Top Workers’ Compensation Insurance Companies in the USA 2023.

Partners in support workers

In the United States workers’ compensation (WC) market, accident frequency has remained stable or slightly downward, but claim intensity is increasing and costs have increased dramatically.

This trend is influenced by:

1. Medical and technical costs associated with the ability of injured workers to survive accidents that would have resulted in fatal injuries.

2. Catastrophically injured individuals live longer

3. advanced medical science with injuries such as severe burns or quadriplegia; Quadriplegics in their 20s or 30s may live another 30 to 40 years, requiring around-the-clock attendant care.

4. Major cost drivers associated with catastrophic injury claims are often not covered by fee schedules, such as extended ICU hospitalizations.

5. Legislative expansion of benefits through various measures such as the Cancer Prediction Act in the public entity market

What Brokers Want From Workers’ Compensation Insurance companies?

The IBA surveyed hundreds of brokers to get their verdict on what the top workers’ compensation insurance companies offer.

Some of their suggestions on what they would like to see in the industry include:

“Provide faster service and more streamlined communication”
“Simplify the underwriting process and binding process”
“Open appetite to include more class code”
“More Flexible Billing Options”

Customer Service AmTrust Financial Services

“From a workers’ compensation perspective, we understand the need to provide service as efficiently as possible. We’ve worked to achieve the right balance between self-service and support, all to set our agents up for success.”

Safety National

“Customer service is not an approach. It is who we are. It is our DNA. That is what sets us apart from other insurance companies. Because of our flat organization and customized approach, our buyers will establish a relationship with us that we believe creates a superior high-touch experience with us than they would have with any other carrier.”

Chubb Commercial Insurance

“Advances in service technologies continue to raise customer service expectations. While technology is important, workers’ compensation is a service-driven product line, and it’s important that underwriters, risk engineers, claims handlers, premium auditors and policy servicing teams manage the various aspects of the workers’ compensation life. Cycles work together to deliver individual touchpoints during the steps.”

The numbers speak for themselves

These top workers’ compensation insurance companies stand out with their proven achievements.

By the end of the year 2022, Safety National reported:
$3.4 billion in statutory surplus
A net worth of $13.8 billion
$2.4 billion in gross written premiums

Other accolades include:

1. Being a wholly owned subsidiary of Tokyo Marine Holdings, it ranks among the top 10 insurance companies in the world with a presence in over 40 countries.
2. Achieving the highest rating from AM Best (A++, FSC XV), thus complimenting the company’s financial stability and staying power
3. Ranking as the best place to work in insurance honors for multiple years

“With more than 360,000 policies in force, and as the third largest writer of workers’ comp in the country, we bring our capabilities to bear every day to support the needs of our policyholders,” says AmTrust’s Zander.

And according to the most recent 2021 AM BEST data, Chubb ranks as the fifth largest direct written premium carrier with $2.2 billion in direct WC premiums.

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