5TH Look 2022 – The Massachusetts Private Passenger Auto Insurance Marketplace

Our bi-monthly update takes a look at CAR Data through July 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 July 2022, the latest date 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.

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

Exposures & Market Share as of July 2022

Company NameExposuresMarket Share1. COMMERCE618,82621.00%2. GEICO475,68816.14%3. LIBERTY MUTUAL232,4637.89%4. SAFETY228,6087.76%5. ARBELLA226,5517.69%6. PLYMOUTH ROCK194,2236.59%7. PROGRESSIVE188,8186.41%8. STANDARD FIRE134,4124.56%9. U S A A103,9113.53%10. HANOVER83,9772.85%11. AMICA MUTUAL80,3882.73%12. METROPOLITAN77,0612.61%13. ALLSTATE60,2702.05%14. QUINCY MUTUAL49,0191.66%15. NORFOLK AND DEDHAM MUTUAL37,3781.27%16. AMERICAN FAMILY36,5761.24%17. VERMONT MUTUAL30,9081.05%18. ZURICH13,1060.44%19. STATE FARM12,1320.41%20. PREFERRED MUTUAL9,9970.34%21. GREEN MOUNTAIN9,8920.34%22. PURE8,0630.27%23. BANKERS STANDARD7,9120.27%24. TRUMBULL6,4590.22%25. ELECTRIC5,7820.20%26. FARM FAMILY4,7220.16%27. CINCINNATI3,5940.12%28. MARKEL AMERICAN2,3530.08%29. AMERICAN INTERNATIONAL1,5510.05%30. MIDDLESEX9560.03%31. TOKIO7310.02%32. HARLEYSVILLE WORCESTER5900.02%33. AMERICAN BANKERS1070.00%34. AMERICAN FAMILY HOME640.00%35. FIREMEN’S INS CO260.00%TOTAL2,947,115100.00%*An estimated data adjustment was made for GEICO.

The Marketplace in Massachusetts by Exposures and Market Share Over The Years

While it may appear that little changes in the Massachusetts private passenger auto insurance marketplace from our bi-monthly reports, it is a little bit deceiving. In retrospect, a lot has changed over the past decade since Agency Checklists first began publishing its bi-monthly updates. With that said, the following graphs and notes below may help our readers see how things have trended and may trend in the future in this marketplace.

For example:

MAPFRE (Commerce), which is celebrating its 50th Anniversary this year, continues to be the number one Private Passenger Auto Insurance in Massachusetts with a 21% as of July 2022. It is interesting to note, however, that five years ago in July 2017, the insurer had a market share of 25.6%, while 10 years ago in July 2012, it was 28.1%As for GEICO, the direct writer continues as the second largest private passenger insurer in the Commonwealth with a 16.14% market share. Just five years ago, however, GEICO was the third largest insurer with a 10% market share as of July 2017. Looking back to July 2012, it was ranked the 10th largest with just a 2.8% market share in Massachusetts.Liberty Mutual continues as the third largest auto insurance writer with ranks third with a 7.89% share of the marketplace. This is slightly less that the market share it held as of July 2017, when it claimed the second spot with a 10.1% market share (.1% more than GEICO then). In July 2012, it was also the second-largest writer with a 11.7% market share.Six of the top 10 Private Passenger insurers continued to be based in Massachusetts: MAPFRE; Liberty Mutual; Safety; Arbella; Plymouth Rock; and The Hanover.As of May 2022, the top 10 insurers have a combined market share of 84.42%.

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

Together, they provide an opportunity for a side-by-side comparison of how the Private Passenger Auto Insurance Marketplace is evolving. Unlike past updates, all of the past years included in this review have now been after the advent of “Managed Competition”.