Missouri comes in at 21 for the highest workers’ compensation premium rates of the 50 U.S. states and the District of Columbia, just under Minnesota, according to the Missouri Department of Labor and Industrial Relations, Division of Workers’ Compensation.
In 2014, the state’s premium rate index was $1.98 per $100 of payroll or 107 percent of the 2014 national median, $1.85, which was a 2 percent decrease from the national median in 2012.
The Missouri Department of Insurance reported that 206 workers’ compensation insurers in the state filed for 2016 rate decreases. The average rate decrease for 2016 is -2.57 percent. Fifty-eight companies increased rates for 2016; the average increase is 3.81 percent.
There are 334 active carriers writing and competing for workers’ compensation business in Missouri, up from 285 in 2009, according to the DOI.
Missouri Workers’ Compensation Market Share Top 10 Companies (2014)
| Company | Direct Premiums Written 2014 | % Market Share | |
| 1. | Missouri Employers Mutual Ins. Co. | $186,834,979 | 20.86% |
| 2. | Travelers Prop. Cas. Co. of Amer. | $44,547,110 | 4.97% |
| 3. | Travelers Indemnity Co. of Amer. | $19,738,506 | 2.20% |
| 4. | The Phoenix Insurance Co. | $16,209,152 | 1.81% |
| 5. | Accident Fund Ins. Co. of America | $15,261,655 | 1.70% |
| 6. | Zurich American Insurance Co. | $15,043,077 | 1.68% |
| 7. | Firstcomp Insurance Co. | $14,721,296 | 1.64% |
| 8. | Liberty Mutual Fire Insurance Co. | $13,232,177 | 1.48% |
| 9. | Acuity A Mutual Insurance Co. | $12,312,288 | 1.37% |
| 10. | Technology Insurance Co. | $12,077,371 | 1.35% |
| Total Premiums Written (all companies) | $895,555,364 | 100.000% |
Source: Missouri Department of Insurance
“Workers’ compensation is a line of insurance that has a uniquely compelling impact to a state’s economy,” Director John M. Huff said in a recent departmental announcement. “As they recovered from the financial crisis, Missouri employers benefitted from an extremely competitive workers’ compensation market. Since 2008, overall rates have decreased by 11.6 percent.”
The department also noted that the size of the state’s high-risk workers’ compensation insurance pool has decreased by 66 percent since 1995. As of year-end 2015, Missouri’s high-risk pool had 3,860 policies in force, compared to 11,341 in 1995, the year the pool was created.
Topics Workers' Compensation Talent Missouri
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