Travelers Remains the Largest Workers Compensation Insurer in the Land
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 compiled into a report listing the 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).
With approximately 97.92% of P&C insurers reporting, the industry recorded approximately $1.06 trillion in Direct Premiums Written in 2024. The top 10 P&C insurers account for 51.40% of the total market share, reflecting a continued concentration of market share among the largest carriers.
Private passenger auto insurance remains the dominant line of business, with $344.11 billion in direct premiums written, representing approximately 35% of all reported P&C premiums.
Key takeaways from this year’s Workers’ Compensation Market Share Report
The U.S. workers’ compensation insurance market saw a slight decline in total premiums in 2024, accompanied by a general increase in loss ratios among the leading insurers. Travelers Group retained its position as the top carrier, but both it and several other major players reported reduced direct premiums written compared to 2023.
Below are five key comparisons and takeaways from the 2024 workers’ compensation insurance marketplace versus the previous year courtesy of Chat GPT:
Slight Decline in Total Market Volume:
The total direct premiums written in the workers’ compensation market fell by approximately 1.4%, from $58.27 billion in 2023 to $57.48 billion in 2024. This decline reflects a softening market despite continued economic activity.
Market Leader Travelers Group Sees Modest Dip:
Travelers Group, the largest workers’ compensation insurer, saw its direct premiums written decrease from $3.87 billion in 2023 to $3.83 billion in 2024, a modest drop of about 0.9%. Its loss to EP ratio also rose from 43.01% to 39.88%, indicating growing underwriting pressures.
Increase in Industry-Wide Loss Ratios:
The overall direct loss to EP ratio for the industry increased from 44.88% in 2023 to 47.33% in 2024, pointing to more frequent or severe claims. The Loss & DCC to EP ratio remained steady at 54.62%, suggesting that defense and cost containment expenses remained consistent despite higher claims costs.
The Hartford and AmTrust Also Face Premium Declines:
The Hartford Fire & Casualty Group remained the second-largest carrier but experienced a decrease in direct premiums written from $3.77 billion to $3.70 billion. Similarly, AmTrust Financial Services, which ranked third, saw premiums drop from $3.43 billion to $3.37 billion. Both companies reported increased loss ratios compared to 2023.
Liberty Mutual and Chubb Maintain Stability:
Despite broader market challenges, Liberty Mutual and Chubb Ltd. Group remained relatively stable. Liberty Mutual’s premiums fell slightly from $2.09 billion to $1.85 billion, while Chubb’s declined from $2.38 billion to $2.35 billion. Loss ratios for both companies remained manageable, highlighting their continued ability to adapt to evolving market conditions.
The Top 25 P&C Insurers by Countrywide Premium – Workers’ Compensation Insurance
| Rank | Group/Company Name | Direct Premiums Written | Direct Premiums Earned | Direct Loss to EP Ratio¹ | Market Share % | Cumulative Market Share %³ | |
|---|---|---|---|---|---|---|---|
 |
1 | TRAVELERS GRP | 3,833,368,542 | 3,839,155,359 | 39.88 | 6.67 | 6.67 |
 |
2 | HARTFORD FIRE & CAS GRP | 3,705,411,049 | 3,692,588,993 | 45.00 | 6.45 | 13.12 |
 |
3 | AMTRUST FINANCIAL SERV GRP | 3,369,191,719 | 3,301,324,506 | 52.88 | 5.86 | 18.98 |
 |
4 | ZURICH INS GRP | 2,879,952,884 | 2,872,486,691 | 43.19 | 5.01 | 23.99 |
 |
5 | CHUBB LTD GRP | 2,350,966,351 | 2,466,463,797 | 38.63 | 4.09 | 28.08 |
 |
6 | BERKSHIRE HATHAWAY GRP | 2,067,039,937 | 2,078,096,501 | 53.99 | 3.60 | 31.67 |
 |
7 | LIBERTY MUT GRP | 1,854,562,073 | 1,961,702,642 | 32.09 | 3.23 | 34.90 |
 |
8 | STATE INS FUND WC | 1,686,140,548 | 1,700,063,798 | 63.50 | 2.93 | 37.83 |
 |
9 | BCBS OF MI GRP | 1,506,471,895 | 1,553,910,755 | 50.46 | 2.62 | 40.45 |
 |
10 | OLD REPUBLIC GRP | 1,493,596,962 | 1,461,992,006 | 54.95 | 2.60 | 43.05 |
 |
11 | AMERICAN FINANCIAL GRP | 1,386,144,731 | 1,378,154,608 | 43.94 | 2.41 | 45.46 |
 |
12 | AMERICAN INTL GRP | 1,318,119,061 | 1,282,595,515 | 55.31 | 2.29 | 47.76 |
 |
13 | WR BERKLEY CORP GRP | 1,231,803,844 | 1,223,732,339 | 49.42 | 2.14 | 49.90 |
 |
14 | ICW GRP ASSETS INC GRP | 1,226,131,929 | 1,210,687,947 | 55.86 | 2.13 | 52.03 |
 |
15 | CNA INS GRP | 1,130,836,602 | 1,078,575,061 | 32.56 | 1.97 | 54.00 |
|
16 | STATE COMPENSATION INS FUND | 1,090,477,682 | 1,084,833,627 | 29.20 | 1.90 | 55.90 |
 |
17 | TEXAS MUT GRP | 1,027,243,222 | 1,031,139,914 | 37.21 | 1.79 | 57.69 |
 |
18 | ARCH INS GRP | 858,824,474 | 852,545,859 | 52.67 | 1.49 | 59.18 |
 |
19 | EMPLOYERS HOLDINGS GRP | 767,844,865 | 747,790,192 | 48.31 | 1.34 | 60.52 |
 |
20 | FAIRFAX FIN GRP | 724,418,584 | 724,604,784 | 35.33 | 1.26 | 61.78 |
 |
21 | STARR GRP | 703,489,839 | 689,009,893 | 51.53 | 1.22 | 63.00 |
 |
22 | ENCOVA MUT INS GRP | 594,512,796 | 590,139,988 | 44.26 | 1.03 | 64.03 |
 |
23 | SAIF CORP | 567,779,882 | 576,890,190 | 79.73 | 0.99 | 65.02 |
 |
24 | PINNACOL ASSUR | 535,310,039 | 533,569,423 | 53.25 | 0.93 | 65.95 |
 |
25 | COPPERPOINT GRP | 524,744,718 | 540,447,458 | 34.35 | 0.91 | 66.87 |
| Industry Total | 57,479,972,025 | 57,504,440,903 | 47.33 | 100.00 | 100.00 |
