$65.1bn
$X.Xbn
35,718
348
$X.Xbn
The Workers' Compensation and Other Insurance Funds industry is pivotal in providing workers' compensation, medical liability and other property and casualty (P&C) insurance. 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 primarily established by state governments, industry associations, unions and large companies. Mutual insurance companies are not included in this industry. Funds primarily provide coverage to individuals and businesses that have been denied coverage from private carriers. The industry also comprises self-insurance funds that are set up to insure fund sponsors against various P&C risks.Through 2023, a hardening cycle occurred within the broader insurance sector, which is characterized by increasing premium prices and strong profit. Insurance funds benefited from this cycle despite the privatization of state workers' compensation systems and greater competition from P&C insurers. The rate of employment in the United States has been one reason for fluctuating demand for insurance services. Through 2023, the national unemployment rate has endured extreme volatility due to COVID-19 in 2020. As fewer people are employed and need workers' compensation coverage, insurance funds underwrite fewer policies. Nonetheless, insurance funds benefited from bull markets for much of the period in numerous asset classes, raising investment income for operators. Through 2023, revenue grew at a CAGR of 3.1% to an estimated $65.1 billion, with an anticipated 3.6% revenue growth in 2023 highlighting the importance of strong economic conditions.IBISWorld expects the industry to grow at a slower rate through 2028. The number of work-related deaths is expected continue falling, which is poised to benefit profit growth, as occupational deaths result in large workers' compensation insurance payouts. Additional growth in interest rates and stock market values are anticipated to boost investment income. Nonetheless, employment is expected to slow down during the period, harming insurance funds' ability to generate higher premiums. These trends are expected to cause revenue to inch upward at a CAGR of 0.4% to an estimated $66.4 billion through 2028.
Industry revenue has grown at a CAGR of 3.1 % over the past five years, to reach an estimated $65.1bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Washington State Department of Labor & Industries | 4,805.5 | 133.2 | 2.8 | |
Ohio Bureau of Workers’ Compensation | 3,238.3 | 235.4 | 7.3 | |
New York State Insurance Fund | 2,605.5 | 425.3 | 16.3 |
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Industry revenue is measured across several distinct product and services lines, including Workers' compensation, Liability and Automobile. Workers' compensation is the largest segment of the Workers' Compensation & Other Insurance Funds in the US.
Consistent privatization push at the state level dampens revenue generated from workers' compensation funds
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.
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NAICS 52519 - Workers' Compensation & Other Insurance Funds in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Consistent growth in the number of employees benefits insurance funds. As the economy continues to recover and the employment rate rises, insurance funds have a larger custom...
Learn about an industry's products and services, markets and trends in international trade.
Growing propensity for risk management strengthens liability coverage demand. The desire for consumers and businesses alike to insure against a variety of liabilities strengt...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Strong labor market incentivizes growth. Regions that contain a consistently growing labor force are more optimal targets for industry establishments.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Prioritizing policy pricing enhances internal competition. As insurance funds and companies set premiums on their policies, establishing a competitive price appealing to cust...
Learn about the performance of the top companies in the industry.
Two companies own more than a 5.0% share of the market. The presence of a large employment base strengthens demand among state-wide insurance funds in Washington State and Oh...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Steady growth in the number of employees strengthens insurance fund performance. As more people enter the workforce, there is a larger base of coverage among employers, boost...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Shaky market conditions dampen larger profitability. The reliance upon investment income as a meaningful revenue stream ensures profitability is dependent on stability across...
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Workers' Compensation & Other Insurance Funds in the US industry in United States is $65.1bn in 2024.
There are 348 businesses in the Workers' Compensation & Other Insurance Funds in the US industry in United States, which has grown at a CAGR of 0.8 % between 2018 and 2023.
The market size of the Workers' Compensation & Other Insurance Funds in the US industry in United States has been growing at a CAGR of 3.1 % between 2018 and 2023.
Over the next five years, the Workers' Compensation & Other Insurance Funds in the US industry in United States is expected to grow.
The biggest companies operating in the Workers' Compensation & Other Insurance Funds market in United States are Washington State Department of Labor & Industries, Ohio Bureau of Workers’ Compensation and New York State Insurance Fund
Providing workers' compensation insurance funds and Providing liability insurance funds are part of the Workers' Compensation & Other Insurance Funds in the US industry.
The company holding the most market share in United States is Washington State Department of Labor & Industries.
The level of competition is moderate and steady in the Workers' Compensation & Other Insurance Funds in the US industry in United States.