Business
The nation’s largest auto and home insurance company hopes to make plans available in the Bay State by 2027.
Jaylen Brown dunks the ball in the 2024 AT&T Slam Dunk contest during the State Farm All-Star Saturday Night last winter. State Farm plans to expand into Massachusetts in 2027. Stacy Revere/Getty Images
State Farm, the nation’s largest auto and home insurer, announced last week that it will enter the Massachusetts market — breaking into a field dominated by local and regional insurers.
State Farm, headquartered in Bloomington, Illinois, filed an intent to enter the Massachusetts Marketplace with plans to begin availability in early 2027.
The insurance company currently offers a limited portfolio of auto and life products to existing customers who move to the state.
As of Sept. 2, State Farm says it has about 22,000 personal auto and about 10,000 homeowners policies in the state.
“We see tremendous opportunity to meet customer needs and serve more customers in more ways,” a company spokesperson told Boston.com. “So, we have begun filings in the state and are in the early stages of this process.”
State Farm, known for its “Jake From State Farm” ads, reports having more than 19,400 agents and 67,000 employees serving over 91 million policies and accounts, including auto, fire, life, renters, boats and motorcycles.
According to the 2023 Annual Home Insurance Report, the latest data available, most coverage in the state is provided by regional companies primarily in the Northeast.
Mapfre Insurance Group, the parent company of Commece Insurance Company, has the largest share of the 2023 market, with 12.5% of the home insurance premiums. Liberty Mutual Group came next at 6.5%, followed by Andover Group at 6.5%, and Travelers Group at 6.4%.
Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.
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