Top 10 Best Workers Comp Insurance Providers in the USA Market.

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 IBISWorld, the industry has experienced an annual growth of 2.1% from 2013 to 2018. Additionally, the National Association of Insurance Commissioners (NAIC) reported that the industry collected $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 explore the top 10 workers comp insurance providers on the market, provide an overview of their opportunities and market conditions.

1. Travelers

Direct written premiums: $4.3 billion

Market share: 7.4%

Travelers is the leading workers comp insurance provider in the United States. The company is dedicated to helping businesses reduce the cost of claims, create a safe working environment for employees, provide appropriate care for injured workers and improve claim outcomes. Journeymen also help employees return 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%

Hartford is a property and casualty insurance company serving more than one million small businesses across the country. 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, Individual Umbrella. , and professional liability.

4. Zurich Insurance

Direct written premiums: $2.7 billion

Market share: 4.7%

Zurich Insurance Group is a multi-line insurance company that provides property and casualty and life insurance products and services in more than 210 countries and territories. In addition to workers’ comp/employers liability insurance, Zurich offers accident 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 offers other commercial insurance solutions including excess and surplus, international, title and warranty coverage. AmTrust’s workers comp coverage is suitable for a variety of 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. happens 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) insurer 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 additional coverage for companies that self-insure predictable losses but need coverage for catastrophic exposures.

7. Liberty Mutual

Direct written premiums: $2.5 billion

Market share: 4.3%

Liberty Mutual is a global insurance company with more than 800 offices in 30 countries and economies around the world. The company operates through three business units: Personal Insurance Lines, Commercial Insurance Lines and Liberty Mutual Investments. Established a year after the Massachusetts Legislature passed a law requiring employers to provide workers’ comp insurance to their employees, Liberty Mutual’s workers’ comp coverage helps injured workers receive medication for work-related injuries without out-of-pocket costs and quality, affordable treatment. Its network of local medical providers.

8. New York State Insurance Fund

Direct written premiums: $2.3 billion

Market share: 3.9%

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 to 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 occupational injury and disease of their employees, and the Disability Benefits Fund, insuring against disabling injury or illness to an off-the-job employee. NYSIF offers quality insurance plans for all New York businesses, as well as claims management and workplace safety programs at no additional cost.

9. AIG

Direct written premiums: $1.7 billion

Market share: 2.9%

American International Group (AIG) is a global insurance company 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 options to meet collateral needs.

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 not-for-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 LifeSecure Insurance Company.

In conclusion, the workers’ comp insurance market is diverse and competitive, with providers offering a range of coverage to suit businesses of all sizes and industries. By understanding each provider’s unique opportunities and market conditions, businesses can make informed decisions when choosing the workers comp insurance provider that best suits their needs.

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