2nd Look 2021: The MA Private Passenger Auto Insurance Marketplace

Our second bi-monthly update of the year reviews January 2021 CAR data

The latest numbers for our last bi-monthly market share update on the Massachusetts Private Passenger Auto Insurance Marketplace are here. All of the data focuses on January 2021, the latest date 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.

NAIC 2021 Market Share Report | Top 25 P&C Insurers All Lines

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. This represents approximately 34.40% of all reported written premiums in the U.S.

In total, the U.S. Property & Casualty Marketplace has a total of $725,264,505,782 in Direct Written Premiums and $710,699,877,156 in Direct Premiums Earned in 2020. To learn more about the latest national results, view Agency Checklists’ NAIC 2020 Market Share Report here.

Top 25 U.S. Auto Insurers | NAIC Market Share Report

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’s 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.

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

A list all the current writers of Private Passenger Auto Insurers as ranked by premiums and corresponding market share. The following are a couple of key findings:

In January 2020, Commerce has approximately 122,441 exposures, GEICO had 62,371 exposures and Safety Insurance 50,084 exposures. As of January 2021, both Commerce and Safety’s exposure numbers were slightly less as compared to last year. GEICO’s numbers, however, increased.
Both Plymouth Rock and Progressive have slightly higher exposure numbers for 2021 as compared to 2020. Plymouth Rock has 29,709 exposures in 2021 versus 29,642, while Progressive has 24,849 in 2021 versus 21,183.
Pure, whose AM Best Rating was just upgraded, has also doubled its exposure amount for January 2021 versus January 2020. In 2020, it had 517 exposures representing a .10% market share, while for January 2021, it is 1,387 exposures representing a 0.28% market share.

A look at the state of the Private Passenger Auto Insurance Marketplace

	Company	Exposures	Market Share
1.	COMMERCE	115,016	22.87%
2.	GEICO	69,075	13.74%
3.	SAFETY	47,502	9.45%
4.	LIBERTY MUTUAL	44,943	8.94%
5.	ARBELLA	40,046	7.96%
6.	PLYMOUTH ROCK	29,709	5.91%
7.	PROGRESSIVE	24,849	4.94%
8.	STANDARD FIRE	20,622	4.10%
9.	U S A A	17,383	3.46%
10.	METROPOLITAN	14,893	2.96%
11.	AMICA MUTUAL	14,779	2.94%
12.	HANOVER	14,329	2.85%
13.	QUINCY MUTUAL	10,993	2.19%
14.	NORFOLK AND DEDHAM MUTUAL	7,301	1.45%
15.	ALLSTATE	6,675	1.33%
16.	VERMONT MUTUAL	5,826	1.16%
17.	NATIONAL GRANGE	5,739	1.14%
18.	PREFERRED MUTUAL	2,163	0.43%
19.	GREEN MOUNTAIN	1,626	0.32%
20.	STATE FARM	1,600	0.32%
21.	ELECTRIC	1,457	0.29%
22.	PURE	1,387	0.28%
23.	INTEGON	970	0.19%
24.	FARM FAMILY	938	0.19%
25.	ESURANCE	851	0.17%
26.	TRUMBULL	720	0.17%
27.	BANKERS STANDARD	708	0.14%
28.	AMERICAN INTERNATIONAL	247	0.14%
29.	CINCINNATI	209	0.05%
30.	HARLEYSVILLE WORCESTER	173	0.04%
31.	TOKIO	62	0.03%
32.	MIDDLESEX	46	0.01%
33.	MARKEL AMERICAN	1	0.01%
	TOTALS	502,838	100.00%

Shifts & Trends in the Private Passenger Auto Insurance Marketplace

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 January 2021, followed by the same graph for the same month, from five years earlier in January 2016, and then finally from a decade ago in January 2011.

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”.