Total premiums in the U.S. workers’ compensation insurance market dipped slightly in 2024 accompanied by a general increase in loss ratios among the leading insurers, according to the National Association of Insurance Commissioners (NAIC).
Total direct premiums written in the market went from $58.27 billion in 2023 to $57.48 billion in 2024, the data showed, reflecting a softening market despite continued economic activity.
Meanwhile, serious injuries and fatalities (SIFs) are happening less in the workplace.
Serious injuries and fatalities fell 16% in 2023 when compared to 2022, posting the lowest total since 2017 and suggesting the start of a downward trajectory as industry continues to shift towards higher consequence events.
The top causes for serious injury or death on job sites remains contact with objects or equipment, which accounted for 60% of severe injuries between 2015 and 2024.
In 2023, transportation incidents became the leading cause of workplace fatalities for the first time, making up 43% of all fatal cases. More than 1,000 cases were reported in the transportation industry in 2023, with a 30% increase in serious injury or death from 2021 to 2023.
Over the same time, contractors in the construction industry experienced over 1,200 serious injury and fatality cases in 2023, with 43 deaths.
The slideshow above illustrates the top workers’ compensation insurance companies as selected by the NAIC.
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