5TH Look 2022 – The Massachusetts Private Passenger Auto Insurance Marketplace

The latest data on the current state of the Private Passenger Automobile Insurance marketplace is now available. The numbers reflect market share data as of July 2022, 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.

The Current State of the Private Passenger Auto Insurance Marketplace in Massachusetts

Exposures & Market Share as of July 2022

Company Name	Exposures	Market Share
1. COMMERCE	618,826	21.00%
2. GEICO	475,688	16.14%
3. LIBERTY MUTUAL	232,463	7.89%
4. SAFETY	228,608	7.76%
5. ARBELLA	226,551	7.69%
6. PLYMOUTH ROCK	194,223	6.59%
7. PROGRESSIVE	188,818	6.41%
8. STANDARD FIRE	134,412	4.56%
9. U S A A	103,911	3.53%
10. HANOVER	83,977	2.85%
11. AMICA MUTUAL	80,388	2.73%
12. METROPOLITAN	77,061	2.61%
13. ALLSTATE	60,270	2.05%
14. QUINCY MUTUAL	49,019	1.66%
15. NORFOLK AND DEDHAM MUTUAL	37,378	1.27%
16. AMERICAN FAMILY	36,576	1.24%
17. VERMONT MUTUAL	30,908	1.05%
18. ZURICH	13,106	0.44%
19. STATE FARM	12,132	0.41%
20. PREFERRED MUTUAL	9,997	0.34%
21. GREEN MOUNTAIN	9,892	0.34%
22. PURE	8,063	0.27%
23. BANKERS STANDARD	7,912	0.27%
24. TRUMBULL	6,459	0.22%
25. ELECTRIC	5,782	0.20%
26. FARM FAMILY	4,722	0.16%
27. CINCINNATI	3,594	0.12%
28. MARKEL AMERICAN	2,353	0.08%
29. AMERICAN INTERNATIONAL	1,551	0.05%
30. MIDDLESEX	956	0.03%
31. TOKIO	731	0.02%
32. HARLEYSVILLE WORCESTER	590	0.02%
33. AMERICAN BANKERS	107	0.00%
34. AMERICAN FAMILY HOME	64	0.00%
35. FIREMEN’S INS CO	26	0.00%
TOTAL	2,947,115	100.00%

*An estimated data adjustment was made for GEICO.

The Marketplace in Massachusetts by Exposures and Market Share Over The Years

While it may appear that little changes in the Massachusetts private passenger auto insurance marketplace from our bi-monthly reports, it is a little bit deceiving. In retrospect, a lot has changed over the past decade since Agency Checklists first began publishing its bi-monthly updates. With that said, the following graphs and notes below may help our readers see how things have trended and may trend in the future in this marketplace.

For example:

MAPFRE (Commerce), which is celebrating its 50th Anniversary this year, continues to be the number one Private Passenger Auto Insurance in Massachusetts with a 21% as of July 2022. It is interesting to note, however, that five years ago in July 2017, the insurer had a market share of 25.6%, while 10 years ago in July 2012, it was 28.1%
As for GEICO, the direct writer continues as the second largest private passenger insurer in the Commonwealth with a 16.14% market share. Just five years ago, however, GEICO was the third largest insurer with a 10% market share as of July 2017. Looking back to July 2012, it was ranked the 10th largest with just a 2.8% market share in Massachusetts.
Liberty Mutual continues as the third largest auto insurance writer with a 7.89% share of the marketplace. This is slightly less that the market share it held as of July 2017, when it claimed the second spot with a 10.1% market share (.1% more than GEICO then). In July 2012, it was also the second-largest writer with a 11.7% market share.
Six of the top 10 Private Passenger insurers continued to be based in Massachusetts: MAPFRE; Liberty Mutual; Safety; Arbella; Plymouth Rock; and The Hanover.
As of July 2022, the top 10 insurers have a combined market share of 84.42%.

The following side by side comparisons depict the Top Ten Private Passenger Insurers for during the month of July in 2022, followed by the same graph for the same month, from five years earlier in July 2017, and then finally from a decade ago in July 2012.

Together, they provide an opportunity for a side-by-side comparison of how the Private Passenger Auto Insurance Marketplace is evolving. Unlike past updates, all of the past years included in this review have now been after the advent of “Managed Competition”.