A majority of the 20 largest U.S. workers' compensation guarantors saw their direct income increase from year to year during the second quarter, with Markel Corp. which recorded the largest growth at 46.3%, according to an S&P Global Market Intelligence analysis released on Thursday.
Direct premiums for the entire labor industry amounted to $ 12.4 billion, an increase from $ 11.8 billion in the second quarter of 2020, according to the analysis. policies, The Travelers Cos. Inc. recorded a 1.6% year-over-year decrease in premium income to $ 908.3 million. Hartford Financial Services Group Inc., which held No. 2 in the second quarter, saw premium income rise 6.2% to $ 784.1 million, according to the report.
American International Group Inc. was the only insurer to log a double-digit reduction in workers compared to the previous year compared to direct premiums in the second quarter. The company's net premiums amounted to $ 282.4 million, a decrease of 14.2% from the previous year.
The industry's loss ratio during the second quarter was 48.8%, an increase from 45.6% a year earlier.