1st Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

Our first look of 2022 focuses on the latest CAR Data as of November 2021

As we enter the second month of 2022, the latest numbers for our bi-monthly market share update have come out and are now ready to review. The following numbers on the Massachusetts Private Passenger Auto Insurance Marketplace are from November 2021, the latest month 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.

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

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

While MAPFRE continues to be the largest Private Passenger Auto insurer in the Commonwealth, it is receiving increasing competition from GEICO. The carrier had a 22.20% market share in November 2020 as compared to its 21.47% market share as of November 2021. In comparison, GEICO increased its year-over-year market share percentage showing an increase from 15.50% in November 2020 to 15.80% as of the same month in 2021. The third and fourth largest Private Passenger Auto insurers, Liberty Mutual and Safety, also saw a year-over-year decrease in market shares.Liberty Mutual’s market share was 8.45% as of November 2020, while it is now 8.15% as November 2021. Safety’s market share also decreased from 8.39% as November 2020 to now reported as 7.87% as of November 2021.

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

COMPANY NAMEEXPOSURES2021 MARKET SHARE
1. COMMERCE963,34721.47%2. GEICO*708,97315.80%3. LIBERTY MUTUAL365,6518.15%4. SAFETY353,2657.87%5. ARBELLA345,5187.70%6. PLYMOUTH ROCK290,6336.48%7. PROGRESSIVE260,7835.81%8. STANDARD FIRE181,4004.04%9. U S A A164,1913.66%10. HANOVER131,7372.94%11. AMICA MUTUAL128,1082.86%12. METROPOLITAN126,9642.83%13. ALLSTATE94,4422.11%14. QUINCY MUTUAL73,5871.64%15. NORFOLK AND DEDHAM MUTUAL55,4451.24%16. AMERICAN FAMILY51,0641.14%17. VERMONT MUTUAL46,5211.04%18. ZURICH33,0530.74%19. STATE FARM19,4250.43%20. GREEN MOUNTAIN16,8760.38%21. PREFERRED MUTUAL16,5030.37%22. BANKERS STANDARD12,4540.28%23. PURE10,5330.23%24. ELECTRIC8,8070.20%25. TRUMBULL7,9210.18%26. FARM FAMILY7,4180.17%27. CINCINNATI4,2610.09%28. AMERICAN INTERNATIONAL2,7230.06%29. MARKEL AMERICAN1,4370.03%30. TOKIO1,1450.03%31. MIDDLESEX1,0750.02%32. HARLEYSVILLE WORCESTER1,0470.02%33. FIREMEN’S INS CO2160.00%34. AMERICAN FAMILY HOME220.00%TOTALS4,486,545100.00%*An adjustment was made to include GEICO’s estimated missing data

Historical Shifts & Trends in the Private Passenger Auto Insurance Marketplace

In order to give some perspective on the shifts in the marketplace over the past decade within the intended goal of presenting a side-by-side comparison on how the Private Passenger Auto Insurance Marketplace continues to evolve.

With that said, the following three graphs depict the Top Ten Private Passenger Insurers for the month of November 2021, followed by the same graph for the same month, from five years earlier in November 2016, and then finally from a decade ago in November 2011.

The goal is to present a more complete perspective on how the Massachusetts automobile insurance market has shifted during this highlighted period.

Unlike in past updates, all of the past years included in this review have now been during “Managed Competition”.