Workers’ Compensation Insurance Industry - Global Strategic Business Report

  • ID: 604637
  • Report
  • Region: Global
  • 49 pages
  • Global Industry Analysts, Inc
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The Workers’ Compensation Insurance Industry Report provides insightful analysis, market overview, structure and outlook of the industry. Richly laden with quantitative analysis, the report provides the reader with a rudimentary preface to workers’ compensation insurance industry. A synopsized discussion offers preludes to regional insurance markets such as the United States, Canada, Hong Kong, Argentina, Denmark and Chile. The closely summarized market report is designed to offer a macro level picture of the trends, market structure/basics, recent mergers & acquisitions, and strategic corporate developments witnessed by the industry. Also provided is a compilation of recent past/ historical perspective of the industry and strategic corporate developments within it. The report examines the leading companies’ footing in the industry at global and/ or regional level, along with their annual written premiums. Global key and niche players briefly discussed and abstracted in the report include Allianz Australia Limited, CGU Insurance, Chubb Corp., Hartford Financial Services Group, Inc., Insurance Australia Group Ltd. (IAG), Sompo Japan Insurance Inc., Suncorp Metway Insurance Ltd, and Topdanmark among several others. The discussion also includes workers’ compensation insurance brokers such as BB&T Insurance Services Inc., Crawford & Co., Hilb Rogal & Hobbs Company, and Jardine Lloyd Thompson Group Plc.

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WORKERS’ COMPENSATION INSURANCE INDUSTRY

A STRATEGIC BUSINESS REPORT

CONTENTS

1. Workers Compensation Insurance (WCI) - An Introduction WC-1
Experience Modification Rating WC-1
Varying Degrees of Concentration Across the WCI Markets Worldwide WC-1
Table 1: Concentration of Workers’ Compensation Insurance
Markets Worldwide: Percentage Share of the Market
Collectively Held by Top Ten Players (includes corresponding
Graph/Chart) WC-1
Spiraling Medical Expenses Bloat WC Losses WC-2
Insurance Groups - A Tough Time for Insurers WC-2

2. Regulatory Hurdles WC-3

3. Role of Wholesalers WC-4
Saving the Sinking Ship WC-4
Simplified Underwriting WC-4
Speedy Delivery WC-4
Low Rejection of Risk WC-4
Easy Access to E-commerce WC-4
Outlook WC-4

4. Regional Perspective WC-5

4a. United States WC-5
Soaring Health Care Costs Prop Rate Changes WC-5
Self Insurance Programs - Making Their Presence Felt WC-5
Market Overview and Key Statistics WC-5
Table 2: US Recent Past, Current & Future Analysis for
Workers Compensation Insurance Market with Premiums in US$
Billion for the Years 2006 through 2010 (includes
corresponding Graph/Chart) WC-6
Market Under Consolidation WC-6
Table 3: Leading Players in the US Workers’ Compensation
Market (2004 & 2005): Percentage Share of Direct Premiums
Written for American Intl Group, Ace INA Group, CNA
Insurance, Hartford Insurance, Liberty Mutual, State Comp Ins
Fund, State Ins Fund of NY, St. Paul Travelers Group, Zenith
Natl Ins Group, Zurich, and Others (includes corresponding
Graph/Chart) WC-6

Table 4: Leading Players in the US Workers Compensation
Casualty Market by Net Premium Written: 2003 (includes
corresponding Graph/Chart) WC-7

Table 5: Leading Players in the US Workers’ Compensation
Insurance market (2001): Direct Premium Written in US$
Billion and Percentage Breakdown for State Compensation Fund,
Liberty Mutual Insurance, American Intern Group Inc,
Zurich/Farmers Group, CNA Insurance, Royal & SunAlliance USA,
Travelers/Citigroup, Kemper Insurance, Hartford Insurance
Group, St Paul Cos, and Others (includes corresponding
Graph/Chart) WC-8

