2nd Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

The latest numbers from the Commonwealth Automobile Reinsurers on the state of the Private Passenger Auto Insurance Marketplace have been issued and are now ready for review. The numbers reflect market share data as of January 2022, the latest month for which complete data is available.

As always, many thanks to the CAR 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.

A breakdown of the Marketplace in Massachusetts by Exposures and Market Share

A breakdown of the Marketplace in Massachusetts by Exposures and Market Share:

MAPFRE continues in 2022 as the largest Private Passenger Auto insurer in the Commonwealth, with 108,562 exposures and a 21.95% market share, and is ranked as the 20th largest auto insurer in the country with $1,258,058,268 in Direct Premiums Written ($) representing a 0.48% share of the U.S. auto insurance marketplace. Worcester-based The Hanover, which is the 21st largest auto insurer in the country, is currently the 11th largest private passenger auto insurer in Massachusetts.GEICO begins 2022 as the second-largest auto insurer in Massachusetts with 71,580 exposures representing a 14.47% market share.Save GEICO, the top five private passenger auto insurers continue to be Massachusetts-based insurers. In total, these top five insurers have a combined market share of 61.99%.

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

COMPANY NAMEEXPOSURESMARKET SHARE1. COMMERCE (MAPFRE)108,56221.95%2. GEICO71,58014.47%3. SAFETY43,9878.89%4. LIBERTY MUTUAL43,2208.74%5. ARBELLA39,2637.94%6. PLYMOUTH ROCK29,3965.94%7. PROGRESSIVE27,3395.53%8. STANDARD FIRE22,0114.45%9. U S A A17,0993.46%10. AMICA MUTUAL13,9922.83%11. HANOVER13,6082.75%12. METROPOLITAN13,5052.73%13. QUINCY MUTUAL10,3112.08%14. ALLSTATE8,3841.70%15. NORFOLK AND DEDHAM MUTUAL7,0331.42%16. AMERICAN FAMILY5,8841.19%17. VERMONT MUTUAL5,5621.12%18. ZURICH2,8470.58%19. PREFERRED MUTUAL1,9060.39%20. GREEN MOUNTAIN1,6000.32%21. STATE FARM1,5590.32%22. ELECTRIC1,3830.28%23. TRUMBULL1,0420.21%24. FARM FAMILY8970.18%25. BANKERS STANDARD8460.17%26. PURE7270.15%27. CINCINNATI3110.06%28. AMERICAN INTERNATIONAL2340.05%29. MARKEL AMERICAN2140.04%30. HARLEYSVILLE WORCESTER1430.03%31. TOKIO660.01%32. MIDDLESEX390.01%33. FIREMEN’S INS CO180.00%TOTALS494,568100.00%

Focus on Top Ten Market Share Insurers

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

Together, they provide an opportunity to look at the shifts in the marketplace over the past decade, allowing a a side-by-side comparison on how the Private Passenger Auto Insurance Marketplace is evolving. Unlike in past updates, all of the past years included in this review have now been during “Managed Competition”.