Salary bonuses increase in second quarter: S&P

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The majority of the 20 largest workers’ compensation underwriters in the United States saw their direct earned premiums increase year over year in the second quarter, Markel Corp. registering the strongest growth at 46.3%, according to an S&P Global Market Intelligence analysis released Thursday.

Direct bonuses earned for the workers’ compensation industry as a whole amounted to $ 12.4 billion, up from $ 11.8 billion in the second quarter of 2020, according to the analysis.

Although it has retained its place as the first author of EI policies in the United States, The Travelers Cos. Inc. recorded a 1.6% drop in premiums earned on an annual basis to $ 908.3 million. The Hartford Financial Services Group Inc., which was in second place in the second quarter, saw its earned premiums rise 6.2% to $ 784.1 million, according to the report.

American International Group Inc. was the only insurer to report a double-digit year-over-year decline in direct premiums paid to workers in the second quarter. The company’s net earned premiums totaled $ 282.4 million, down 14.2% from the previous year.

The industry’s second-quarter loss ratio was 48.8%, down from 45.6% a year earlier.


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