Overview

Claim accepted: Improving domestic employment conditions will help to expand revenue

IBISWorld’s Workers Compensation Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Rising interest rates are anticipated to boost both industry revenue and profitability
  • A sharp improvement in the industry's combined ratio caused profit to increase rapidly
  • Industry operators are expected to adjust their asset portfolios to generate higher returns

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    Industry Analysis & Industry Trends

    Despite the negative impact of low interest rates and mounting medical costs, rising net premiums written and booming equity markets have driven the performance of the Workers Compensation Insurance industry in recent years. With recovering job growth, the industry's premiums have rebounded rapidly in the five years to 2016. Moreover, continued improvements in domestic employment conditions and gradual increases in interest rates are anticipated to boost both net premiums written and investment income for the industry over the next five years. Additionally, the slow descent of the unemployment rate should similarly increase demand for insurance coverage offered by industry operators, simultaneously improving the industry's average profit margin...

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    Industry Report - Starting a New Business Chapter

    The Workers Compensation Insurance industry has high barriers to entry. A new entrant must conform to stringent state and federal regulations to provide coverage. The industry is also highly competitive due to the high degree of homogeneity between workers compensation policies. The underwriting process is also highly complex, requiring expert staff to appropriately price risk. To this end, potential entrants must raise an enormous amount of capital to start operations.

    In addition, a new entrant must apply for a Certificate of Authority to supply workers compensation insurance products. Furthermore, this certificate must be obtained not only for the state of domicile but also for every other state where the insurer wishes to conduct business. The..

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    Additional Insights for the Workers Compensation Insurance Industry

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

  • Ability to effectively manage risk
  • Management of a high quality assets portfolio
  • Having a cost effective distribution system
  • IBISWorld analysts also discuss how external factors such as Number of employees and Number of work-related deaths in the Workers Compensation Insurance industry impact industry performance..

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    Industry Products

    What is the Workers Compensation Insurance Industry?

    This industry underwrites (i.e. assuming the risk and assigning premiums) workers’ compensation insurance, which protects businesses from liabilities related to injuries at the workplace.

    Industry Products
    Medical benefits
    Cash benefits
    Investment income
    Industry Activities
    Directly underwriting workers compensation insurance policies
    Paying medical benefits
    Paying cash benefits
    Investing insurance premiums

    Table of Contents

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

  • Current Performance
  • Workers compensation structure
  • Premium and profit trends
  • Medical costs contrast claims frequency
  • Chart: Revenue Growth

  • Industry Outlook
  • Investment conditions
  • Business conditions and government involvement
  • Legal costs and terrorism coverage
  • Table: Workers Compensation Insurance Industry Revenue Outlook

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

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Construction
  • Manufacturing
  • Transportation and Warehousing
  • Administration, Business Support & Waste Management Services
  • Healthcare and Social Assistance

  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Medical benefits
  • Cash benefits
  • Investment income
  • Chart: Workers Compensation Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Trade, transportation and utilities
  • Construction
  • Natural resources and mining
  • Other private industries
  • Government
  • Professional and business services
  • Manufacturing
  • Healthcare and social assistance
  • Chart: Major Market Segmentation for the Workers Compensation Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Medical, cash and death benefits
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Workers Compensation Insurance

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Workers Compensation Insurance Industry

  • Industry Globalization
    Major Companies
    Travelers Companies Inc.The Hartford
  • Table: Travelers Companies Inc. - financial performance
  • Table: The Hartford - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Workers Compensation Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

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

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Workers Compensation Insurance Industry
    Includes:
  • Industry Revenue (2007-2021)
  • Industry Gross Product (2007-2021)
  • Establishments (2007-2021)
  • Businesses (2007-2021)
  • Employment (2007-2021)
  • Wages (2007-2021)
  • Number of Work-Related Deaths (2007-2021)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Combined Ratio
  • A measurement of a firm's underwriting performance and profitability; it equals incurred losses plus expenses divided by earned premium.
  • Fixed-Income Securities
  • An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • Why buy this report?

    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 Insurance:
    • 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 Insurance 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 Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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