Filed Under:Agent Broker, Commercial Business

Top 10 workers’ comp carriers for 2016, as ranked by NAIC

The Workers' Compensation market shows modest price decreases. Which carriers are holding their own and which ones are succeeding? (Photo: Shutterstock)
The Workers' Compensation market shows modest price decreases. Which carriers are holding their own and which ones are succeeding? (Photo: Shutterstock)

Workers’ compensation costs remain a significant component of expenses for most companies, and finding the best workers’ comp coverage at the most reasonable price is critical to helping businesses manage their bottom line. But which carriers have the biggest share of the market?

The National Association of Insurance Commissioners (NAIC) has ranked the top 25 Workers' Compensation insurance companies and groups by market share of direct premiums written for 2016. Its latest report includes countrywide direct written premium for the top 25 groups and companies as reported on the State Page of the annual statement for insurers that report to the NAIC. This information serves as an indicator of the degree of market concentration in the Workers’ Comp line of business as well as identifying leading insurance writers.

Related: Here are the top 10 P&C groups in 2016, as ranked by NAIC

For 2016, direct written premiums totaled $58.2 billion for the top 25 carriers, up from 2015’s $57.2 billion. The top 25 carriers accounted for 69.47 percent of the total direct premiums written, with the top 10 bringing in 47.33 percent, or about $27.6 billion. The top four carriers represent a little less than a quarter (23.53 percent) of total direct premiums written. 

Old Republic Group dropped out of the top 10 to number 11, and Chubb Ltd. Group moved up from number 14 to number 6 after its acquisition by Ace Ltd. in January 2016.

Travelers Group and Hartford Fire & Casualty Group retained their number 1 and number 2 positions from 2015.

Continue reading to find out which companies ranked in NAIC's list of top 10 Workers' Compensation companies and groups in 2016 and where they ranked in 2016:

California state compensation insurance fund logo

 

 

 

 

 


No. 10: State Compensation Insurance Fund (California)


2015 Ranking:
9

Direct Premiums Written, 2016: $1.61 billion

Direct Premiums Written, 2015: $1.64 billion

2016 Market Share: 2.77%

2015 Market Share: 2.87%

2016 Cumulative Market Share: 47.33%

Related: Workers’ Compensation: 10 issues to watch for 2017

AIG logo

No. 9: American International Group


2015 Ranking:
5

Direct Premiums Written, 2016: $2.1 billion

Direct Premiums Written, 2015: $2.6 billion

2016 Market Share: 3.68%

2015 Market Share: 4.48%

2016 Cumulative Market Share: 44.56%

Related: AIG CEO Peter Hancock to step down: What's next?

Liberty Mutual logo

No. 8: Liberty Mutual Group


2015 Ranking:
7

Direct Premiums Written, 2016: $2.4 billion

Direct Premiums Written, 2015: $2.5 billion

2016 Market Share: 4.13%

2015 Market Share: 4.34%

2016 Cumulative Market Share: 40.88%

 Related: 9 best practices for return-to-work programs 

NY State Insurance Fund

 

 

 

 

 


No. 7: State Insurance Fund (New York)


2015 Ranking:
8

Direct Premiums Written, 2016: $2.4 billion

Direct Premiums Written, 2015: $2.4 billion

2016 Market Share: 4.18%

2015 Market Share: 4.26%

2016 Cumulative Market Share: 36.75%

Related: Vullo seeks corporate, consumer balance as N.Y. insurance regulator

Chubb logo blue

No. 6: Chubb Ltd Group


2015 Ranking:
14

Direct Premiums Written, 2016: $2.6 billion

Direct Premiums Written, 2015: $1.2 billion

2016 Market Share: 4.39%

2015 Market Share: 2.09%

2016 Cumulative Market Share: 32.57%

Related: Workers’ Compensation: 10 more issues to watch for 2017

Berkshire Hathaway logo

No. 5: Berkshire Hathaway


2015 Ranking:
6

Direct Premiums Written, 2016: $2.7 billion

Direct Premiums Written, 2015: $2.5 billion

2016 Market Share: 4.64%

2015 Market Share: 4.34%

2016 Cumulative Market Share: 28.18%

Related: Berkshire insurance businesses had a Q4 underwriting gain of $548 million

Zurich Ins Group logo

No. 4: Zurich Insurance Group


2015 Ranking:
3

Direct Premiums Written, 2016: $2.8 billion

Direct Premiums Written, 2015: $2.9 billion

2016 Market Share: 4.88%

2015 Market Share: 5.00%

2016 Cumulative Market Share: 23.53%

 Related: Zurich Insurance falls as CEO Greco fails to convince on growth

AmTrust logo

 

 

 

 

 

No. 3: AmTrust NGH Group


2015 Ranking:
4

Direct Premiums Written, 2016: $3.1 billion

Direct Premiums Written, 2015: $2.7 billion

2016 Market Share: 5.34%

2015 Market Share: 4.80%

2016 Cumulative Market Share: 18.65%

Related: Commercial insurance prices in the U.S. remain flat during Q4 2016, says WTW report

The Hartford logo

No. 2: Hartford Fire & Casualty Group


2015 Ranking:
2

Direct Premiums Written, 2016: $3.3 billion

Direct Premiums Written, 2015: $3.3 billion

2016 Market Share: 5.71%

2015 Market Share: 5.81%

2016 Cumulative Market Share: 13.32%

Related: The Hartford Tops Auto Claims Study 

Travelers Ins logo

No. 1: Travelers Group


2015 Ranking:
1

Direct Premiums Written, 2016: $4.4 billion

Direct Premiums Written, 2015: $4.5 billion

2016 Market Share: 7.60%

2015 Market Share: 7.81%

2016 Cumulative Market Share: 7.60%

Related: Travelers profit climbs 8.9 percent as private equity bets thrive

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