A competitive rate environment persists in workers' comp as insurance companies continue to leverage the line's strong performance to offset struggles seen in other casualty programs, according to analysis from Arthur J. Gallagher & Co. (AJG). During the final quarter of 2022, the median rate increase was 0.3% for workers' comp, according to AJG, which reported that around 48% of companies saw this modest bump. However, workers' comp is not immune to pressures from the current economic environment, as AJG reported inflation is driving up claims costs. Given the long-tailed nature of the line's claims, the full impact of medical and wage inflation has yet to be felt. Factors such as growing payroll costs, spurred on by increasing wages, could also affect the line in the months ahead. AJG noted carriers might consider offsetting the impact of wage growth by moving the rating basis to employee headcount. Looking at the next three quarters, AJG anticipates the workers' comp market to remain fairly stable. The slideshow above reviews the top 10 workers' comp insurance companies and groups based on countrywide premium written in 2022, according to data from the National Association of Insurance Commissioners. Related: |

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