Best’s Rankings: US Workers’ Comp Direct Premiums Written Rise 8.9% in 2022
OLDWICK, N.J. //BestWire// - The U.S. workers’ compensation insurance market saw an 8.9% increase in direct premiums written from the prior year, up to $56.89 billion, according to a new Best’s Ranking report.
Best’s U.S. Workers’ Comp Rankings 2022The top five insurers remained the same, with Travelers Group leading the way at $3.81 billion. It was a 7.3% increase over the previous year, but its market share was down slightly, to 6.7% from 6.8%.
The rest of the insurers in the top five gained market share. No. 3 AmTrust Group had the biggest increase in market share and largest increase in DPW among the top five. Its share moved to 5.6% from 4.7%, while its DPW increased 29% to $3.16 billion.
Second-place Hartford Insurance Group saw a 10.4% gain to $3.64 billion, and it grew its market share to 6.4% from 6.3%.
The three-page AM Best report measures: 2022 direct premiums written; percentage change in direct premiums; market share for 2022, 2021 and 2020; adjusted loss ratios for 2022, 2021 and 2020; and percentage of company premiums.
Subscribers can access the report and data here.
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(By Anthony Bellano, associate editor, Best’s Review: anthony.bellano@ambest.com)