NAIC 2022 Market Share Report | The Top 25 U.S. Workers Comp Insurers

The Workers’ Comp. marketplace is the sixth-largest line of insurance in the U.S.

The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for both the Property & Casualty Insurance Marketplace, as well as for the Life & Fraternal Insurance Marketplace. As in the past, the data offered here reflects a compiled list of market share data based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Page of the NAIC’s annual statement for insurers.

The data is then compiled and included in various reports on cumulative market share data for the seven major lines of insurance in the United States: All Lines; Private Passenger Personal Auto; Commercial Auto; Workers’ Compensation; Medical Professional Liability; Homeowners’ Multi-Peril, and Other Liability (excluding auto liability).

Musings on this year’s Market Share Report

With approximately 98.54% of all filings having been submitted to the NAIC as of March 21, 2022, the total amount of Direct Written Premium for the U.S. insurance industry, All Lines, was $793,719,555,911. With respect to the Workers Compensation marketplace, the total amount of Direct Written Premiums for this line of insurance was $52,237,806,087 versus $51,030,257,326 last year.

According to these figures, the U.S. Workers Compensation Insurance marketplace ranks as the sixth-largest of the seven major lines of insurance in the U.S.

Looking at market share numbers, the top ten Workers Compensation Insurers claim a cumulative market share of 42.98%, while the top five insurers have a 26.51% cumulative market share and the top three with a 17.79% market share. Out of the top ten, three of the largest workers compensation insurers call New England home with the top two based in Connecticut: top-ranked Travelers followed by The Hartford and Boston-based Liberty Mutual which is the sixth-largest in the land.

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For those interested in history, Liberty Mutual originally began over a hundred years ago as an entity to provide workers compensation company to workers in Massachusetts. It officially opened its doors on July 1, 1912. The photo to the right is of the company’s first insurance policy.

Market Share by Line of Business

A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 21, 2022.

The Top 25 Workers’ Compensation Insurers in the U.S.

RANKCOMPANY NAME
DIRECT PREMIUMS WRITTEN ($)
DIRECT PREMIUMS EARNED ($)
DIRECT LOSS TO EP RATIO
MARKET SHARE (%)
CUMULATIVE MARKET SHARE (%)Agency Checklists, MA Insurance News, Mass. Insurance News, Travelers1.Travelers Group3,547,060,2483,602,051,13750.966.796.79Agency Checklists, MA Insurance News, Mass. Insurance News, The Hartford, Hartford Insurance News2.Hartford Fire & Cas. Group3,293,688,7753,225,540,31446.096.3113.10Top Insurer in the US, Insurance News Massachusetts and US Market Share3.AmTrust Financial Serv. Group2,449,895,7182,194,528,59545.574.6917.79Zurich Insurance Group4.Zurich Ins. Group2,354,376,1082,340,174,59651.624.5122.29Agency Checklists, MA Insurance News, Mass. Insurance News, Chubb, Mass. insurance companies5.Chubb Ltd. Group2,203,568,4122,272,538,54342.434.2226.51Top Insurer in the US, Insurance News Massachusetts and US Market Share6.Liberty Mutual Group1,984,360,4011,943,453,19356.813.8030.31Top Insurer in the US, Insurance News Massachusetts and US Market Share7.Berkshire Hathaway Group1,927,849,1251,983,989,23945.533.6934.00Top Insurers in the United States8.State Ins. Fund1,733,103,5351,798,081,96660.513.3237.32Top 25 Workers Comp Insurers U.S. 20219.BCBS of MI Group1,667,442,4951,749,357,81652.323.1940.51Top Insurers in the United State10.Old Republic Group1,292,040,4901,280,054,98554.592.4742.98Top Insurers in the United States11.State Compensation Ins. Fund1,235,450,5771,250,541,21473.972.3745.35Top Insurer in the US, Insurance News Massachusetts and US Market Share12.American Financial Group1,179,981,6651,185,958,29839.342.2647.61Top Insurer in the US, Insurance News Massachusetts and US Market Share13.WR Berkley Corp Group1,139,400,9821,125,472,11352.192.1849.7914.American Intl. Group1,103,210,3001,122,449,91989.972.1151.90Top Insurers in the United States15.Texas Mutual Ins. Co.923,449,372947,206,75230.141.7753.67Top Insurer in the US, Insurance News Massachusetts and US Market Share16.CNA Ins. Group842,969,839825,821,38541.061.6155.28Top Insurers in the United States17.ICW Group Assets Inc. Group835,665,426824,101,92546.911.6056.88Top Insurer in the US, Insurance News Massachusetts and US Market Share18.Fairfax Fin. Group752,800,608756,589,87628.041.4458.32Top Insurers in the United States19.Arch Ins. Group655,835,115655,360,71945.561.2659.58Top Insurers in the United States20.Starr Group589,005,202618,583,41166.701.1360.71Top Insurer in the US, Insurance News Massachusetts and US Market Share21.Markel Corp Group585,006,210549,693,28146.521.1261.83Top Insurers in the United States22.Employers Holdings Group582,607,866573,989,68345.581.1262.94Top Insurers in the United States23.Pinnacol Assur.539,423,615540,260,60555.561.0363.9724.SAIF Corp.521,964,312515,867,48182.031.0064.97TOP US workers Comp Insurers in the US list25.Copperpoint Group478,236,901475,457,92043.760.9265.89INDUSTRY TOTALS52,237,806,08752,003,436,17049.47100.00100.00

Links to our 2022 NAIC Market Share Reports

Links to our 2021 NAIC Market Share Reports

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