A look at the largest Workers’ Compensations Insurers in the nation
As it does every March, the National Association of Insurance Commissioners has released its annual market share report of the top 25 P&C insurers nationwide. The list is based on filings to the N.A.I.C. and represents the top 25 groups and companies based upon data reported on the State Page of the NAIC’s annual statement for insurers.
Last week, we took what we thought was a final look at market shares in the U.S. v. Massachusetts. In reviewing the major markets, and with the publication of the Massachusetts Workers’ Compensation Advisory Council’s Annual Report, Agency Checklists thought it would be remiss if it did not include a comparison of the major workers’ compensation companies in the U.S. vis-a-vis the top insurers in Massachusetts.
The Top 10 Workers’ Compensation insurance companies in the U.S.
As of March 28, 2016, the Direct Premiums written by the top 25 P&C insurers in the United States reached $26,443,379,900. (billion). The following listing of the top 10 insurers gives each insurers Direct Premiums Written, Direct Premiums Earned as well as Market Share and Cumulative Market Share for the past year.
|
Rank |
Company Name |
Direct Premium Written |
Direct Premium Earned |
Market Share |
Cumulative Market Share |
| 1. | Travelers Group | $4,467,427,751 | $4,418,802,702 | 7.81 | 7.81 |
| 2. | Hartford Fire & Casualty Group | $3,324,634,246 | $3,295,521,528 | 5.81 | 13.62 |
| 3. | Zurich Ins. Group | $2,859,226,697 | $2,846,324,593 | 5.00 | 18.62 |
| 4. | Amtrust NGH Group | $2,744,762,433 | $2,623,837,200 | 4.80 | 23.42 |
| 5. | American Int’l. Group | $2,559,602,954 | $2,697,084,109 | 4.48 | 27.90 |
| 6. | Berkshire Hathaway Group | $2,482,219,827 | $2,347,258,552 | 4.34 | 32.24 |
| 7. | Liberty Mutual Group | $2,481,414,228 | $2,477,670,368 | 4.34 | 36.57 |
| 8. | State Ins. Fund Group | $2,437,324,769 | $2,486,751,361 | 4.26 | 40.83 |
| 9. | State Compensation Insurance Fund | $1,638,849,156 | $1,618,931,273 | 2.87 | 43.70 |
| 10. | Old Republic Group | $1,444,917,839 | $1,449,445,586 | 2.53 | 46.23 |
A comparison of the Top 10 in the U.S. v. 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 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.
|
Rank |
Massachusetts Top 10 P&C Insurers |
U.S. Top 10 P&C Insurers |
|
1. |
Associated Industries of MA Mut Ins. |
Travelers Group |
|
2. |
New Hampshire Ins. Co. |
Hartford Fire & Cas. Group |
|
3. |
Ace America Ins. Co. |
Zurich Ins. Group |
|
4. |
Travelers Ind. Co. |
Amtrust NGH Group |
|
5. |
Travelers Ind. Co of America |
American International Group |
|
6. |
Atlantic Charter Insurance Co. |
Berkshire Hathaway Group |
|
7. |
Zurich America Insurance Co. |
Liberty Mutual Group |
|
8. |
LM Ins. Corp. |
State Insurance Fund |
|
9. |
Twin City Fire Ins. Co. |
State Compensation Insurance Fund |
|
10. |
Liberty Mutual Fire Ins. Co. |
Old Republic Group |
