2021 Best’s Rankings: US Workers’ Comp – Direct Premiums Written Decreased 9.0%
OLDWICK, N.J. //BestWire// - The U.S. workers’ compensation insurance market totaled $51.16 billion in 2020 based on direct premiums written, a drop of 9% from the prior year.
Travelers Group leads the list of U.S. workers’ comp insurers ranked by 2020 direct premiums written even though it saw an 11.3% decrease, according to a new Best’s Rankings report.
Travelers reported full-year premiums of $3.74 billion and the company controlled 7.3% of the market in 2020.
Among the top-10 largest U.S. workers’ comp insurers, State Insurance WC Fund saw the biggest drop in terms of percentage, with a decrease of 19.3% in 2020 from the prior year. None of the top 25 workers’ comp writers posted premium growth in 2020.
The three-page AM Best report measures: 2020 direct premiums written; percentage change in direct premiums; market share for 2020, 2019 and 2018; adjusted loss ratios for 2020, 2019 and 2018; and percentage of company premiums.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)