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Workers’ Compensation Insurance Industry

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3379
Description
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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Table of Contents
1. Workers' Compensation Insurance (WCI) - An Introduction


Experience Modification Rating


Varying Degrees of Concentration Across the WCI Markets Worldwide


Table 1: Concentration of Workers’ Compensation Insurance Markets Worldwide: Percentage Share of the Market Collectively Held by Top Ten Players (includes corresponding Graph/Chart)


Spiraling Medical Expenses Bloat WC Losses


Insurance Groups - A Tough Time for Insurers


2. Regulatory Hurdles


3. Role of Wholesalers


Saving the Sinking Ship


Simplified Underwriting


Speedy Delivery


Low Rejection of Risk


Easy Access to E-commerce


Outlook


4. Regional Perspective


4a. United States


Soaring Health Care Costs Prop Rate Changes


Self Insurance Programs - Making Their Presence Felt


Market Overview and Key Statistics


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)


Market Under Consolidation


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)


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


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)


Table 6: US Workers Compensation Insurance Market - A Past Perspective (includes corresponding Graph/Chart)


Voluntary Benefits Market


The Social Contract Relates to Workers Compensation


Costs to Employers


Claim Costs


Reducing Costs


Residual Markets


Terrorism Coverage


Reforms


Characteristics of the US Workers’ Compensation Market


Basic Facts about Workers’ Compensation


Factors Determining Premium Growth in Workers’ Compensation


Pricing Mechanism Followed in Various States


Workers Compensation Fraud- Time to Grub Up


Californian Market for Workers’ Compensation Insurance


A Problem-Ridden Market


Local Companies Fare Poorly


The Search is on for Solution


A Year of Debacle


Workplace Deaths and Injuries


Table 7: Number and Causes for Workplace Casualties in the US: 2002 & 2003(includes corresponding Graph/Chart)


A Retrospect


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)


Alternative Risk Markets in Workers’ Compensation


Group Self-Insurance


Individual Self-Insurance


Large Deductible Programs


Retrospectively Rated Policies


24-Hour Coverage Under Workers’ Compensation


Legal Barriers to 24-Hour Coverage


Institutional Barriers to 24-Hour Coverage


Regulatory Barriers to 24-Hour Coverage


Worker’s Compensation After September 11


Outlook


4b. Canada


Workers Compensation/Employers Liability


4c. The Netherlands


Dutch ‘DSLWRA’ Insurance


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)


4d. Hong Kong


Employees’ Compensation


4e. Argentina


Workers Compensation and Employers’ Liability


Key Benefits of Workers’ Compensation Law


Workers’ Compensation - On Road to Profitability


The Workers’ Compensation Law of 1995


Future Prospects of Insurance Industry in Argentina


4f. Denmark


A Past Perspective


Table 10: Industrial Injuries Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)


4g. Chile


Workmen’s Compensation and Employers’ Liability - A Brief Profile


Coverage Patterns


Table 11: Chilean Insurance Industry (2001): Percentage Break-up of Workforce Accident by Industry (includes corresponding Graph/Chart)


5. Recent Industry Activity


AmTrust Completes Acquisition of Associated Industries


Hilb Rogal & Hobbs to Acquire BACIA


American Financial Group to Acquire Strategic Comp Holdings


Coventry Health Care Acquires Certain Mutual of Omaha


Liberty Mutual Acquires Ohio Casualty


Alleghany Acquires EDC


Unitrin to Divest UBI to AmTrust


Cypress Merges with Arrowhead


Octagon Risk Services Acquires Managed Care Holdings Corp.


EMLIC to Acquire Eastern Holding


Accident Fund Insurance Acquires United Wisconsin


Equus Acquires 1st Metro Insurance


Neace Lukens Acquires Integrity Insurance Agency


Hilb Rogal Acquires Ed Murray & Sons


Hilb Rogal Acquires True Benchmark


Stewart Sneed Hewes Group Buys Kyzar & Co


First Niagara Signs Agreement with LA Lama


POMCO Acquires HRH Risk Management


BISYS Group Acquires Uhlemeyer


Eye Care International Acquires Self Funded Alternatives


Community First Acquires Arnold & Arnold


First Health Group Acquires COMP Medical


Coventry Health Care Plans to Acquire First Health Group


CMI Management Team Plans to Acquire CompManagement


KRG Capital Partners LLS Plans to Acquire PPOM LLC


USI Holdings Acquires Future Planning Associates


USI Holdings Acquires Benefit Partners of America


Brown & Brown Acquires Balcones-Southwest


Milne Scali Acquires Assets of Richard Q Perry


Arthur Acquires Burch Marcus


Senn Dunn Acquires Corpening Insurance Center


Stanton Acquires Harris-Homeyer


Capital Z Financial Services Acquires SBJ Group


Arthur J Gallagher & Co Acquires Don Laster Agency


Senn Dunn Acquires Sterling Financial Services


AllHealth Acquires The Holland Co.


Arthur Acquires Obrien


First Mainstreet Insurance Group Acquires Value Quote Insurance


Milne Scali & Co Acquires Finkbeiner Agency


Arthur J. Gallagher & Co Acquires Johnsey Insurance Agency


Arthur Acquires Burch Marcus


Milne Scali Acquires IAS


Arthur J Gallagher Acquires Persac Insurance Agency


First Place Financial Acquires Weigel Lackey & Ross Insurance


PacifiCare Health Systems Acquires American Medical Security Group


Pacificare Health Systems Plans to Acquire Group Health Business of Pacific Life Insurance Group


Hub International Acquires TILCO Financial Services Limited


6. Strategic Developments in the Past


Willis Group Acquires Scott Tucker Insurance


R&K Merges with Albany Health Associates


Employers Insurance Co. of Nevada Acquires Fremont Compensation Insurance Group


Earnest R Shaw Acquires Kendall White Millar


Eastern Holding Buys Additional 50% Stake in Educators Alliance


Maddison Monetary Taken Over by Lamensdorf


7. Focus on Select Players Worldwide


Allianz Australia Limited, Australia


CGU Insurance, Australia


Chubb Corp., US


Hartford Financial Services Group, Inc., US


Insurance Australia Group Ltd. (IAG), Australia


Sompo Japan Insurance Inc., Japan


Suncorp Metway Insurance Ltd, Australia


Topdanmark, Denmark


8. Leading Workers’ Compensation Insurance Brokers


BB&T Insurance Services Inc., US


Crawford & Co., US


Hilb Rogal & Hobbs Company, US


Jardine Lloyd Thompson Group Plc, UK






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