As State's Premium Growth Levels Off, Carriers Make a Profit

A steady growth in workers’ comp premium volume since the Great Recession began to level off in New York State last year, according to a State of the System report from the New York Compensation Insurance Rating Board. Direct written premium in the state was $5.94 billion in 2017, up about 1% from $5.88 billion in 2016. The number of policies written in the state was 543,922 last year, and 265 carriers were writing policies. But the top 10 carrier groups accounted for 82% of direct written premium. State Insurance Fund had the greatest market share, at 38.3%, followed by AmTrust and T...