NAIC Market Share Report 2024 | Top 25 Workers’ Compensation Insurers

The Current State of the Workers’ Compensation Marketplace

The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for both the Property & Casualty Insurance Marketplace, as well as for the Life & Fraternal Insurance Marketplace. As in past iterations, the data offered here reflects a compiled list of market share data based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Page of the NAIC’s annual statement for insurers.

Once collected, the data is then compiled and included in various reports on cumulative market share data for the seven major lines of insurance in the United States: All lines; Private Passenger Personal Auto; Commercial Auto; Workers’ Compensation; Medical Professional Liability; Homeowners’ Multi-Peril; and Other Liability (excluding auto liability).

The data presented here reflects data filed by insurers as of March 4 and will be refreshed daily by the NAIC through March 8 and then each Monday throughout March.

Trends & Insights

• With 98.01% of property and casualty insurance companies reporting so far, direct premiums written for all lines of business are $960,802,932,489.
• The Top 10 property and casualty companies reporting so far have a cumulative market share of 48.07%.
• Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 4^th, 2024, at $314,788,570,644, which is about 33% of all written premiums.
• In the Workers Compensation marketplace, the total amount 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 top spots in this line of insurance with Travelers taking the top spot, followed by The Hartford. Together, they have a cumulative market share of 13.11%.
• Massachusetts’ Liberty Mutual is the seventh-largest workers compensation insurer in the nation with a total of $2,093,981,396 in total direct premiums written, representing a 3.59% market share.

The Top 25 Workers’ Compensation Insurers

Please note the following data is updated on a weekly basis by the NAIC through the month of March. The updated data here reflects the latest data 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

Links to our 2024 NAIC Market Share Reports

For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from last year, links to each of those reports are below:

• NAIC 2024 Market Share Report | Top 25 U.S. P&C Insurers
• NAIC 2024 Market Share Report | Top 25 Homeowners Multiple Peril Insurers

Links to our 2023 NAIC Market Share Reports

• NAIC 2023 Market Share Report | Top 25 U.S. Commercial Auto Insurers
• NAIC 2023 Market Share Report | Top 25 U.S. Auto Insurers
• NAIC 2023 Market Share Report | Top 25 U.S. Homeowners Multiple Peril Insurers
• NAIC 2023 Market Share Report | Top 25 U.S. Medical Professional Liability Insurers
• NAIC 2023 Market Share Report | Top 25 U.S. Other Liability Insurers
• NAIC 2023 Market Share Report | Top 25 U.S. Workers’ Compensation Insurers