About Workers Compensation Insurance
Workers compensation insurance offers medical and wage benefits to people who are injured at work. The coverage is authorized by each state and the wage and medical benefits vary by state. Workers compensation is considered a social insurance because it relies on a social contract between organization and labor. It is purchased by businesses where exchange for purchasing workers compensation insurance, industry owners are protected from civil suits from their workers who become injured on the job.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.7% |
The global Workers Compensation Insurance market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensification their market share and escalation their profitability. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Workers Compensation Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AIG (United States), Berkshire Hathaway (United States), Liberty Mutual (United States), Zurich Insurance (Switzerland), Allianz (Germany), Tokio Marine (Japan), XL Group (United States), ACE&Chubb (United States), QBE (Australia) and Bharti AXA (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are American International Group (United States), Chubb Ltd. (United States), Beazley (United Kingdom), State Farm (United States) and GEICO (United States).
Segmentation Overview
AMA Research has segmented the market of Global Workers Compensation Insurance market by , Application (Large Corporations and Small and Medium-Sized Companies) and Region.
On the basis of geography, the market of Workers Compensation Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Providers, the sub-segment i.e. Agency will boost the Workers Compensation Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offerings, the sub-segment i.e. Medical Benefits will boost the Workers Compensation Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Collaboration between traditional insurance and Insur Tech firms
Market Growth Drivers:
Increasing Awareness about Workplace Safety and Growing Healthcare Costs
Challenges:
Tricky Terms and Conditions
Restraints:
Health Insurance at Low Costs
Opportunities:
Improving Labor Market Conditions and Surging Equity Markets and Rising Adoption of Workers Compensation Insurance in Developing Countries
Market Leaders and their expansionary development strategies
In February 2024, Adroit General Agency has partnered with Nationwide for a workers’ comp program aimed at mid-sized employers. This partnership positions Adroit as the program manager for Nationwide, extending its reach to offer compensation insurance to a broader spectrum of clients, particularly those in high-risk sectors such as construction, energy, recycling, alternative energy, agriculture, and transportation.
In May 2023, GMI Insurance has announced that it is expanding its existing coverage to include a standalone workers’ compensation program that targets contractors and hundreds of other business classes. The program includes an AM Best A++-rated admitted carrier, a minimum premium of USD 40,000, no maximum premium, and no XMOD restrictions
Key Target Audience
Service Providers of Workers Compensation Insurance, Insurance Association, Government Bodies, Consulting firms and Emerging Companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.