILE ASSN GRP | 38,204 | 37,475 | 44.74 % | 46.11 % | 2.70 % | 49.95 % |
| ***STATE TOTAL*** | 1,417,381 | 1,385,873 | 45.11 % | 47.18 % | 100.00 % | 49.95 % |
