Vacationers Stays the Largest Staff Compensation Insurer within the Land
The National Association of Insurance Commissioners has issued its annual Market Share Information Stories for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the info provided right here displays a compiled listing of market share information primarily based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Web page of the NAIC’s annual assertion for insurers.
As soon as collected, the info is compiled right into a report itemizing the cumulative market share information for the seven main traces of insurance coverage in the US: All traces; Personal Passenger Private Auto; Business Auto; Staff’ Compensation; Medical Skilled Legal responsibility; Householders’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
With roughly 97.92% of P&C insurers reporting, the trade recorded roughly $1.06 trillion in Direct Premiums Written in 2024. The highest 10 P&C insurers account for 51.40% of the entire market share, reflecting a continued focus of market share among the many largest carriers.
Personal passenger auto insurance coverage stays the dominant line of enterprise, with $344.11 billion in direct premiums written, representing roughly 35% of all reported P&C premiums.
Key takeaways from this 12 months’s Staff’ Compensation Market Share Report
The U.S. staff’ compensation insurance coverage market noticed a slight decline in whole premiums in 2024, accompanied by a common improve in loss ratios among the many main insurers. Vacationers Group retained its place as the highest service, however each it and a number of other different main gamers reported decreased direct premiums written in comparison with 2023.
Under are 5 key comparisons and takeaways from the 2024 staff’ compensation insurance coverage market versus the earlier 12 months courtesy of Chat GPT:
Slight Decline in Complete Market Quantity:
The entire direct premiums written within the staff’ compensation market fell by roughly 1.4%, from $58.27 billion in 2023 to $57.48 billion in 2024. This decline displays a softening market regardless of continued financial exercise.
Market Chief Vacationers Group Sees Modest Dip:
Vacationers Group, the biggest staff’ compensation insurer, noticed its direct premiums written lower from $3.87 billion in 2023 to $3.83 billion in 2024, a modest drop of about 0.9%. Its loss to EP ratio additionally rose from 43.01% to 39.88%, indicating rising underwriting pressures.
Improve in Trade-Vast Loss Ratios:
The general direct loss to EP ratio for the trade elevated from 44.88% in 2023 to 47.33% in 2024, pointing to extra frequent or extreme claims. The Loss & DCC to EP ratio remained regular at 54.62%, suggesting that protection and value containment bills remained constant regardless of larger claims prices.
The Hartford and AmTrust Additionally Face Premium Declines:
The Hartford Hearth & Casualty Group remained the second-largest service however skilled a lower in direct premiums written from $3.77 billion to $3.70 billion. Equally, AmTrust Monetary Companies, which ranked third, noticed premiums drop from $3.43 billion to $3.37 billion. Each corporations reported elevated loss ratios in comparison with 2023.
Liberty Mutual and Chubb Preserve Stability:
Regardless of broader market challenges, Liberty Mutual and Chubb Ltd. Group remained comparatively steady. Liberty Mutual’s premiums fell barely from $2.09 billion to $1.85 billion, whereas Chubb’s declined from $2.38 billion to $2.35 billion. Loss ratios for each corporations remained manageable, highlighting their continued capacity to adapt to evolving market circumstances.
The Prime 25 P&C Insurers by Countrywide Premium – Staff’ Compensation Insurance coverage
| Rank | Group/Firm Identify | Direct Premiums Written | Direct Premiums Earned | Direct Loss to EP Ratio¹ | Market Share % | Cumulative Market Share %³ | |
|---|---|---|---|---|---|---|---|
 |
1 | TRAVELERS GRP | 3,833,368,542 | 3,839,155,359 | 39.88 | 6.67 | 6.67 |
 |
2 | HARTFORD FIRE & CAS GRP | 3,705,411,049 | 3,692,588,993 | 45.00 | 6.45 | 13.12 |
 |
3 | AMTRUST FINANCIAL SERV GRP | 3,369,191,719 | 3,301,324,506 | 52.88 | 5.86 | 18.98 |
 |
4 | ZURICH INS GRP | 2,879,952,884 | 2,872,486,691 | 43.19 | 5.01 | 23.99 |
 |
5 | CHUBB LTD GRP | 2,350,966,351 | 2,466,463,797 | 38.63 | 4.09 | 28.08 |
 |
6 | BERKSHIRE HATHAWAY GRP | 2,067,039,937 | 2,078,096,501 | 53.99 | 3.60 | 31.67 |
 |
7 | LIBERTY MUT GRP | 1,854,562,073 | 1,961,702,642 | 32.09 | 3.23 | 34.90 |
 |
8 | STATE INS FUND WC | 1,686,140,548 | 1,700,063,798 | 63.50 | 2.93 | 37.83 |
 |
9 | BCBS OF MI GRP | 1,506,471,895 | 1,553,910,755 | 50.46 | 2.62 | 40.45 |
 |
10 | OLD REPUBLIC GRP | 1,493,596,962 | 1,461,992,006 | 54.95 | 2.60 | 43.05 |
| 11 | AMERICAN FINANCIAL GRP | 1,386,144,731 | 1,378,154,608 | 43.94 | 2.41 | 45.46 | |
 |
12 | AMERICAN INTL GRP | 1,318,119,061 | 1,282,595,515 | 55.31 | 2.29 | 47.76 |
 |
13 | WR BERKLEY CORP GRP | 1,231,803,844 | 1,223,732,339 | 49.42 | 2.14 | 49.90 |
 |
14 | ICW GRP ASSETS INC GRP | 1,226,131,929 | 1,210,687,947 | 55.86 | 2.13 | 52.03 |
 |
15 | CNA INS GRP | 1,130,836,602 | 1,078,575,061 | 32.56 | 1.97 | 54.00 |
|
16 | STATE COMPENSATION INS FUND | 1,090,477,682 | 1,084,833,627 | 29.20 | 1.90 | 55.90 |
 |
17 | TEXAS MUT GRP | 1,027,243,222 | 1,031,139,914 | 37.21 | 1.79 | 57.69 |
 |
18 | ARCH INS GRP | 858,824,474 | 852,545,859 | 52.67 | 1.49 | 59.18 |
 |
19 | EMPLOYERS HOLDINGS GRP | 767,844,865 | 747,790,192 | 48.31 | 1.34 | 60.52 |
 |
20 | FAIRFAX FIN GRP | 724,418,584 | 724,604,784 | 35.33 | 1.26 | 61.78 |
 |
21 | STARR GRP | 703,489,839 | 689,009,893 | 51.53 | 1.22 | 63.00 |
 |
22 | ENCOVA MUT INS GRP | 594,512,796 | 590,139,988 | 44.26 | 1.03 | 64.03 |
 |
23 | SAIF CORP | 567,779,882 | 576,890,190 | 79.73 | 0.99 | 65.02 |
 |
24 | PINNACOL ASSUR | 535,310,039 | 533,569,423 | 53.25 | 0.93 | 65.95 |
 |
25 | COPPERPOINT GRP | 524,744,718 | 540,447,458 | 34.35 | 0.91 | 66.87 |
| Trade Complete | 57,479,972,025 | 57,504,440,903 | 47.33 | 100.00 | 100.00 |
