This week, the California Department of Insurance released data that shows workers’ compensation premiums total in 2012 were $1.2 billion higher than in 2011. This reflects both an increase in average premium rates and an increase in covered payroll due to an improving economy.
The data, complied by the National Association of Insurance Companies, also shows changes in the rankings of the largest workers’ compensation insurer groups. The State Compensation Insurance Fund remains the state’s largest carrier but has seen its market share drop from 12.9 percent in 2011 to 10 percent in 2012. Zurich Insurance Group continued to be the second largest writer in the state followed by Travelers Group and Hartford. Berkshire Hathaway Group jumped to be the fifth largest writer in the state with its acquisition of the Guard Group. Rounding out the list of top ten writers were American International Group, Fairfax Financial Group, Liberty Mutual Group, Employers Holding Group and American Assets Group.
The California Department of Insurance has posted the latest NAIC figures for California. The report can be found at http://www.insurance.ca.gov/0400-news/0200-studies-reports/0100-market-share/2012/index.cfm