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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →For 2022, Travelers ranked first, The Hartford second, and AmTrust third among U.S. workers’ compensation insurers by direct premiums written. Those rankings measure market scale—not which carrier had the lowest price, best claims service, or the right coverage for a particular employer. The best choice depends on your state, workforce, industry, and policy terms.
Largest U.S. workers’ compensation insurers in 2022
The Insurance Information Institute (III), using NAIC data sourced from S&P Global Market Intelligence, ranked carriers by 2022 direct premiums written. AM Best’s 2023 report on 2022 results also identified Travelers as the top writer, followed by Hartford and AmTrust. The figures below are historical U.S. market data, not current quotes or a quality score.
| 2022 rank | Insurer | Direct premiums written | U.S. market share |
|---|---|---|---|
| 1 | Travelers | $3.807 billion | 6.7% |
| 2 | Hartford | $3.636 billion | 6.4% |
| 3 | AmTrust Financial | $3.162 billion | 5.6% |
Source for each company’s 2022 premium and share: III’s insurance company rankings, based on NAIC data sourced from S&P Global Market Intelligence. Rounded premiums are conversions from the table’s thousands-of-dollars figures. The U.S. market wrote $56.89 billion in workers’ compensation direct premiums in 2022, up 8.9% from 2021, according to AM Best’s 2023 report.
What “best” means for a small business
Premium volume can show that a carrier is a major market participant; it cannot tell you whether the insurer will quote your business, what your policy will cost, or how well a claim will be handled. For example, a New York small-business owner with two employees is asking a different practical question from an employer in another state or industry. The relevant details include the state, work performed, payroll, employee status, and applicable exemptions.
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Compare available quotes and policy terms rather than treating the 2022 ranking as a recommendation. Useful questions include:
- Availability and purchase channel: Is the insurer authorized and willing to cover your business in your state, or does state law require coverage through a state fund?
- Classification and payroll: Are your employees’ work activities and payroll classified accurately for premium calculation?
- Covered people: Which employees are covered, and which owners or workers may be exempt under the applicable state rules?
- Benefits and policy terms: What medical, wage-loss, disability, or death benefits apply, and what limits or exclusions affect the policy?
- Claims handling: How are claims reported and managed, and are there provider-network requirements?
- Billing and audits: What payment options are offered, and how will a payroll audit adjust the premium?
The available ranking data does not compare these factors among Travelers, Hartford, and AmTrust. Ask each insurer or an independent commercial insurance agent for state-specific terms and written quotes.
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State rules can limit your options
Workers’ compensation requirements and purchasing options vary by state. The Hartford identifies North Dakota, Ohio, Washington, and Wyoming as monopolistic state-fund states, where employers must obtain coverage through the state program rather than a private insurer. Check the rules for your own state and business before relying on a national carrier list. See The Hartford’s guide to getting workers’ compensation coverage.
State-level market shares can also differ from the national ranking. In Florida, the Office of Insurance Regulation’s 2022 report lists AmTrust NGH Group at 11.1% and Travelers Group at 5.2% of Florida workers’ compensation direct premium. Those are Florida-specific group shares from the Florida Office of Insurance Regulation’s 2022 annual report; they are not nationwide shares or a measure of policy quality.
What workers’ compensation may cover
Workers’ compensation may help pay work-related medical bills and ongoing care, replace some lost wages, and provide disability or death benefits. Actual benefits, eligibility, and policy terms depend on the jurisdiction and the particular policy. The Hartford summarizes these coverage categories in its workers’ compensation overview. Review your state’s requirements and the proposed policy rather than assuming every employer or injured worker receives identical benefits.
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