25 Largest Workers’ Compensation Insurers

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Workers’ compensation insurance is widely available, but some insurers sell many more policies than others. Insurers that sell a large volume of policies may have more expertise in workers’ comp than insurers that sell only a few. Also, many large workers’ comp insurers sell other coverages businesses need, such as commercial property and general liability.

Key Takeaways

The list of the top 25 workers' compensation insurers that appears in the table below includes data published by the NAIC in March 2022.
Insurers are listed in descending order based on net written premium they generated in 2021.
The workers’ comp insurance market is highly varied. The top 25 list includes five state insurance funds, a conglomerate, several multiline insurers, and some specialty insurers.

The 25 insurers that sell the most workers’ comp insurance in the U.S. appear in the list below. The source of the data is a list published by the National Association of Insurance Commissioners (NAIC) in March 2022. The NAIC is an advisory organization that sets standards and provides regulatory advice to state insurance departments.

Note

Company size is only one factor to consider when choosing a workers’ comp insurer. Other important factors are pricing, licensing, service, financial stability, and claim handling.

How Workers’ Comp Premiums Work

The insurers on the top 25 list appear in descending order based on direct written premiums generated in 2021. The term “direct written premium” means all policy premiums collected by an insurer without considering any premium ceded to reinsurance companies.

The written premium is the amount a policyholder is obligated to pay for a policy. Workers’ compensation premiums are paid in advance, so the written premium is the amount the insured has paid upfront and before any claims have been paid out. Written premium differs from earned premium, which is the amount the insured has paid for the expired portion of the policy—when the insurer is no longer accepting any risk for the policyholder. The earned premium is based on actual payrolls, so it cannot be calculated until a final audit is performed.

Insurers'workers' compensation premiums can fluctuate from year to year. Some insurers may lose market share due to competition or declining premiums. Others may deliberately write fewer policies. For instance, an insurer may decide to exit an unprofitable line of coverage or sell a book of business to another insurer.

The Top 25 Workers’ Compensation Insurers

Rank	Insurer	2021 Premium	Market Share	Comments
1	Travelers Grp.	$3.5 billion	6.79%	A global company that offers insurance for both businesses and individuals. Owns numerous insurers, including St. Paul Fire & Marine and USF&G.
2	Hartford Fire & Cas. Grp.	$3.3 billion	6.30%	A global insurer that offers a wide range of personal and commercial coverages, including workers’ comp.
3	AmTrust Fin. Serv. Grp.	$2.4 billion	4.69%	A niche specialty property/casualty insurer that focuses on small businesses.
4	Zurich Ins. Grp.	$2.3 billion	4.51%	Global company based in Switzerland. Operates in more than 210 countries and territories. Sells many types of coverages, including workers’ comp.
5	Chubb Ltd. Grp.	$2.2 billion	4.22%	A global insurer that offers a wide range of personal and commercial coverages, including workers’ comp.
6	Liberty Mut. Grp.	$1.9 billion	3.80%	A global mutual insurer that sells a wide variety of personal and business coverages directly to buyers or through independent agents.Owns numerous insurers, including Safeco, Ironshore, and Golden Eagle.
7	Berkshire Hathaway Grp.	$1.9 billion	3.69%	A conglomerate that owns numerous insurance companies, including Berkshire Hathaway Homestate Companies, which sell workers’ comp.
8	State Ins. Fund (NY)	$1.7 billion	3.32%	Serves as the state fund for both workers’ comp and disability benefits. Competes with insurers for workers’ comp business.
9	BCBS of MI Grp.	$1.7 billion	3.19%	Owns AF Group, which in turn owns several subsidiaries that write workers’ comp, including Accident Fund, United Heartland, CompWest, and Third Coast Underwriters.
10	Old Republic Grp.	$1.3 billion	2.47%	A specialty insurer that writes many types of insurance, including workers’ comp.
11	State Comp. Ins. Fund (CA)	$1.2 billion	2.36%	California’s state workers’ comp fund. Competes with insurers for workers’ comp business.
12	American Fin. Grp.	$1.2 billion	2.26%	A holding company that owns Great American Insurance, a specialty property/casualty insurer.
13	WR Berkley Corp. Grp.	$1.1 billion	2.18%	A holding company based in Connecticut. Owns over 50 operating insurance units, several of which write workers’ comp.
14	American Intl. Grp.	$1.1 billion	2.11%	Global company that owns dozens of subsidiaries worldwide. Operates in more than 80 countries. Sells personal and commercial lines, including workers’ comp.
15	Texas Mutual Ins. Co.	$923 million	1.77%	A large mutual insurer that serves as the state workers’ comp fund in Texas.
16	CNA Ins. Grp.	$843 million	1.61%	Global company founded in 1897. Offers standard and specialty coverages, including workers’ comp, for large and small businesses.
17	ICW Grp. Assets Inc. Grp.	$836 million	1.60%	A California company that sells workers’ comp and earthquake insurance through independent agents.
18	Fairfax Fin. Grp.	$753 million	1.44%	A holding company based in Toronto. Owns several insurers that operate in the U.S., including Zenith National (which sells workers’ comp), Allied World, and Crum & Forster (which sells property and casualty coverages).
19	Arch Ins. Grp.	$656 million	1.26%	A global specialty insurer that offers many types of coverages, including workers’ comp.
20	Starr Grp.	$589 million	1.13%	A specialty insurer that offers many types of coverages, including workers’ comp.
21	Markel Crp. Grp.	$585 million	1.12%	A global company based in the U.S. Offers many types of specialty coverages, including workers’ comp.
22	Employers Holdings Grp.	$583 million	1.12%	Offers workers' comp insurance only. Sells policies in all 50 states.
23	Pinnacol Assur.	$539 million	1.03%	Colorado's state insurance fund. Competes with insurers for workers’ comp business.
24	SAIF Corp.	$522 million	1.00%	Is Oregon’s state workers’ comp fund. Competes with insurers for workers’ comp business.
25	Copperpoint Grp.	$478 million	0.92%	A regional company that operates in 10 western states.

