NAIC Market Share Report 2024 | Top 25 Workers’ Compensation Insurers
The Current State of the Workers’ Compensation Marketplace
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 past iterations, 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.
Once collected, 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).
The data presented here reflects data filed by insurers as of March 4 and will be refreshed daily by the NAIC through March 8 and then each Monday throughout March.
Trends & Insights
With 95.75% of property and casualty insurance companies reporting so far, direct premiums written for all lines of business are $954,849,866,158.
The Top 10 property and casualty companies reporting so far have a cumulative market share of 48.07%.
Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 4th, 2024, at $314,788,570,644, which is about 33% of all written premiums.
In the Workers Compensation marketplace, the total amount Direct Written Premiums are $58,270,470,843. Direct Premiums earned totalled $57,917,279,337 as March 11, 2024.
Two Connecticut-based insurers occupy the top spots in this line of insurance with Travelers taking the top spot, followed by The Hartford. Together, they have a cumulative market share of 13.11%.
Massachusetts’ Liberty Mutual is the seventh-largest workers compensation insurer in the nation with a total of $2,093,981,396 in total direct premiums written, representing a 3.59% market share.
The Top 25 Workers’ Compensation Insurers
Please note the following data is updated on a weekly basis by the NAIC through the month of March. The updated data here reflects the latest data as of March 04, 2024, reflecting an estimated 96.94% of Property/Casualty filings.
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WRITTENDIRECT
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EARNEDDIRECT
LOSS TO
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Links to our 2024 NAIC Market Share Reports
For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from last year, links to each of those reports are below:
Links to our 2023 NAIC Market Share Reports
