25 Largest Workers Compensation Insurers
What are the largest workers compensation insurers in the United States? As you can see from the list below, Travelers and Hartford generated the most workers compensation premium in 2015. Other top providers were Zurich Insurance Group, the AmTrust Group, and AIG.
The list is derived from data published by the National Association of Insurance Commissioners (NAIC) in March of 2016. The NAIC sets standards and provides regulatory advice to insurance regulators in the U.S. The organization has existed since 1871.
Among other things, the NAIC creates model laws that states may adopt, either "as is" or with modifications. This saves states time and effort, and helps standardize laws and regulations across the country.
The insurers listed below represent a varied market for workers compensation insurance. The list includes large multi-line insurers, smaller specialty insurers, and several state insurance funds. Examples of big insurers are Travelers, Hartford, AIG and Zurich. These are some of the largest insurers in the U.S. They provide a wide variety of insurance coverages, not just workers compensation. Most sell insurance through independent agents.
AmTrust, which is number four on the list, specializes in workers compensation and package policies for small to mid-sized companies. It is based in New York City, and operates across the U.S.
A few of the insurers cited below are workers compensation specialists.
Examples are Employers Insurance and Texas Mutual. These insurers offer workers compensation coverage only. They do not provide any other type of insurance. Employers Insurance operates in about two-thirds of the states and focuses on small businesses. Texas Mutual sells policies to Texas employers only.
Interestingly, three insurers on the top 25 list are state insurance funds. These include the New York State Fund, the State Compensation Fund of California, and SAIF (the state fund for Oregon). All are self-supporting non-profit companies that compete for business with private insurers in the standard market. Both the New York and California funds also operate the state's assigned risk plan.
The Top 25
The premiums shown in the table below are net written premiums. This term means all policy premiums collected by an insurer except for premiums paid to a reinsurance company for reinsurance coverage. Insurers' workers compensation premiums can fluctuate from year to year. Some changes may be deliberate. For instance, both AIG and Liberty Mutual have experienced a significant drop in workers compensation premiums in recent years. Both companies have stated that the decline was intentional, and reflected their decision to exit unprofitable business.
One company that has disappeared from the top 25 list is ACE. In 2016, ACE purchased Chubb, and the combined company is using the Chubb name.
Both Chubb Ltd. Group and Chubb Insurance Group appear in the list below. Chubb Ltd. Group is the parent company of the Chubb Insurance Group.
|Rank||Insurer||2015 Premium (MM)||2015 Market Share|
|3||Zurich Ins. Group||2,859||5.00|
|7||Liberty Mutual Group||2,481||4.34|
|8||State Ins. Fund of NY||2,437||4.26|
|9||State Comp. Fund of CA||1,638||2.87|
|10||Old Republic Group||1,444||2.53|
|11||WR Berkley Group||1,394||2.44|
|12||American Financial Group||1,314||2.3|
|13||Chubb Ins. Group||1,244||2.18|
|14||Chubb Ltd. Group||1,192||2.09|
|15||BCBS of MI Group||1,139||1.99|
|16||Texas Mutual Ins. Co.||1,087||1.90|
|17||Fairfax Financial Group||905||1.58|
|18||American Assets Group||822||1.44|
|19||CNA Ins. Group||729||1.27|
|20||Employers Holding Group||684||1.2|
|22||NJ Manufacturers Group||509||.89|
|23||Nationwide Corp. Group||506||.89|
|24||Sentry Ins. Group||476||.83|