Source: NAIC's Market Share Report

Varied Market

Theworkers' compensation market is highly varied. The top 25 list includes a conglomerate, several large multiline insurers, and five state insurance funds. Berkshire Hathaway (seventh on the list) is a conglomerate that owns more than a dozen insurance companies, including Geico and General Re. Travelers, Hartford, and Zurich (first, second, and fourth, respectively) are large insurers that provide a broad range of coverages to businesses of all sizes.

The top 25 list also includes specialty companies such as AmTrust Financial, Arch, and Markel. AmTrust focuses on insurance solutions for small businesses, especially workers’ comp insurance. Markel specializes in market niches such as farming,livestock, education, and sports. It also offers a small business program that includes coverages including workers' compensation andbusiness owners. Arch is a multinational company that provides property, casualty, and specialty insurance for corporations, professional firms, and financial institutions across the U.S.

Workers’ Comp Specialists

Five of the largest workers' compensation insurers are state funds: the New York State Fund, the State Compensation Fund of California, Pinnacol Assurance (the state fund in Colorado), Texas Mutual, and SAIF (Oregon’s state fund). All compete for business with private insurers.

Note

All five of the workers’ comp funds that appear on the top 25 list operate their state's assigned risk plan. They are the insurer of last resort for employers in their state that can’t secure workers’ comp insurance from a private insurer.

A few insurers on the list are workers' compensation specialists but aren't state funds. These include Employers Group and ICW Group. Employers Group only offers workers' compensation coverage. It operates in all 50 states and focuses on small businesses. ICW Group sells only two commercial insurance coverages: workers' compensation and earthquake.

Frequently Asked Questions (FAQs)

What industry has the most workers' compensation claims?

Health care workers employed as nursing assistants and nurses (including licensed vocational nurses and registered nurses) had the highest rate of work-related injuries or illnesses in 2020, according to the U.S. Bureau of Labor Statistics. These workers are particularly prone to musculoskeletal injuries such as sprains and strains. Other workers who had high rates of injuries were laborers; freight, stock, and material movers; heavy and tractor-trailer truck drivers; and maintenance and repair workers.

What is the largest workers' compensation settlement?

The largest settlement of a workers’ comp claim was $11.3 million in California in 2018. The case involved a nanny who suffered a traumatic brain injury while a passenger in a car that was struck by a bus. The nanny had accompanied her employers on a ski trip to care for their son. The $11.3 million payout was much larger than the average settlement for a workers’ comp claim, which is $21,946.

Should I choose an insurance company based on its size?

Because large insurers generally have greater financial resources, they may offer a broader range of products and services than small companies. Insurers that sell a large volume of policies may have more expertise in workers’ comp than insurers that sell only a few. Also, many large companies sell other coverages businesses need, such as property and liability. Yet, size isn’t the only factor to consider when choosing a workers’ comp insurance company. You should also consider an insurer’s financial stability, quality of service, licensing status, and claims settlement practices.

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Sources

The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.

NAIC. “2021 Property and Casualty Market Share.” Page 4.
U.S. Bureau of Labor Statistics. "Employer Reported Workplace Injuries and Illnesses–2020."
OSHA. “Safe Patient Handling."
Rose, Klein & Marias LLP. "Rose, Klein & Marias LLP Wins Highest Workers’ Compensation Settlement in California.”
Brown & Crouppen. "What Is the Average Workers’ Comp Settlement?"