Workers’ Compensation Insurance is big business. Many people think that workers’ compensation insurance is handled by the State of Maryland or the Workers’ Compensation Commission. Although MD does have a large regulatory role, and the WCC does play a large part in administration of claims, these two agencies are not the driving forces of workers’ compensation insurance in Maryland.
IWIF, or the Injured Workers Insurance Fund is by far the largest Maryland workers’ comp insurer, with nearly a quarter of the entire market. In 2008, IWIF wrote more than $216 million dollars in premium, more than double the second largest. IWIF is, however, the statutory employer of last resort, meaning they have to insure the otherwise uninsurable. This is part of what makes them so large.
The Ten Largest Private Market Workers’ Compensation Insurance Providers (by premiums market share; doesn’t include IWIF):
- Liberty Mutual
- American International
- Travelers Group
- Zurich Insurance
- Erie Insurance
- Selective Insurance
- Pennsylvania Manufacturers Group
- CNA Insurance Group
- Nationwide Insurance
The source for this information is the Maryland Insurance Administration.
In all, these top ten WC insurers in Maryland, make up over 54% of the market for workers’ comp insurance premiums. This does not include self insurers. (Many local governments are self insured.)
The Hartford, the largest workers’ compensation insurer, had 11.23% of the market and wrote just under $100 million dollars in premiums. Liberty Mutual had 9.52% of all the premiums written, totaling just over $80 million dollars. Third largest, American International wrote just over $60 million dollars of premiums for a 7.26% market share.
Travelers Group was a close fourth with a 6.43% share and over $55 million dollars in premiums. Zurich rounded out the top five with slightly under a 5% market share and just over $40 million in premiums.
The next five were:
Erie – 4.74% share, $41M premium; Selective – 3.29% share, $28M in premium; Pennsylvania Manufacturers Group – 2.97% share, $26M in premium; CNA – 2.37% share, $21M in premium; Nationwide – 1.72% share, $15M in premium
If you have a claim against an employer represented by one of these insurers, click on their individual page to learn more information.