Top 10 Best Workers Comp Insurance Providers in USA Market | Smstime
The workers comp insurance industry has experienced significant growth in recent years, driven by improving employment conditions and strong equity markets. According to a report by IBIS World, the industry experienced an annual growth of 2.1% from 2013 to 2018. Furthermore, the National Association of Insurance Commissioners (NAIC) reported that the industry accumulated $58 billion in direct written premiums in 2018. The cumulative market share of the top 10 largest insurance groups reached 45.2%. In this article, we will delve into the top 10 workers comp insurance providers in the market, providing an overview of their offerings and market positions.1. Travelers
Direct Written Premiums: $4.3 billion
Market Share: 7.4%
Travelers is a leading workers comp insurance provider in the United States. The company is dedicated to helping businesses reduce claim costs, create a safe working environment for employees, provide appropriate care for injured workers, and improve claim outcomes. Travelers also assists employees in returning to work after an injury. With a nationwide network and local expertise, Travelers has underwriting, claims, risk control, and premium teams in every major state.2. Hartford
Direct Written Premiums: $3.4 billion
Market Share: 5.9%
The Hartford is a property and casualty insurer that serves over one million small businesses across the nation. Its workers comp insurance offerings include a preferred medical provider network, prescription drug features, a needle stick reimbursement program, a nursed back to health program, and pay-as-you-go billing solutions.
3. Berkshire Hathaway
Berkshire Hathaway is a multinational conglomerate holding company that owns more than 60 subsidiaries, including Berkshire Hathaway GUARD and Applied Underwriters. Both subsidiaries offer workers comp insurance. Applied Underwriters focuses on providing workers comp insurance solutions for small and medium-sized businesses (SMBs) in the US, while Berkshire Hathaway GUARD offers other insurance products, such as business owner's policies, commercial auto, commercial umbrella, disability, homeowners, personal umbrella, and professional liability.
4. Zurich Insurance
Direct Written Premiums: $2.7 billion
Market Share: 4.7%
Zurich Insurance Group is a multi-line insurer that provides property and casualty and life insurance products and services in over 210 countries and territories. In addition to workers comp/employers' liability insurance, Zurich offers casualty solutions, such as motor fleet insurance, personal accident and business travel insurance, product recall insurance, public and product liability insurance, and umbrella liability insurance.5. AmTrust Financial Services
Direct Written Premiums: $2.6 billion
Market Share: 4.5%
AmTrust Financial Services is an insurance provider that specializes in offering insurance solutions for small businesses, with an emphasis on workers comp coverage. Although primarily a small business insurance carrier, AmTrust also provides other commercial insurance solutions, including excess and surplus, international, title, and warranty coverage. AmTrust's workers comp coverage is well-suited for various industries, including artisan contractors, beauty shops, building operations by owners or contractors, doctors and dentists, hotels, light metalworking machine shops, private schools, professional offices, restaurants, retail stores, and wholesale stores.
6. Chubb Ltd
Direct Written Premiums: $2.5 billion
Market Share: 4.3%
Chubb is the largest commercial insurer in the US and the largest publicly traded property and casualty (P&C) insurance company globally, with operations in 54 countries and territories. Chubb Ltd., its parent company, is listed on both the New York Stock Exchange and the S&P 500 index. Chubb offers workers comp coverage for businesses of all sizes, as well as excess coverage for companies that self-insure predictable losses but require coverage for catastrophic exposures.7. Liberty Mutual
Direct Written Premiums: $2.5 billion
Market Share: 4.3%
Liberty Mutual is a global insurer with over 800 offices in 30 countries and economies worldwide. The company operates through three business units: personal insurance lines, commercial insurance lines, and Liberty Mutual Investments. Founded one year after the Massachusetts Legislature passed a law requiring employers to provide their employees with workers comp insurance, Liberty Mutual's workers comp coverage helps injured workers obtain medications for work-related injuries without out-of-pocket expenses and access quality, affordable treatment from its network of local medical providers.
8. New York State Insurance Fund
Direct Written Premiums: $2.3 billion
Market Share: 3.9%
The New York State Insurance Fund (NYSIF) is the largest workers comp carrier in New York. As a self-supporting insurance carrier, NYSIF's role is to compete with other carriers to ensure a fair marketplace and serve as a guaranteed coverage source for employers who cannot obtain coverage elsewhere. NYSIF operates two separate funds: the Workers' Compensation Fund, insuring employers against their employees' occupational injury and disease, and the Disability Benefits Fund, insuring against disabling off-the-job employee injury or sickness. NYSIF offers quality insurance plans for all New York businesses, as well as claims case management and workplace safety programs at no additional cost.9. American International Group (AIG)
Direct Written Premiums: $1.7 billion
Market Share: 2.9%
American International Group (AIG) is a global insurer that provides general property/casualty insurance, life insurance, and retirement and financial services through its respective business units. AIG's workers comp insurance offerings come with customized program structures and financing options, as well as cost-effective alternatives for meeting collateral requirements.
10. Blue Cross Blue Shield of Michigan
Direct Written Premiums: $1.6 billion
Market Share: 2.7%
Blue Cross Blue Shield of Michigan (BCBSM) is a non-profit mutual insurance company and an independent licensee of the Blue Cross and Blue Shield Association. As Michigan's largest health insurer, BCBSM serves 4.5 million people in the state and 1.6 million in other states. Its subsidiaries include Advantasure, AF Group, Blue Care Network of Michigan, BCBSM Foundation, and Life Secure Insurance Company.Conclusion
the workers comp insurance market is diverse and competitive, with providers offering a range of coverages tailored to businesses of all sizes and industries. By understanding each provider's unique offerings and market positions, businesses can make informed decisions when selecting a workers comp insurance provider that best suits their needs
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