S&P Reports Year-Over-Year Increase in Comp Premiums for 2nd Quarter

Monday, September 27, 2021 | 0

S&P Global reports that workers’ compensation direct earned premium increased to $12.4 billion in the second quarter of 2021 from $11.84 billion in the second quarter of 2020.

Among the 20 largest work comp underwriters, 13 saw an increase in direct earned premium over this period. Markel Corp. reported the largest increase at 46.3%, propelling the company to No. 20 from No. 29 last year.

Travelers, the largest carrier, with $908.3 million in written premium, had a 1.8% decrease from 2020 to 2021. Direct earned premiums increased 6.2% to $784.1 million for The Hartford, which remained No. 2. Zurich stayed at No. 3 despite premiums falling 5% to $586.3 million.

S&P Global also reports that the work comp sector’s loss ratio in the second quarter of 2021 was 48.8%, up from 45.6% at the same point last year.