The MPIUA or FAIR Plan still claims the largest share of the MA homeowners insurance market
While the MA FAIR Plan still claims the largest market share (based on premium volume) of the Massachusetts homeowner’s insurance marketplace, it has that distinction by only a slight margin. In fact, between 2011 and 2012, total enrollment in the FAIR Plan, decreased by 715 policies. As the following chart from the Division of Insurance demonstrates, it has been consistently losing market share over the past three years. It is important to note, however, that the FAIR Plan continues to dominate the homeowner’s market share for the Cape and the Islands where it accounted for 45.9% of all homeowners insurance policies.[pullquote] If none of the licensed insurance companies is willing to issue coverage for a specific home, the owner may apply to the Massachusetts Property Insurance and Underwriting Association (“MPIUA”, also known as the “FAIR Plan”), which, by statute, is required to offer coverage to homes with a replacement cost of up to $1.0 million – DOI Home Insurance Report[/pullquote]
The Top 25 Homeowners Insurance Companies in Massachusetts
Based upon data provided by the Massachusetts Division of Insurance, the following are the top 25 homeowners insurance companies in Massachusetts. All in all, insurers and the FAIR plan wrote 1,895,349 home insurance policies in 2012. This is a slight decrease over 2011 numbers in which 1,900,536 policies were written. The amount translates into a difference of 5,187 policies or a -.03% decrease.
| Allianz Insurance Group | New London County Group |
| American International Insurance Group | Norfolk & Dedham Group |
| Amica Mutual Group | Plymouth Rock Insurance Group |
| Andover Group | Preferred Mutual Insurance Company |
| Arbella Insurance Group | Providence Group |
| Barnstable Group | Quincy Mutual Group |
| Chubb & Son Group Inc. Group | Safety Group |
| (The) Hanover Insurance Group | Tower Group |
| Liberty Mutual Group | Travelers Group |
| Main Street American Group | Union Mutual Fire Insurance Group |
| MAPFRE Insurance Group | United States Automobile Association Group |
| Metropolitan Group | Vermont Mutual Group |
| NBIC Holdings Group |
The Top 10 Homeowners’ Insurance Companies in Massachusetts
In 2012, the Division says that insurance companies in Massachusetts collected approximately $1.9 billion in written premiums for homeowner’s insurance policies. There are currently 72 licensed insurance companies that offer home insurance to Massachusetts homeowners. The following insurers are the top 10 home insurance companies based upon the market share that they claim in the Commonwealth. Note that when excluding the FAIR Plan from the Massachusetts home insurance market place, 65.7% of coverage is written by private insurance companies.[pullquote]Among the top 10 home insurance companies in the market, only four – the Travelers Group, the Liberty Mutual Group, Chubb & Son Group, Inc. and the Amica Mutual Group – offer home insurance nationally. The remaining companies are regional companies offering coverage primarily in the Northeast – DOI Home Insurance Report[/pullquote]
Another interesting fact highlighted by the Division is that unlike a majority of other states, the vast majority of homeowners insurance companies are either local or regional companies. In fact, six out the top 10 companies offer coverage primarily in Massachusetts and the Northeast.
MA Home Insurance Companies |
Market Share |
1. MAPFRE Insurance Group |
11.1% |
2. Liberty Mutual Insurance Group |
9.3% |
3. Arbella Mutual Insurance Group |
6.3% |
4. Safety Insurance Group |
5.7% |
5. Chubb Insurance Group |
5.6% |
6. Andover Insurance Group |
5.2% |
7. Travelers Insurance Group |
4.9% |
8. Quincy Mutual Insurance Group |
3.2% |
9. Vermont Mutual Insurance Group |
3.1% |
10. Amica Mutual Insurance Group |
3.0% |
Update
After a comment from one of our readers, we have included another chart which demonstrates the market share of the Top 10 Homeowner’s Insurers when the MA FAIR Plan market share is excluded. As you can see, the market share for each of these companies shifts slightly although all of the same insurers remain in the Top 10.
