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Workers compensation insurers’ year-over-year premiums have declined so far in 2019, according to a market intelligence analysis from S&P Global Inc. released Monday.
Fourteen of the top 20 workers compensation underwriters reported premium declines in the first half of 2019, and total comp premiums for the industry declined to $27.03 billion — down 2.8% compared with the previous year — with AmTrust Financial Services Inc. reporting the biggest drop, according to the analysis by the New York-based rating agency.
New York-based AmTrust dropped from the No. 3 workers compensation insurer based on direct premiums earned in 2017 to No. 7, with premiums declining 15.5%, bringing its premiums earned in 2019 to $1.19 billion.
The State Compensation Insurance Fund, based in San Francisco, reported the second-largest decline in earned premiums at 15.1%, bringing its 2019 premiums to $594.6 million from $700.5 million in 2017. American International Group Inc.’s premium decline took the third spot with a 14% year over year dip, with $772 million in direct premium earned in 2019.
However, loss ratios also declined, indicating continued industry profitability, reported S&P, with AIG’s loss ratio taking the top spot at 90.1%.
Insurance premium renewal rates in the fourth quarter rose across nearly all major commercial lines compared with the previous quarter, except in workers compensation, according to the 2018 Ivans Index.