Agency Checklists’ first update of the year, with respect to the current state of the Commercial Auto Insurance marketplace in Massachusetts, reviews the data for this lines of insurance as of February 2023, the latest date for which complete data is currently available.
Every two months, Agency Checklists reports on the latest data to give a snapshot of the current state of the Commercial Automobile insurance marketplace in Massachusetts in order for our readers to get a better sense of the trends and movements happening within this line of insurance.
As always, all of the data presented here is provided courtesy of the Commonwealth Automobile Reinsurers. For those unfamiliar with the Commonwealth Automobile Reinsurers, “CAR” is the official statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts.
So, without further ado, a look at a couple of data points from this bi-monthly update:
- Commerce and Safety continue to claim over a quarter of the Commercial Auto insurance marketplace in Massachusetts with a combined market share of just over 30%.
- As of February 2023, Tokio Marine is now listed as a top five commercial auto insurers in Massachusetts with a 5.18% market share, surpassing both Progressive and Plymouth Rock.
The Commercial Auto Marketplace in Massachusetts
Exposures & Market Share as of February 2023
| COMPANY | PREMIUMS | MARKET SHARE |
|---|---|---|
| COMMERCE | 29,999,315 | 16.98% |
| SAFETY | 24,778,932 | 14.03% |
| ARBELLA | 21,516,670 | 12.18% |
| TRAVELERS | 15,257,152 | 8.64% |
| TOKIO MARINE & NACHIDO | 9,155,328 | 5.18% |
| PROGRESSIVE | 8,985,401 | 5.09% |
| PLYMOUTH ROCK | 7,654,576 | 4.33% |
| FIREMAN’S | 7,246,384 | 4.10% |
| HANOVER | 5,237,974 | 2.97% |
| SELECTIVE INSURANCE | 4,811,080 | 2.72% |
| ZURICH | 4,642,691 | 2.63% |
| TWIN CITY FIRE INS | 4,080,120 | 2.31% |
| LIBERTY MUTUAL INS | 3,322,920 | 1.88% |
| UTICA | 2,673,690 | 1.51% |
| AMERICAN CASUALTY | 2,596,506 | 1.47% |
| NATIONAL GRANGE | 2,386,114 | 1.35% |
| EMPLOYERS MUTUAL | 2,127,686 | 1.20% |
| FEDERATED MUTUAL | 2,020,917 | 1.14% |
| FARM FAMILY | 1,982,015 | 1.12% |
| GREEN MOUNTAIN | 1,910,553 | 1.08% |
| FEDERAL | 1,789,344 | 1.01% |
| N&D MUTUAL | 1,770,306 | 1.00% |
| CENTRAL MUTUAL INS | 1,295,330 | 0.73% |
| NEW HAMPSHIRE | 1,266,495 | 0.72% |
| BANKERS | 1,090,934 | 0.62% |
| MERCH MUTUAL | 1,037,905 | 0.59% |
| US FIRE | 772,125 | 0.44% |
| MIDDLESEX INS CO | 689,218 | 0.39% |
| GREAT AMERICAN | 493,370 | 0.28% |
| QUINCY MUTUAL | 484,186 | 0.27% |
| MOTORISTS | 482,441 | 0.27% |
| HARLEYSVILLE INS | 425,773 | 0.24% |
| PREFERRED MUTUAL | 400,118 | 0.23% |
| OLD REPUBLIC | 348,923 | 0.20% |
| PENN MNFCT ASSC INS | 279,386 | 0.16% |
| ATLANTIC SPECIALTY | 257,313 | 0.15% |
| GEICO | 220,717 | 0.12% |
| LANCER INSURANCE CO. | 218,760 | 0.12% |
| NEW YORK AND GENERAL INS | 201,458 | 0.11% |
| STATE AUTO | 197,796 | 0.11% |
| ALLSTATE | 150,300 | 0.09% |
| PENN LUMBERMENS | 95,976 | 0.05% |
| GREENWICH | 71,882 | 0.04% |
| AMERICAN AUTOMOBILE | 48,303 | 0.03% |
| BERKSHIRE HATHAWAY | 41,676 | 0.02% |
| PROTECTIVE | 41,075 | 0.02% |
| SECURITY NATIONAL | 31,678 | 0.02% |
| AMICA MUTUAL | 29,580 | 0.02% |
| STATE FARM | 4,319 | 0.00% |
| QBE | 1,088 | 0.00% |
| TOTAL | 176,623,799 | 100.00% |
Looking Back: A Retrospective on the Top 10 Commercial Auto Insurers Over the Past 10 Years
The following are graphs depicting the state of the Commercial Auto Insurance Marketplace over the past 10 years. The first graph shows the top 10 Commercial Auto Insurers as of February 2023, followed by the top 10 insurers five years earlier in February 2018, and then the top 10 from a decade ago in February 2023. Below these three graphs, there is now an additional side-by-side comparisons (viewed by sliding the arrows over the graphs) which allows for further comparisons.
February 2023
February 2018
February 2013
Side-by-Side Comparisons
February 2023/February 2018 Comparison
Use the arrows to slide over each graph to view each graph individually or for further comparison.
February 2023/February 2013 Comparison
Use the arrows to slide over each graph to view each graph individually or for further comparison.
Past Market Share Reports
For those interested in reviewing all of our bi-monthly updates throughout 2022 in order to get a sense of how the Commercial Auto Insurance marketplace continues to evolve, please find links to Agency Checklists’ previous updates below:
2023 Market Share Reports
2022 Market Share Reports
