The Nation’s Largest Workers’ Compensation Carriers

The National Association of Insurance Commissioners (NAIC) said through the first half of 2023, workers’ compensation private carriers had a combined loss ratio of 47%. The NAIC said this is the about the same that we saw in the same time period in 2022.

The net combined ratio for work comp insurers for all of 2022 was 84%. In the same time period, state funds doing workers’ compensation saw a combined ratio of 115%.

According to Bill Donnell, president and CEO of the National Council on Compensation Insurance (NCCI), the positive outcomes are because of a drop in the frequency of claims, the severity of those claims and costs being controlled by tighter fee schedules.

“Despite rising wages leading to higher indemnity payouts, this is balanced by increasing premiums based on wages, contributing to a continued decline in loss costs,” Donnell said.

Here are the top-10 workers’ compensation insurers according to data compiled by the NAIC:

1. Travelers

Direct Premium written: $3.87 billion

Loss ratio: 43.01%

Market share: 6.63%

2. The Hartford

Direct Premium written: $3.77 billion

Loss ratio: 43.82%

Market share: 6.46%

3. AmTrust Financial Services

Direct Premium written: $3.43 billion

Loss ratio: 45.59%

Market share: 5.87%

4. Zurich

Direct Premium written: $2.93 billion

Loss ratio: 36.25%

Market share: 5.03%

5. Chubb

Direct Premium written: $2.38%

Loss ratio: 32.04%

Market share: 4.08%

6. Berkshire Hathaway

Direct Premium written: $2.13 billion

Loss ratio: 50.21%

Market share: 3.64%

7. Liberty Mutual

Direct Premium written: $2.09 billion

Loss ratio: 49.86%

Market share: 3.59%

8. New York State Insurance Fund

Direct Premium written: $1.71 billion

Loss ratio: 64.55%

Market share: 2.93%

9. Blue Cross Blue Shield Blue Care Network of Michigan

Direct Premium written: $1.67 billion

Loss ratio: 48.85%

Market share: 2.86%

10. Old Republic Insurance

Direct Premium written: $1.47 billion

Loss ratio: 46.57%

Market share: 2.52%

Source link: PropertyCasualty360.com — https://bit.ly/4bccsVz

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