Best’s News & Research Service - June 16, 2022 10:50 AM (EDT)
Best’s Rankings: US Workers’ Comp Direct Premiums Written Increased 2.1% in 2021
OLDWICK, N.J. //BestWire// - The U.S. workers’ compensation insurance market totaled about $52.25 billion in 2021 based on direct premiums written, a gain of 2.1% from the prior year, according to a new Best’s Ranking report.
Travelers Group leads the list of U.S. workers’ comp insurers ranked by 2021 direct premiums written despite seeing a 5.1% drop. Travelers reported full-year premiums of about $3.5 billion and the company controlled 6.8% of the market in 2021.
Among the top 10-largest U.S. workers’ comp insurers, No. 3-ranked AmTrust Group saw the largest increase, with its 2021 direct premiums written to about $2.45 billion — up 25.2%. Second-place Hartford Insurance Group saw a 10.1% gain to $3.29 billion, according to the ranking.
The three-page AM Best report measures: 2021 direct premiums written; percentage change in direct premiums; market share for 2021, 2020 and 2019; adjusted loss ratios for 2021, 2020 and 2019; and percentage of company premiums.
Subscribers can access the report and data here.
Learn more about Best’s News and Research Service.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)