5th Look 2020: MA Private Passenger Auto Insurance Marketplace

The latest numbers for July 2020 are in…

The latest numbers for our bi-monthly look at the market share within the Massachusetts Private Passenger Auto Insurance marketplace are here. All of the tables and graphs being reviewed here focus on the first month of data, July 2020, which represents the latest date for which complete data on this marketplace is available.

As always, many thanks to the Commonwealth Automobile Reinsurers, who acts as the statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts and updates and provides all the data presented here.

top 25 insurers commercial auto insurers — Click here to view the top 25 Private Passenger insurers in the U.S.

An overview of the private passenger marketplace in the United States

The Private Passenger Auto Insurance marketplace continues to be the largest line of insurance in the U.S. with a total of $253,238,614,669 in Direct Written Premiums in 2019.
This represents approximately 36% of all reported written premiums in the U.S.
It is an increase in Direct Written Premiums of $7,166,220,843 when compared to 2018 which had a total of $246,072,393,826.
As for Direct Premiums Earned, the amount also increased to $251,011,648,078 versus $242,054,605,219 in 2018.

Agency Checklists, MA Insurance News, Mass. Insurance News

An overview of the private passenger marketplace in Massachusetts

In addition to CAR’s updates on the Private Passenger Auto Insurance Marketplace throughout the year, the Division of Insurance also publishes an official statement on the state of this market each year. Unlike CAR’s raw data, however, the Division’s Market Share Report most recent report on this marketplace dates from 2018 and reflects an official tally and analysis of complete data for that year. For those interested in accessing the DOI’s latest numbers please refer to Agency Checklists MA Market Share Report 2020: Private Passenger Auto Insurers.

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.

2020 Reports

2019 Reports

A breakdown of the Marketplace in Massachusetts by Exposures and Market Share

RANK	COMPANY NAME	EXPOSURES	MARKET SHARE
1.	COMMERCE	655,799	22.54%
2.	GEICO	436,491	15.00%
3.	SAFETY	251,831	8.65%
4.	LIBERTY MUTUAL	250,951	8.62%
5.	ARBELLA	226,707	7.79%
6.	PLYMOUTH ROCK	185,975	6.39%
7.	PROGRESSIVE	152,520	5.24%
8.	STANDARD FIRE	105,748	3.63%
9.	U S A A	103,502	3.56%
10.	METROPOLITAN	89,959	3.09%
11.	AMICA MUTUAL	86,505	2.97%
12.	HANOVER	83,995	2.89%
13.	QUINCY MUTUAL	50,025	1.72%
14.	ALLSTATE	49,499	1.70%
15.	NATIONAL GRANGE	37,139	1.28%
16.	VERMONT MUTUAL	31,818	1.09%
17.	NORFOLK AND DEDHAM MUTUAL	27,634	0.95%
18.	PREFERRED MUTUAL	14,544	0.50%
19.	STATE FARM	12,173	0.42%
20.	GREEN MOUNTAIN	10,171	0.35%
21.	BANKERS STANDARD	7,776	0.27%
22.	INTEGON	7,007	0.24%
23.	ELECTRIC	6,191	0.21%
24.	PURE	5,880	0.20%
25.	ESURANCE	5,571	0.19%
26.	FARM FAMILY	4,726	0.16%
27.	TRUMBULL	3,161	0.11%
28.	AMERICAN INTERNATIONAL	1,975	0.07%
29.	CINCINNATI	1,387	0.05%
30.	OCCIDENTAL INS	1,379	0.05%
31.	HARLEYSVILLE WORCESTER	914	0.03%
32.	MIDDLESEX	746	0.03%
33.	MARKEL AMERICAN	29	0.00%
	TOTAL	2,909,726	100.00%

A couple of things to note from the latest data…

GEICO continues to increase its market share in Massachusetts and now claims a 15% share of the private passenger auto insurance marketplace. As we mentioned in previous reports, if you notice in the 2010 graph, this insurer does not even make an appearance in the top ten on the May 2010 CAR Graph. Five years later in 2015, it has a 6.5% market share.
The Commonwealth’s largest auto insurer MAPFRE/Commerce continues to lead the marketplace place with a 22.54% market share. It is worth noting, however, by this time of year back in 2010, the company had a 30.6% market share.

A look at the shifts & trends in this marketplace over the past decade

In order to give some perspective on the shifts in the marketplace over the past decade, the following three graphs depict the Top Ten Private Passenger insurers for the month of July 2020, followed by the same graph from five years earlier in 2015, and then finally from a decade ago in 2010.

The goal is to present a more complete perspective on how the Massachusetts automobile insurance market has shifted during this highlighted period. Unlike in past years, all of the past years included in this review have now been during “Managed Competition.” With that, the following are some shifts worth noting based on the graphs below: