You're covered: A growing number of employees will stabilize insurance premiums

Workers' Compensation & Other Insurance Funds industry is pivotal in providing workers' compensation, medical liability and other property and casualty (P&C) insurance. Over the five years to 2017, industry revenue is anticipated to have increased. The period marked the start of a hardening cycle within the broader insurance sector, which is characterized by increasing demand and premium prices. The industry benefited from this despite the continued privatization of state workers' compensation systems and greater competition from P&C insurers. The overall rate of employment in the United States has been one reason for increased demand for industry services. In line with this recent growth, IBISWorld expects the industry to continue to grow over the five years to 2022...read more.

Industry Statistics & Market Size
Revenue
$52bn
Annual Growth 12-17
1.6%
Forecast Growth 17-22
Profit
Employment
34,538
Businesses
500
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Industry Threats & Opportunities

  • The number of work-related deaths is expected to decrease, which should help boost profitability
  • Industry operators have benefited from improving financial markets
  • The industry will compete with private insurance carriers
  • Industry Report - Industry SWOT Analysis Chapter

    The Workers' Compensation and Other Insurance Funds industry is in in the mature phase of its life cycle because of the industry's market acceptance, relatively low technological change and consolidation. Earned premiums have steadily increased since 2012 as a result of a hardening insurance premium cycle and higher demand for industry services due to increasing employment domestically. This has been in spite of increased competition from private P&C carriers. Additionally, growth in investment income has helped the industry grow over the period. For these reasons, industry value added (IVA), which measures its contribution to the economy, is forecast to rise at an annualized rate of 2.9% over the period. In comparison, GDP is projected to grow at an average annual rate of 2.0%...purchase to read more.

    Additional Insights for the Workers' Compensation & Other Insurance Funds Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Workers' Compensation & Other Insurance Funds Industry are

  • Ability to effectively manage risk
  • Management of a high quality assets portfolio
  • Financial position of the company (as against financial structure)
  • IBISWorld analysts also discuss how external factors such as Number of employees and Number of work-related deaths in the Workers' Compensation & Other Insurance Funds industry impact industry performance..

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    What is the Workers' Compensation & Other Insurance Funds Industry?

    This industry comprises legal entities (i.e. funds), except pensions and health and welfare-related employee benefit funds, organized to provide insurance exclusively for the fund’s sponsor, firm or its employees or members. Funds are generally established by state governments, industry associations, unions and large companies. Mutual insurance companies are not included in this industry.

    Industry Products
  • Workers Compensation
  • Liability
  • Automobile
  • Property
  • Industry Activities
  • Providing workers' compensation insurance funds
  • Providing medical liability insurance funds
  • Providing automobile insurance funds
  • Providing other property and casualty insurance funds
  • Property self-insurance funds (except pension, health and welfare benefits)
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of employees
  • Number of work-related deaths
  • Yield on 10-year Treasury note
  • S&P 500

  • Current Performance
  • Employment and premium increases
  • Investment income increases
  • Privatization and increased competition
  • Chart: Revenue Growth

  • Industry Outlook
  • Decrease in work-related deaths
  • Growth in investment income and competition
  • Table: Workers' Compensation & Other Insurance Funds Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Workers' Compensation & Other Insurance Funds Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Construction
  • Manufacturing
  • Healthcare and Social Assistance
  • Public Schools

  • Key Selling Industries
  • Financial Planning & Advice
  • Portfolio Management
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Workers Compensation
  • Liability
  • Automobile
  • Property
  • Chart: Workers' Compensation & Other Insurance Funds Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Public sector
  • Private sector
  • Chart: Major Market Segmentation for the Workers' Compensation & Other Insurance Funds Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Loss ratio
  • Expense ratio
  • Chart: Cost Structure Benchmarking – Sector vs Workers' Compensation & Other Insurance Funds

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Workers' Compensation & Other Insurance Funds Industry

  • Industry Globalization
    Washington State Dept. of Labor & IndustriesNew York State Insurance FundState Compensation Insurance Fund Ohio BWC Fund
  • Table: Washington State Dept. of Labor & Industries - financial performance
  • Table: New York State Insurance Fund - financial performance
  • Table: State Compensation Insurance Fund - financial performance
  • Table: Ohio BWC Fund - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Workers' Compensation & Other Insurance Funds Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Workers' Compensation & Other Insurance Funds Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Unionized labor (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Capacity
  • The supply of insurance. This is the maximum amount of insurance a company or market can underwrite based on financial strength.
  • Combined Ratio
  • The sum of a firm's loss and expense ratios, which measures its underwriting performance. A combined ratio of more than 100% indicates an underwriting loss, while below 100% means a profit.
  • Residual Market Mechanism
  • An arrangement among participating insurers in which applicants for certain types of insurance who cannot to secure protection in the open market may be covered by participating industry insurers.
  • Risk Retention Group (Rrg)
  • Owner-controlled insurance entities that provide members with liability insurance. RRGs must be made up of persons or entities in a common business with like exposures.
  • Workers' Compensation Insurance
  • Provision of medical care and disability compensation to employees injured while working. Law requires most employers to be covered for workers' compensation.
  • Why buy this report?

    The Workers' Compensation & Other Insurance Funds Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Workers' Compensation & Other Insurance Funds:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Workers' Compensation & Other Insurance Funds market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Workers' Compensation & Other Insurance Funds, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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