Table 6: US Workers Compensation Insurance Market - A Past
Perspective (includes corresponding Graph/Chart) WC-9
Voluntary Benefits Market WC-10
The Social Contract Relates to Workers Compensation WC-10
Costs to Employers WC-10
Claim Costs WC-11
Reducing Costs WC-11
Residual Markets WC-12
Terrorism Coverage WC-12
Reforms WC-12
Characteristics of the US Workers’ Compensation Market WC-12
Basic Facts about Workers’ Compensation WC-13
Factors Determining Premium Growth in Workers’ Compensation WC-14
Pricing Mechanism Followed in Various States WC-14
Workers Compensation Fraud- Time to Grub Up WC-15
Californian Market for Workers’ Compensation Insurance WC-16
A Problem-Ridden Market WC-16
Local Companies Fare Poorly WC-16
The Search is on for Solution WC-16
A Year of Debacle WC-16
Workplace Deaths and Injuries WC-18
Table 7: Number and Causes for Workplace Casualties in the
US: 2002 & 2003(includes corresponding Graph/Chart) WC-18
A Retrospect WC-18
Table 8: Fatal Occupational Injuries in the US (2000):
Number of Fatalities and Fatality Rate for Construction,
Transportation, Services, Agriculture, Manufacturing, Retail
trade, Government, Wholesale trade, Mining, and Finance
(includes corresponding Graph/Chart) WC-19
Alternative Risk Markets in Workers’ Compensation WC-19
Group Self-Insurance WC-19
Individual Self-Insurance WC-20
Large Deductible Programs WC-20
Retrospectively Rated Policies WC-20
24-Hour Coverage Under Workers’ Compensation WC-20
Legal Barriers to 24-Hour Coverage WC-21
Institutional Barriers to 24-Hour Coverage WC-21
Regulatory Barriers to 24-Hour Coverage WC-22
Worker’s Compensation After September 11 WC-22
Outlook WC-23

4b. Canada WC-24
Workers Compensation/Employers Liability WC-24

4c. The Netherlands WC-25
Dutch ‘DSLWRA’ Insurance WC-25
Table 9: Dutch Disability, Sick Leave, and Work Related
Accident (DSLWRA) Insurance Market (2005): Percentage
Breakdown by Leading Players - Aegon, Eureko, Fortis, ING,
and Others (includes corresponding Graph/Chart) WC-25

4d. Hong Kong WC-26
Employees’ Compensation WC-26

4e. Argentina WC-27
Workers Compensation and Employers’ Liability WC-27
Key Benefits of Workers’ Compensation Law WC-27
Workers’ Compensation - On Road to Profitability WC-27
The Workers’ Compensation Law of 1995 WC-28
Future Prospects of Insurance Industry in Argentina WC-28

4f. Denmark WC-29
A Past Perspective WC-29
Table 10: Industrial Injuries Insurance Industry in Denmark
(2002): Gross Premium and Gross Claims in DKK Million by
Companies (includes corresponding Graph/Chart) WC-29

4g. Chile WC-30
Workmen’s Compensation and Employers’ Liability - A Brief Profile WC-30
Coverage Patterns WC-30
Table 11: Chilean Insurance Industry (2001): Percentage
Break-up of Workforce Accident by Industry (includes
corresponding Graph/Chart) WC-30

