The list is based on data compiled by the Division of Insurance for 2014, the last year for which complete data is available
In view of the WCRIBMA’s decision to submit a new rate filing to the Division of Insurance, we thought it might be timely to review the top Workers’ Compensation insurance companies in the Commonwealth. As with all of our top 20 lists, the information reprinted here was provided by The Massachusetts Division of Insurance for the calendar year 2014, the last year for which complete information is available.
There are a total of 235 companies writing this line of insurance in Massachusetts
Two hundred and thirty-five companies currently write Workers’ Compensation in Massachusetts. In dollars, that translates into a $1,081,710,818 market.
The largest writer of workers’ compensation insurance in the Commonwealth as of 2014 was Massachusetts’ own Associated Industries of MA Mutual Insurance, also known as AIM Mutual. This company had $93,125,299 in Direct Written Premium in Massachusetts representing an 8.61% share of the market.
The 20 top insurers have just over half of the total market share
The top 20 Workers’ Compensation insurance companies in the Commonwealth have a combined total of $636,199,483 dollars in direct written premium. This amount represents a 58.8% share of the Massachusetts market.
As for the remaining 215 companies writing workers’ compensation insurance here, these companies combined total market share is 41.2% which translates into $445,511,335 dollars in Direct Written Premium.
Only four of the Top 20 Workers’ Compensation Insurance Companies are based in Massachusetts
Out of the top 20 companies writing this line of insurance, however, only four are based in Massachusetts: Associated Industries Of MA Mutual Insurance; Atlantic Charter Insurance Co.; Associated Employers Ins Co.; and Independence Cas Ins Co. As for market share, these four insurers claim 15.79% of the total market with $170,657,733 in Direct Written Premium.
The Top 10 Workers’ Compensation Insurance Companies in Massachusetts
Digging deeper, the top 10 companies had a combined market share of 38.4% in 2014. In terms of premium, these insurers wrote $415, 003,966 in Direct Written Premium. In comparison, the remaining 225 companies claimed a 61.6% share of the Massachusetts market writing $666,706,852 in Direct Written Premium.
Premium Written and MA Market Share of the top 20 Workers’ Compensation Companies
|Company Name||State||Premium Written in MA||Market Share in MA|
|Associated Industries Of MA Mut Ins||MA||93,125,299||8.61%|
|New Hampshire Ins Co||IL||58,017,161||5.36%|
|Ace Amer Ins Co||PA||40,123,466||3.71%|
|Travelers Ind Co||CT||38,769,861||3.58%|
|Travelers Ind Co Of Amer||CT||37,273,566||3.45%|
|Atlantic Charter Ins Co||MA||32,938,235||3.05%|
|Zurich Amer Ins Co||NY||29,786,728||2.75%|
|LM Ins Corp||IL||28,744,806||2.66%|
|Twin City Fire Ins Co||IN||28,351,809||2.62%|
|Liberty Mut Fire Ins Co||WI||27,873,035||2.58%|
|Travelers Ind Co Of CT||CT||27,208,282||2.52%|
|Travelers Prop Cas Co Of Amer||CT||25,421,489||2.35%|
|Associated Employers Ins Co||MA||24,952,707||2.31%|
|Hartford Underwriters Ins Co||CT||24,108,514||2.23%|
|Amguard Ins Co||PA||22,449,288||2.08%|
|Acadia Ins Co||NH||21,904,108||2.02%|
|American Zurich Ins Co||IL||20,777,628||1.92%|
|Independence Cas Ins Co||MA||19,641,492||1.82%|
|Wesco Ins Co||DE||18,809,947||1.74%|
|Norguard Ins Co||PA||15,922,062||1.47%|