Monday, March 10, 2014

Travelers Edges Out Liberty Mutual To Become Largest Workers' Compensation Insurer

From: The Hartford Courant
March 06, 2014

The Travelers Cos. replaced Liberty Mutual as the largest provider of workers' compensation in 2013, according to an annual list of top insurers by business segment released this week

Liberty Mutual fell to second place after holding the top spot a year earlier, and The Hartford Financial Services Group maintained its third place position both years.

The statistics were revealed in an annual analysis of insurers' market share, released Wednesday by the National Association of Insurance Commissioners.

Last year in workers' compensation, Travelers had $4 billion in earned-premium revenue for workers' compensation. Liberty Mutual had $3.87 billion and The Hartford had $3.3 billion.

In the broader context, State Farm was the top property-casualty insurer in the U.S. if premium revenue for all business segments is added together. State Farm had $55 billion in earned-premium revenue in 2013, up from $53 billion a year earlier. State Farm continued to dominate in the two largest, most lucrative insurance segments: homeowners and personal auto.

After State Farm, the top property-casualty insurers last year by market share, followed by the company's earned-premium revenue, are: Liberty Mutual, $28.9 billion; Allstate, $27.2 billion; Berkshire Hathaway, $22.3 billion; Travelers, $22.8 billion. Berkshire Hathaway owns GEICO.

Top home insurers last year were State Farm, Allstate, Liberty Mutual, Farmers Insurance, United Services Automobile Association. Top personal auto insurers were State Farm, Berkshire Hathaway, Allstate, Progressive and Farmers Insurance.

Property-casualty was a $531.7 billion industry last year, which includes $179 billion from personal auto; $80.2 billion from homeowners' coverage; $54.5 billion from "other liability," which is general liability; $50.4 billion in workers' compensation; $25.8 billion in commercial auto coverage; among other lines of coverage.

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