INSURANCE

Top 10 Insurers Total All Lines | 2022 New England Market Share Report

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The National Association of Insurance Commissioners has issued a new in-depth report on the 2021 market share data for insurers within the Property & Casualty marketplace. A total of 33 lines of business have been analyzed both at the national and state level. In response to the publication of this data, Agency Checklists is providing a distillation of the report over the coming weeks featuring the top insurers in these marketplaces in both Massachusetts as well as the rest of the New England states.

Premium and market share in Massachusetts – Total All Lines

Six out the ten largest insurers All Lines continue to be based in Massachusetts. These are MAPFRE, Liberty Mutual, Arbella, Safety, Plymouth Rock, and The Hanover. MAPFRE continues to be the largest insurer in Massachusetts with an 8.98% share of the overall insurance market. In total, the top 10 largest insurers claim a cumulative market share of 50.36% of the market. The following table highlights these insurers along with additional information on premium and loss ratios.

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 MAPFRE INS GRP 1,646,235 1,674,088 54.68 % 55.52 % 8.98 % 8.98 %
2 LIBERTY MUT GRP 1,375,094 1,370,118 54.02 % 56.33 % 7.50 % 16.48 %
3 BERKSHIRE HATHAWAY GRP 1,218,381 1,135,012 67.41 % 70.06 % 6.65 % 23.13 %
4 TRAVELERS GRP 1,012,685 962,044 44.17 % 47.85 % 5.52 % 28.65 %
5 CHUBB LTD GRP 910,551 881,530 39.36 % 45.90 % 4.97 % 33.62 %
6 ARBELLA INS GRP 810,066 802,256 47.36 % 49.85 % 4.42 % 38.04 %
7 SAFETY GRP 765,007 775,210 48.04 % 49.08 % 4.17 % 42.21 %
8 PLYMOUTH ROCK INS GRP 542,984 537,637 48.76 % 50.43 % 2.96 % 45.18 %
9 THE HANOVER INS GRP 477,963 467,497 43.91 % 47.55 % 2.61 % 47.78 %
10 PROGRESSIVE GRP 471,655 447,214 56.59 % 58.16 % 2.57 % 50.36 %
***STATE TOTAL*** 18,330,652 17,684,283 48.40 % 52.06 % 100.00 % 50.36 %

Market Share Data for the rest of New England

Since many of our readers hail from all over New England, the following are additional snapshots of the top ten insurers for each of the other five New England states. Of note, while Liberty Mutual is the second-largest insurer in Massachusetts, it is actually the largest in Vermont, and within the top five largest in the remaining New England states. Two direct writers, Progressive and GEICO, are the largest insurers in Rhode Island and Connecticut, respectively. The following are a look at each of the five other New England state’s market share data:

Connecticut

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 BERKSHIRE HATHAWAY GRP 769,331 748,985 80.58 % 86.88 % 7.68 % 7.68 %
2 LIBERTY MUT GR 692,226 677,039 70.35 % 74.74 % 6.91 % 14.59 %
3 TRAVELERS GRP 671,391 652,681 44.37 % 48.45 % 6.70 % 21.30 %
4 CHUBB LTD GRP 604,180 586,930 52.51 % 58.19 % 6.03 % 27.33 %
5 PROGRESSIVE GRP 513,414 493,578 66.25 % 68.55 % 5.13 % 32.45 %
6 ALLSTATE INS GRP 501,808 506,087 60.98 % 62.04 % 5.01 % 37.46 %
7 HARTFORD FIRE & CAS GRP 442,962 438,946 56.93 % 63.31 % 4.42 % 41.89 %
8 STATE FARM GRP 424,676 404,836 73.25 % 76.27 % 4.24 % 46.13 %
9 FARMERS INS GRP 275,246 272,384 64.40 % 65.49 % 2.75 % 48.87 %
10 UNITED SERV AUTOMOBILE ASSN GRP 266,043 262,469 60.04 % 61.14 % 2.66 % 51.53 %
***STATE TOTAL*** 10,016,170 9,692,097 60.96 % 65.97 % 100.00 % 51.53 %

Maine

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 LIBERTY MUT GRP 237,124 229,253 44.04 % 46.48 % 8.56 % 8.56 %
2 STATE FARM GRP 182,101 176,198 52.60 % 53.38 % 6.57 % 15.13 %
3 MAINE EMPLOYERS MUT INS GRP 172,394 166,356 53.01 % 56.88 % 6.22 % 21.35 %
4 PROGRESSIVE GRP 170,030 165,118 58.53 % 59.02 % 6.14 % 27.48 %
5 BERKSHIRE HATHAWAY GRP 136,23 133,088 69.49 % 70.87 % 4.92 % 32.40 %
6 THE HANOVER INS GRP 134,333 130,695 32.47 % 35.10 % 4.85 % 37.25 %
7 TRAVELERS GRP 129,401 118,810 44.10 % 46.48 % 4.67 % 41.92 %
8 WR BERKLEY CORP GRP 118,410 112,325 39.53 % 40.91 % 4.27 % 46.19 %
9 ALLSTATE INS GRP 117,744 119,380 45.02 % 45.45 % 4.25 % 50.44 %
10 MMG INS CO 95,781 93,102 45.49 % 47.35 % 3.46 % 53.89 %
***STATE TOTAL*** 2,771,319 2,674,372 48.05 % 50.34 % 100.00 % 53.89 %

New Hampshire

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 LIBERTY MUT GRP 274,839 271,226 39.31 % 41.15 % 9.70 % 9.70 %
2 STATE FARM GRP 174,582 168,162 57.44 % 58.14 % 6.16 % 15.86 %
3 BERKSHIRE HATHAWAY GRP 167,867 164,492 58.88 % 59.95 % 5.92 % 21.78 %
4 PROGRESSIVE GRP 163,003 159,050 56.91 % 57.48 % 5.75 % 27.53 %
5 ALLSTATE INS GRP 149,926 150,131 44.23 % 44.64 % 5.29 % 32.82 %
6 WR BERKLEY CORP GRP 128,218 121,657 44.98 % 48.85 % 4.52 % 37.34 %
7 TRAVELERS GRP 124,286 117,024 40.61 % 45.03 % 4.39 % 41.73 %
8 UNITED SERV AUTOMOBILE ASSN GRP 99,720 97,012 52.87 % 53.63 % 3.52 % 45.25 %
9 THE HANOVER INS GRP 87,877 85,638 30.87 % 33.87 % 3.10 % 48.35 %
10 AUTO OWNERS GRP 71,794 72,524 50.76 % 51.90 % 2.53 % 50.88 %
***STATE TOTAL*** 2,834,333 2,756,343 45.17 % 47.82 % 100.00 % 50.88 %

Rhode Island

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 PROGRESSIVE GRP 311,021 300,866 55.97 % 57.07 % 10.80 % 10.80 %
2 BERKSHIRE HATHAWAY GRP 206,091 203,667 68.19 % 72.90 % 7.16 % 17.96 %
3 ALLSTATE INS GRP 186,153 183,302 55.99 % 57.89 % 6.46 % 24.42 %
4 LIBERTY MUT GRP 169,476 157,995 53.12 % 56.16 % 5.88 % 30.30 %
5 AMICA MUT GRP 161,523 188,163 54.60 % 56.94 % 5.61 % 35.91 %
6 TRAVELERS GRP 115,314 111,543 61.80 % 67.60 % 4.00 % 39.92 %
7 UNITED SERV AUTOMOBILE ASSN GRP 109,218 107,513 62.47 % 63.38 % 3.79 % 43.71 %
8 NATIONWIDE CORP GRP 104,649 103,916 63.46 % 65.72 % 3.63 % 47.34 %
9 CHUBB LTD GRP 102,743 96,689 63.96 % 70.94 % 3.57 % 50.91 %
10 BEACON MUT GRP 99,065 101,519 54.23 % 58.73 % 3.44 % 54.35 %
***STATE TOTAL*** 2,879,868 2,830,657 54.85 % 58.14 % 100.00 % 54.35 %

Vermont

Rank Group/Company Name Direct Premiums Written (000) Direct Premiums Earned (000) Loss Ratio Loss & Containment Ratio Market Share Cumulative Market Share
1 LIBERTY MUT GRP 123,957 123,785 53.64 % 56.11 % 8.75 % 8.75 %
2 BERKSHIRE HATHAWAY GRP 98,45 97,254 69.38 % 73.04 % 6.95 % 15.69
3 PROGRESSIVE GRP 92,499 90,853 52.56 % 53.18 % 6.53 % 22.22 %
4 TRAVELERS GRP 72,009 70,700 36.02 % 38.21 % 5.08 % 27.30 %
5 CO OPERATIVE INS COS 64,527 63,142 42.12 % 42.33 % 4.55 % 31.85 %
6 VERMONT MUT GRP 64,141 63,485 35.33 % 35.20 % 4.53 % 36.38 %
7 WR BERKLEY CORP GRP 57,803 55,869 29.24 % 30.66 % 4.08 % 40.45 %
8 STATE FARM GRP 54,825 52,841 58.09 % 58.31 % 3.87 % 44.32 %
9 AUTO OWNERS GRP 41,526 41,656 66.29 % 67.25 % 2.93 % 47.25 %
10 UNITED SERV AUTOMOBILE ASSN GRP 38,204 37,475 44.74 % 46.11 % 2.70 % 49.95 %
***STATE TOTAL*** 1,417,381 1,385,873 45.11 % 47.18 % 100.00 % 49.95 %
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