3rd Look 2022: The Massachusetts Private Passenger Auto Insurance Marketplace

Our bi-monthly update takes a look at CAR Data through March 2022

The latest data on the current state of the Private Passenger Automobile Insurance marketplace is now available. The numbers reflect market share data as of March 2022, 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:

MAPFRE (Commerce), which recently celebrated its 50th Anniversary, continues to be the number one Private Passenger Auto Insurance in Massachusetts with a 20.74% market share as of March 2022.GEICO continues as the second largest PPA insurer in the commonwealth increasing its market share to 16.89% as of the third month of the year.In addition, another direct writer, Liberty Mutual, surpasses Safety as the third-largest insurer with an 8.58% market share as of March 2022.Six of the top 10 PPA insurers continued to be based in Massachusetts: MAPFRE, Liberty Mutual, Safety, Arbella, Plymouth Rock, and The Hanover which occupies the 10th spot.In total, the top 10 insurers have a combined market share of 84.59%.

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

COMPANY NAMEEXPOSURESMARKET SHARE1. COMMERCE261,47320.74%2. GEICO212,94716.89%3. LIBERTY MUTUAL108,1178.58%4. SAFETY97,8677.76%5. ARBELLA94,5397.50%6. PLYMOUTH ROCK80,4986.39%7. PROGRESSIVE75,6076.00%8. STANDARD FIRE58,1874.62%9. U S A A41,9723.33%10. HANOVER35,0212.78%11. METROPOLITAN33,3552.65%12. AMICA MUTU32,2192.56%13. ALLSTATE25,8682.05%14. QUINCY MUTUAL21,6531.72%15. NORFOLK AND DEDHAM MUTUAL15,4631.23%16. AMERICAN FAMILY15,0741.20%17. VERMONT MUTUAL13,2461.05%18. ZURICH7,8160.62%19. STATE FARM4,5240.36%20. PREFERRED MUTUAL4,3680.35%21. GREEN MOUNTAIN4,1430.33%22. PURE3,4050.27%23. ELECTRIC2,6550.21%24. BANKERS STANDARD2,6260.21%25. TRUMBULL2,6200.21%26. FARM FAMILY2,0030.16%27. CINCINNATI1,1850.09%28. MARKEL AMERICAN6770.05%29. AMERICAN INTERNATIONAL5900.05%30. HARLEYSVILLE WORCESTER2790.02%31. MIDDLESEX2720.02%32. TOKIO2610.02%33. AMERICAN BANKERS310.00%34. FIREMEN’S INS CO210.00%TOTALS1,260,583100.00%

Focus on the Insurers with Top 10 Market Share

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