S&P Global: Comp Premiums Down 2.82% in First Half of 2019

Thursday, September 26, 2019 | 0

Earned workers’ compensation premiums fell 2.82% to $27.03 billion in the first half of 2019, according to an S&P Global Market Intelligence analysis.

S&P said 14 of the 20 largest workers’ compensation carriers reported premium decreases in the first six months of the year. At the same time, loss ratios among the 20 largest carriers generally declined, suggesting work comp remains profitable.

Travelers Cos. Inc. remained the largest national workers’ compensation writer, even as earned premiums fell 1.19% to $2.13 billion from $2.16 billion for the first six months of 2018.

The Hartford Financial Services Group Inc., the second-largest carrier, saw its premiums increase to about $1.7 billion. Zurich Insurance Group, the third-largest carrier, saw its premiums fall 5.59% to $1.33 billion from $1.41 billion.

AmTrust Financial Servies Inc. had the biggest decline in premiums among the 20 largest carriers. AmTrust's earned premium fell 15.54% to $1.19 in the first half of 2019 from $1.4 billion in the first half of 2018.

California’s State Compensation Insurance Fund had the second-largest percentage decline as its premiums dropped 15.11% to $594.6 million from $700.5 million. State Fund is the 13th largest carrier in the U.S.

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