Best’s News & Research Service - June 14, 2024 10:33 AM (EDT)
Best's Rankings: Workers' Comp Direct Premiums Written Rise 2.4%
OLDWICK, N.J. //BestWire// - Total U.S. workers' compensation direct premiums written rose 2.4% in 2023, with 20 of the top 25 insurers seeing increases, according to a new Best's Rankings report.
Travelers Group maintained its No. 1 ranking as its DPW rose 1.6% to $3.87 billion. Second-ranked Hartford Insurance Group's DPW rose 3.7% to $3.77 billion, and No. 3 AmTrust Group's DPW rose 8.3% to $3.43 billion.
Each of the top five writers maintained their positions from the previous year.
Top gainers were Palomar Holdings US Group at No. 72, with a 201.4% rise in DPW; Sunz Insurance Co. at No. 79, up 131.8%; and Sompo Holdings US Group at No. 63, up 25.7%.
Those with the biggest declines include ID State insurance Fund, at No. 56, with a 27.4% drop: WCF Insurance Group at No. 37, down 18.9%; and Core Specialty Insurance Group at No. 57, down 15.1%.
The Best’s Ranking report lists the top 100 writers of workers' compensation in 2023, their direct premium written, percentage change from 2022 and 2021, their market share, adjusted loss ratio and workers' comp as a percentage of company premiums.
It also lists the aggregate totals for the top 25, 50 and 100 writers and the total for the U.S. property/casualty industry.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
Subscribers can access the report and data here.
Learn more about Best's News and Research Service.
AM Best data sourced from Best's Financial Suite, US.