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The next is an inventory of the biggest strains of insurance coverage in Massachusetts, revealed by the NAIC in 2023. The checklist represents the entire premium for every line of insurance coverage as of 2022, the most recent date for which full date is on the market. As well as, the rating illustrates the place every Massachusetts line of insurance coverage ranks nationally amongst the 50 states.
Largest Strains of Insurance coverage within the Commonwealth
Primarily based on the info under, the very best ranked line of insurance coverage within the Commonwealth, as ranked by premium is the Merchandise legal responsibility‐Claims Made. This line of insurance coverage is ranked because the second largest within the nation, as ranked by premium, with a Premium Written in Massachusetts throughout 2022 of $57,299,456. Following that each the Constancy and Medical skilled‐Occurance strains make up the second largest markets right here with every rating because the sixth largest within the nation for his or her respective strains.
Different, Industrial multi-peril, and Non-public Flood are all ranked because the eight-largest marketplaces of their respective strains of insurance coverage primarily based on 2022 premium. With respect to industrial multi-peril premium, it claims a 3.01% of the U.S. market, whereas the personal flood market has a 2.59% of the U.S. market. Nationally, Massachusetts ranks ninth in federal flood premium with a 1.84% share of the U.S. market.
And, whereas the Vehicle line of insurance coverage continues to be the biggest line of insurance coverage in Massachusetts primarily based on premium written, total Massachusetts ranks because the sixteenth largest market within the nation as ranked by Premium Written in 2022.
The next is an entire checklist of all of the strains of insurance coverage in Massachusetts as ranked by premium written.
Line of Enterprise | Premium Written | State Rank | % of US |
---|---|---|---|
Vehicle | $6,873,646,063 | 16 | 2.03% |
Different | $3,584,852,752 | 8 | 3.04% |
Householders’ a number of peril | $3,067,077,002 | 14 | 2.29% |
Industrial multi-peril | $1,659,677,904 | 8 | 3.01% |
Employees’ compensaƟon | $1,350,910,095 | 12 | 2.24% |
Ocean & Inland Marine | $963,713,288 | 12 | 2.53% |
Hearth | $428,482,831 | 14 | 2.04% |
Allied strains | $410,591,239 | 13 | 1.87% |
Medical skilled‐Claims Made | $256,938,028 | 10 | 2.77% |
Surety | $182,289,129 | 15 | 2.15% |
Accident & Well being | $129,954,389 | 19 | 1.73% |
Mortgage warranty | $114,436,939 | 18 | 2.04% |
Medical skilled‐Occurance | $106,613,470 | 6 | 4.04% |
Merchandise legal responsibility‐Occurance | $93,717,061 | 15 | 2.34% |
Constancy | $58,542,608 | 6 | 4.01% |
Merchandise legal responsibility‐Claims Made | $57,299,456 | 2 | 6.56% |
Credit score | $55,044,881 | 10 | 2.08% |
Boiler and equipment | $52,372,722 | 16 | 2.24% |
Federal flood | $51,148,955 | 9 | 1.84% |
Plane (all perils) | $47,821,243 | 19 | 1.80% |
Earthquake | $42,251,545 | 19 | 1.01% |
Non-public Flood | $32,668,365 | 8 | 2.59% |
Housebreaking and theft | $14,269,122 | 12 | 2.55% |
Farm | $9,938,449 | 46 | 0.04% |
Monetary warranty | $4,496,100 | 15 | 1.24% |
Crop | $0 | 43 | 0.00 |
Complete | $19,648,887,965 | 12 | 2.26% |
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