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In the United States workers’ compensation (WC) market, accident frequency has been steady or slightly downward, but the severity of claims has been increasing and costs have been driven up dramatically.
Influencing this trend are:
Loretta L. Worters, vice president, media relations at the Insurance Information Institute, lays out what a market-leading WC provider should be.
“Financial stability, do they have a good credit rating? While every workers’ comp company must follow state statutes on coverage terms, limits of liability and benefits, there are other things that you want to look for,” she explains. “What’s their reputation for paying claims in a timely manner? The provider should be accessible when you have questions or concerns. They should be a partner to help prevent workplace safety issues.”
All the IBA 5-Star Workers’ Comp winners display these qualities and are dedicated to delivering.
IBA surveyed hundreds of brokers to get their take on what’s most important in the top workers’ compensation insurance companies’ offerings.
Some of their suggestions on what they want to see in the industry include:
A group of 5-Star winners explained to IBA how they’ve met expectations:
AmTrust Financial Services
Safety National
Chubb Commercial Insurance
AmTrust Financial Services
Safety National
Chubb Commercial Insurance
AmTrust Financial Services
Safety National
Chubb Commercial Insurance
AmTrust Financial Services
Safety National
Chubb Commercial Insurance
AmTrust Financial Services
Safety National
Chubb Commercial Insurance
These top workers’ compensation insurance companies stand out with their quantified achievements.
As of year-end 2022, Safety National reported:
Other accolades include:
Zender of AmTrust says, “With over 360,000 policies in force, and as the third largest writer of workers’ comp in the country, we bring our capabilities to bear daily to support the needs of our policyholders.”
And according to the most recent 2021 AM Best data, Chubb ranks as the fifth largest direct written premium carrier with over $2.2 billion of direct WC premium.
To select the best workers’ compensation insurers for 2023, Insurance Business America enlisted some of the industry’s top experts. During a 15-week process, IBA’s research team conducted one-on-one interviews with specialist brokers and surveyed thousands more within its network to gain a keen understanding of what insurance professionals think of current market offerings. Brokers were first quizzed on what features they thought were most important in WC insurance policies, and then asked to nominate WC carriers and policies across key areas including claims processing capabilities, customer service, competitive premiums, flexibility, communication, and more.
At the end of the research period, the insurance providers that offered the best overall service to brokers were named 5-Star award winners.