The following is a list of the Top 10 Workers’ Compensation* companies in Massachusetts based on each company’s direct written premium and corresponding market share as of December 31, 2010. A total of 218 companies currently write Workman’s Compensation insurance in Massachusetts.
- The direct written premium in Massachusetts totals $835,035285
- The top 20 writing companies have $470,182,690 in direct written premium
- This represents a 56.3% share of the market
- The remaining 198 companies have $364,852,595 direct written premium
- This represents a 43.7% share of the market
The Division of Insurance (DOI) has the legal responsibility to review all rate, rule, and form filings including rate deviation filings pertaining to workers’ compensation insurance. Workers’ Compensation filings are coordinated through the Worker’s Compensation Rating and Inspection Bureau of Massachusetts which also acts as the DOI’s Statistical Agent and Pool Administrator.
In addition, the DOI is responsible for monitoring the following:
- Market-wide alterations in coverage
- The structure of the statistical plan documenting insurer loss and premium experience
- The health and efficiency of the residual market pool
- Industry-wide rates and rating programs for non-discrimination and actuarial appropriateness.
Workman’s compensation rates were reduced by 2.4% in 2010 pursuant to the Commissioner’s approval of an agreement between the WCRIB and the Attorney General, which the DOI estimates saved employers approximately $11 million in workers’ compensation premiums. Even with these reduction in rates, a 2010 survey conducted by the Oregon Department of Consumer & Business Services which compared the average workman’s compensation rates in the most common industrial classifications showed that the average Massachusetts premium was among the lowest in the nation.
The Top Ten Writers of Massachusetts Workers’ Compensation Insurance
*Data and Charts courtesy of The Massachusetts Division of Insurance#10. Ace Property & Casualty Ins. C0. (PA)
2010 Written Premium: $23,196,610.00 2010 Market Share: 2.78% 2009 Written Premium: $6,483,198.00 2009 Market Share: 0.80% Position last year: 35#9. Insurance Co of the State of PA. (PA)
2010 Written Premium: $23,626,137.00 2010 Market Share: 2.83% 2009 Written Premium: $20,383,706.00 2009 Market Share: 2.51% Position last year: 9#8. Liberty Mutual Fire Ins. Co. (WI)
2010 Written Premium: $24,073,905.00 2010 Market Share: 2.88% 2009 Written Premium: $25,061,895.00 2009 Market Share: 3.08% Position last year: 6#7. Atlantic Charter Ins. Co. (MA)
2010 Written Premium: $25,348,645.00 2010 Market Share: 3.04% 2009 Written Premium: $22,298,348.00 2009 Market Share: 2.74% Position last year: 7#6. Liberty Ins. Corp. (IL)
2010 Written Premium: $27,569,623.00 2010 Market Share: 3.30% 2009 Written Premium: $28,869,255 2009 Market Share: 3.55% Position last year: 5#5. Travelers Indemnity Co. (CT)
2010 Written Premium: $31,943,437 2010 Market Share: 3.83% 2009 Written Premium: $30,076,320 2009 Market Share: 3.70% Position last year: 4#4. Twin City Fire Ins. Co. (IN)
2010 Written Premium:$33,277,890.00 2010 Market Share: 3.99% 2009 Written Premium: $33,033,177 2009 Market Share: 4.06% Position last year: 3#3. National Union Fire Ins. Co. of Pittsburgh (PA)
2010 Written Premium: $35,855,421.00 2010 Market Share: 4.29% 2009 Written Premium: $53,091,710 2009 Market Share: 6.53% Position last year: 2#2. New Hampshire Ins. Co. (PA)
2010 Written Premium: $41,261,042.00 2010 Market Share: 4.94% 2009 Written Premium: $11,642,674 2009 Market Share: 1.43% Position last year: 18#1. Associated Industries of MA Mutual Ins. (MA)
2010 Written Premium: $$49,060,319.00 2010 Market Share: 5.88% 2009 Written Premium: $55,123,915 2009 Market Share: 6.78% Position last year:1
