A majority of the 20 largest U.S. workers compensation underwriters saw their direct premiums earned increase year over year in the second quarter, with Markel Corp. recording the biggest growth at 46.3%, according to an S&P Global Market Intelligence analysis released on Thursday.
Direct premiums earned for the entire workers comp industry amounted to $12.4 billion, up from $11.8 billion in the second quarter of 2020, according to the analysis.
Though it retained its spot as the top writer of U.S. workers comp policies, The Travelers Cos. Inc. recorded a 1.6% dip in premiums earned on a yearly basis to $908.3 million. The Hartford Financial Services Group Inc., which held the No. 2 spot in the second quarter, saw premiums earned rise 6.2% to $784.1 million, according to the report.
American International Group Inc. was the only insurer to log a double-digit year-over-year decrease in workers comp direct premiums earned in the second quarter. The company’s net premiums earned totaled $282.4 million, down 14.2% from the year-ago period.
The industry’s loss ratio in the second quarter was 48.8%, up from 45.6% a year earlier.
This article was first published in Business Insurance.