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The Present State of the Employees’ Compensation Market
The National Association of Insurance Commissioners has issued its annual Market Share Knowledge Stories for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the information provided right here displays a compiled checklist of market share knowledge primarily based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Web page of the NAIC’s annual assertion for insurers.
As soon as collected, the information is then compiled and included in varied studies on cumulative market share knowledge for the seven main strains of insurance coverage in the USA: All strains; Personal Passenger Private Auto; Business Auto; Employees’ Compensation; Medical Skilled Legal responsibility; Owners’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
The information offered right here displays knowledge filed by insurers as of March 4 and will probably be refreshed each day by the NAIC by means of March 8 after which every Monday all through March.
Traits & Insights
- With 95.75% of property and casualty insurance coverage corporations reporting to this point, direct premiums written for all strains of enterprise are $954,849,866,158.
- The High 10 property and casualty corporations reporting to this point have a cumulative market share of 48.07%.
- Complete personal passenger auto insurance coverage has the biggest quantity of direct premiums written reported as of March 4th, 2024, at $314,788,570,644, which is about 33% of all written premiums.
- Within the Employees Compensation market, the entire quantity Direct Written Premiums are $58,270,470,843. Direct Premiums earned totalled $57,917,279,337 as March 11, 2024.
- Two Connecticut-based insurers occupy the highest spots on this line of insurance coverage with Vacationers taking the highest spot, adopted by The Hartford. Collectively, they’ve a cumulative market share of 13.11%.
- Massachusetts’ Liberty Mutual is the seventh-largest staff compensation insurer within the nation with a complete of $2,093,981,396 in complete direct premiums written, representing a 3.59% market share.
The High 25 Employees’ Compensation Insurers
Please word the next knowledge is up to date on a weekly foundation by the NAIC by means of the month of March. The up to date knowledge right here displays the most recent knowledge as of March 04, 2024, reflecting an estimated 96.94% of Property/Casualty filings.
| RANK | GROUP/COMPANY NAME | DIRECT PREMIUMS WRITTEN |
DIRECT PREMIUMS EARNED |
DIRECT LOSS TO EP RATIO¹ |
MARKET SHARE % |
CUMULATIVE MARKET SHARE %³ |
|
|---|---|---|---|---|---|---|---|
 |
1. | TRAVELERS GRP | 3,866,767,331 | 3,849,946,580 | 43.01 | 6.64 | 6.64 |
 |
2. | HARTFORD FIRE & CAS GRP | 3,771,503,918 | 3,711,058,710 | 43.82 | 6.47 | 13.11 |
 |
3. | AMTRUST FINANCIAL SERV GRP | 3,425,169,973 | 3,344,212,861 | 45.59 | 5.88 | 18.99 |
 |
4. | ZURICH INS GRP | 2,932,999,433 | 2,906,799,813 | 36.25 | 5.03 | 24.02 |
 |
5. | CHUBB LTD GRP | 2,378,524,732 | 2,443,460,739 | 32.04 | 4.08 | 28.10 |
 |
6. | BERKSHIRE HATHAWAY GRP | 2,125,792,572 | 2,113,200,464 | 50.21 | 3.65 | 31.75 |
 |
7. | LIBERTY MUT GRP | 2,093,981,396 | 2,175,890,153 | 49.86 | 3.59 | 35.34 |
 |
8. | STATE INS FUND | 1,709,192,550 | 1,728,657,460 | 64.55 | 2.93 | 38.28 |
 |
9. | BCBS OF MI GRP | 1,670,453,988 | 1,699,989,988 | 48.85 | 2.87 | 41.14 |
 |
10. | OLD REPUBLIC GRP | 1,471,615,206 | 1,456,700,846 | 46.57 | 2.53 | 43.67 |
 |
11. | AMERICAN FINANCIAL GRP | 1,418,133,289 | 1,408,175,823 | 42.87 | 2.43 | 46.10 |
 |
12. | AMERICAN INTL GRP | 1,230,622,818 | 1,210,299,163 | 33.06 | 2.11 | 48.21 |
 |
13. | WR BERKLEY CORP GRP | 1,219,710,396 | 1,202,526,654 | 47.83 | 2.09 | 50.31 |
 |
14. | STATE COMPENSATION INS FUND | 1,140,750,936 | 1,139,003,536 | 37.47 | 1.96 | 52.27 |
 |
15. | ICW GRP ASSETS INC GRP | 1,108,761,083 | 1,040,813,554 | 53.58 | 1.90 | 54.17 |
|
16. | TEXAS MUT INS CO | 1,090,472,150 | 1,067,489,743 | 36.48 | 1.87 | 56.04 |
 |
17. | CNA INS GRP | 1,070,153,508 | 1,001,634,082 | 28.67 | 1.84 | 57.88 |
 |
18. | ARCH INS GRP | 860,901,296 | 822,773,731 | 43.02 | 1.48 | 59.35 |
 |
19. | EMPLOYERS HOLDINGS GRP | 758,599,058 | 719,895,632 | 45.46 | 1.30 | 60.66 |
 |
20. | FAIRFAX FIN GRP | 757,824,451 | 761,509,347 | 33.27 | 1.30 | 61.96 |
 |
21. | STARR GRP | 667,542,449 | 675,417,170 | 45.10 | 1.15 | 63.10 |
 |
22. | SAIF CORP | 582,017,765 | 564,114,897 | 71.73 | 1.00 | 64.10 |
 |
23. | ENCOVA MUT INS GRP | 572,309,690 | 561,526,772 | 45.09 | 0.98 | 65.08 |
 |
24. | MARKEL CORP GRP | 571,279,280 | 586,001,760 | 57.44 | 0.98 | 66.06 |
 |
25. | COPPERPOINT GRP | 536,254,436 | 526,059,952 | 29.18 | 0.92 | 66.98 |
| INDUSTRY TOTALS | 58,270,470,843 | 57,917,279,337 | 44.88 | 100.00 | 100.00 |
Hyperlinks to our 2024 NAIC Market Share Stories
For these thinking about revisiting or evaluating this 12 months’s knowledge with the NAIC Market Share Stories from final 12 months, hyperlinks to every of these studies are beneath:
Hyperlinks to our 2023 NAIC Market Share Stories
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