5. Recent Industry Activity WC-31
AmTrust Completes Acquisition of Associated Industries WC-31
Hilb Rogal & Hobbs to Acquire BACIA WC-31
American Financial Group to Acquire Strategic Comp Holdings WC-31
Coventry Health Care Acquires Certain Mutual of Omaha WC-32
Liberty Mutual Acquires Ohio Casualty WC-32
Alleghany Acquires EDC WC-32
Unitrin to Divest UBI to AmTrust WC-32
Cypress Merges with Arrowhead WC-33
Octagon Risk Services Acquires Managed Care Holdings Corp. WC-33
EMLIC to Acquire Eastern Holding WC-33
Accident Fund Insurance Acquires United Wisconsin WC-33
Equus Acquires 1st Metro Insurance WC-33
Neace Lukens Acquires Integrity Insurance Agency WC-33
Hilb Rogal Acquires Ed Murray & Sons WC-33
Hilb Rogal Acquires True Benchmark WC-34
Stewart Sneed Hewes Group Buys Kyzar & Co WC-34
First Niagara Signs Agreement with LA Lama WC-34
POMCO Acquires HRH Risk Management WC-34
BISYS Group Acquires Uhlemeyer WC-34
Eye Care International Acquires Self Funded Alternatives WC-34
Community First Acquires Arnold & Arnold WC-34
First Health Group Acquires COMP Medical WC-34
Coventry Health Care Plans to Acquire First Health Group WC-35
CMI Management Team Plans to Acquire CompManagement WC-35
KRG Capital Partners LLS Plans to Acquire PPOM LLC WC-35
USI Holdings Acquires Future Planning Associates WC-35
USI Holdings Acquires Benefit Partners of America WC-36
Brown & Brown Acquires Balcones-Southwest WC-36
Milne Scali Acquires Assets of Richard Q Perry WC-36
Arthur Acquires Burch Marcus WC-36
Senn Dunn Acquires Corpening Insurance Center WC-36
Stanton Acquires Harris-Homeyer WC-36
Capital Z Financial Services Acquires SBJ Group WC-36
Arthur J Gallagher & Co Acquires Don Laster Agency WC-37
Senn Dunn Acquires Sterling Financial Services WC-37
AllHealth Acquires The Holland Co. WC-37
Arthur Acquires Obrien WC-37
First Mainstreet Insurance Group Acquires Value Quote Insurance WC-37
Milne Scali & Co Acquires Finkbeiner Agency WC-37
Arthur J. Gallagher & Co Acquires Johnsey Insurance Agency WC-37
Arthur Acquires Burch Marcus WC-37
Milne Scali Acquires IAS WC-38
Arthur J Gallagher Acquires Persac Insurance Agency WC-38
First Place Financial Acquires Weigel Lackey & Ross Insurance WC-38
PacifiCare Health Systems Acquires American Medical Security
Group WC-38
Pacificare Health Systems Plans to Acquire Group Health
Business of Pacific Life Insurance Group WC-38
Hub International Acquires TILCO Financial Services Limited WC-39

6. Strategic Developments in the Past WC-40
Willis Group Acquires Scott Tucker Insurance WC-40
R&K Merges with Albany Health Associates WC-40
Employers Insurance Co. of Nevada Acquires Fremont
Compensation Insurance Group WC-40
Earnest R Shaw Acquires Kendall White Millar WC-40
Eastern Holding Buys Additional 50% Stake in Educators Alliance WC-40
Maddison Monetary Taken Over by Lamensdorf WC-41

7. Focus on Select Players Worldwide WC-42
Allianz Australia Limited, Australia WC-42
CGU Insurance, Australia WC-42
Chubb Corp., US WC-42
Hartford Financial Services Group, Inc., US WC-43
Insurance Australia Group Ltd. (IAG), Australia WC-43
Sompo Japan Insurance Inc., Japan WC-44
Suncorp Metway Insurance Ltd, Australia WC-44
Topdanmark, Denmark WC-44

8. Leading Workers’ Compensation Insurance Brokers WC-45
BB&T Insurance Services Inc., US WC-45
Crawford & Co., US WC-45
Hilb Rogal & Hobbs Company, US WC-45
Jardine Lloyd Thompson Group Plc, UK WC-45
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  • Allianz Australia Limited, Australia W
  • CGU Insurance, Australia W
  • Chubb Corp., US W
  • Hartford Financial Services Group, Inc., US W
  • Insurance Australia Group Ltd. (IAG), Australia W
  • Sompo Japan Insurance Inc., Japan W
  • Suncorp Metway Insurance Ltd, Australia W
  • Topdanmark, Denmark W
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