Final Look 2022: The Massachusetts Private Passenger Auto Insurance Market

Spread the love

[ad_1]

With respect to the current state of the private passenger automobile insurance market, the numbers reflect market share data for September 2022, the latest date for which complete data is available, with a last view of 2022.

As always, many thanks to Commonwealth Automobile Reinsurers It serves as the statistical agent for motor vehicle insurance in the Commonwealth of Massachusetts and submits all data presented here to agency checklists.

Table of Contents

Private passenger vehicle insurance market

Exposures and market share as of September 2022

Company	Expressions	market share
1. Trade	795,196	20.97%
2. GEICO	617,354	16.28%
3. Arabella	294,375	7.76%
4. Security	291,526	7.69%
5. Freedom is mutual	290,094	7.65%
6. Plymouth Rock	250,210	6.60%
7. Progressive	235,890	6.22%
8. Constant fire	171,230	4.51%
9. USAA	139,314	3.67%
10. Hanover	109,931	2.90%
11. Mutual friend	105,749	2.79%
12. Metropolis	98,722	2.60%
13. Allstate	77,958	2.06%
14. Quincy Mutual	62,673	1.65%
15. Norfolk and Dedham mutual	48,864	1.29%
16. The American Family	47,719	1.26%
17. Vermont Mutual	40,176	1.06%
18. Primary	18,241	0.48%
19. State Farm	16,576	0.44%
20. Preferred reciprocity	13,054	0.34%
21. Green Hill	12,718	0.34%
22. Banks Standard	10,124	0.27%
23. Pure	9,995	0.26%
24. Trumbull	8,559	0.23%
25. Electricity	7,501	0.20%
26. Farm Family	6,087	0.16%
27. Cincinnati	4,883	0.13%
28. Markle American	2,990	0.08%
29. American International	1,954	0.05%
30. Middlesex	1,149	0.03%
31. Tokyo	915	0.02%
32. Harleysville Worcester	743	0.02%
33. American bankers	111	0.00%
34. American Family Home	64	0.00%
35. FIREMENS INS CO	12	0.00%
Total	3,792,657	100.00%

Market in Massachusetts by exposures and market share over the years

Although little change appears from our bimonthly reports on the Massachusetts private passenger auto insurance market, the outlook is largely disappointing. In retrospect, much has changed in the decade since the agency checklists first began issuing its bimonthly updates.

For example:

MAPFRE (trade), viz Celebrating its 50th Anniversary This year, Massachusetts tops the list at 20.97% as of September 2022. Five years ago in September 2017, the insurer’s market share was 25.5%, and 10 years ago in July 2012, it was 28.0%.
As for GEICO, the direct writer continues to be the second largest private passenger insurer in the Commonwealth with a 16.2% market share. However, five years ago, GEICO was the third largest insurer with a market share of 10.2% as of September 2017. Looking back to July 2012, it ranked as the 10th largest company in Massachusetts with a market share of just 2.9%.
Liberty Mutual continues to be the third largest auto insurance writer with a 7.8% market share. This is slightly lower than the market share it held in September 2017 when it had 9.9% market share. As of July 2012, it was also the second largest author with 11.8% market share.
Six of the top 10 private passenger insurance companies continue to operate in Massachusetts: MAPFRE; Liberty Mutual; security; Arbella; Plymouth Rock; and Hanover.
As of July 2022, the top 10 insurance companies have a market share of 84.20%.

Following are the graphs for September 2022, followed by five years ago in September 2017, and then finally a decade ago from September 2012. Below these, side-by-side comparisons are now added (viewed by sliding the arrows over the graphs) allowing further comparisons. Unlike updates in previous years, all past years included in this review are now after the advent of “managed competition”.