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: