Top 25 U.S. Workers’ Compensation Insurers | NAIC 2023 Market Share Report

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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).

Market Share by Line of Business

NAIC Data as of March 27 2023 Chart by Agency Checklists

Key Points from This Year’s Report:

With 97.92% of property and casualty insurance companies reporting so far, direct premiums written for all lines of business are $869,982,560,322.

The Top 10 property and casualty companies reporting so far have a cumulative market share of 67.07%.

Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 20, 2023, at $277,035,816,966.

The Worker’s Compensation Insurance Marketplace

Total Direct Premiums for the Workers’ Compensation insurance marketplace totalled $56,887,173,618, while Total Premiums Earned was $56,033,441,892.

In terms of market share, Travelers is the largest insurer in this marketplace with $3,807,285,569 in Direct Premiums Written representing an 6.69% market share.

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The top three insurers in this line are as follows: Travelers, The Hartford, and Amtrust Financial. Together they have a cumulative market share of 18.64%.

The top five Workers’ Compensation insurers have a cumulative market share of 27.77%, while the top ten command more than half of the marketplace with a cumulative market share of 43.84%.

With respect to the top 25 Workers’ Compensation Insurers, these companies claim a combined market share of 66.43%.

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

RANKCOMPANY NAMEDIRECT PREMIUMS WRITTEN ($)DIRECT PREMIUMS EARNED ($)DIRECT LOSS TO EP RATIOMARKET SHARE (%)CUMULATIVE MARKET SHARE (%)Agency Checklists MA Insurance News Mass Insurance News Travelers1.TRAVELERS GRP3,807,285,5693,843,040,57641.786.696.69Agency Checklists MA Insurance News Mass Insurance News The Hartford Hartford Insurance News2.HARTFORD FIRE & CAS GRP3,636,838,5153,549,956,74445.236.3913.09Top Insurer in the US Insurance News Massachusetts and US Market Share3.AMTRUST FINANCIAL SERV GRP3,161,523,5452,979,684,48544.505.5618.64Zurich Insurance Group4.ZURICH INS GRP2,749,958,1922,662,353,52622.754.8323.48Agency Checklists MA Insurance News Mass Insurance News Chubb Mass insurance companies5.CHUBB LTD GRP2,441,014,3662,396,135,07925.914.2927.77Top Insurer in the US Insurance News Massachusetts and US Market Share6.LIBERTY MUT GRP2,313,554,5302,315,982,35159.734.0731.84Top Insurer in the US Insurance News Massachusetts and US Market Share7.BERKSHIRE HATHAWAY GRP2,082,410,4842,058,326,16445.343.6635.508.BCBS OF MI GRP1,749,368,2911,851,103,87554.163.0838.57Top 25 Workers Comp Insurers US 20219.STATE INS FUND1,565,411,1451,595,189,43063.552.7541.32Top Insurers in the United State10.OLD REPUBLIC GRP1,430,734,1111,395,156,82446.972.5243.84Top Insurer in the US Insurance News Massachusetts and US Market Share11.AMERICAN FINANCIAL GRP1,268,115,7511,278,750,58035.522.2346.07Top Insurer in the US Insurance News Massachusetts and US Market Share12.WR BERKLEY CORP GRP1,201,494,9401,177,500,09349.692.1148.1813.AMERICAN INTL GRP1,198,023,0131,179,139,55634.162.1150.29Top Insurers in the United States14.STATE COMPENSATION INS FUND1,176,756,5811,186,387,36170.392.0752.35Top Insurers in the United States15.TEXAS MUT INS CO1,060,021,0721,036,983,01833.101.8654.22Top Insurers in the United States16.ICW GRP ASSETS INC GRP978,619,126943,124,53746.531.7255.94Top Insurer in the US Insurance News Massachusetts and US Market Share17.CNA INS GRP946,503,851899,479,56428.521.6657.60Top Insurer in the US Insurance News Massachusetts and US Market Share18.FAIRFAX FIN GRP756,434,412752,503,22633.601.3358.93Top Insurers in the United States19.ARCH INS GRP750,914,636711,510,22642.021.3260.25Top Insurers in the United States20.EMPLOYERS HOLDINGS GRP705,259,913673,204,26944.741.2461.49Top Insurers in the United States21.STARR GRP616,989,496623,651,51654.231.0862.58Top Insurer in the US Insurance News Massachusetts and US Market Share22.MARKEL CORP GRP607,119,433612,054,64348.841.0763.6423.SAIF CORP538,913,585529,899,64551.430.9564.5924.ENCOVA MUT INS GRP528,336,075512,358,68440.760.9365.52TOP US workers Comp Insurers in the US list25.COPPERPOINT GRP519,615,648527,890,88338.170.9166.43**INDUSTRY TOTAL**56,887,173,61856,033,441,89244.84100.00100.00

Links to our 2023 NAIC Market Share Reports

Links to our 2022 NAIC Market Share Reports

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