Global Workers Compensation Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Workers Compensation Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

If employees suffer work-related injuries or diseases and are unable to work, Workers Compensation Insurance can help provide a certain percentage of salary losses and medical expenses. Workers Compensation Insurance can help employees return to work. If an employee dies unfortunately, Workers Compensation Insurance can provide economic benefits for the employee's family.

Market Overview:

The latest research study on the global Workers Compensation Insurance market finds that the global Workers Compensation Insurance market reached a value of USD 149736.0 million in 2022. It’s expected that the market will achieve USD 172360.0 million by 2028, exhibiting a CAGR of 2.37% during the forecast period.

The impact of the COVID-19 epidemic

The persistent coronavirus pandemic has brought great challenges to the Workers Compensation Insurance market. Under the workers' compensation, many market participating companies may experience sustained losses suffered by COVID-19, especially due to the laws or directives of some States, which require insurance for medical care and other basic workers' claims in COVID-19, which are based on the assumption that they are infected with viruses at work. Therefore, market participating companies will be affected by the epidemic and bear the compensation risk of workers.

Workers Compensation Insurance provides protection

Workers Compensation Insurance provides benefits to employees who are injured or sick due to work. It also includes disability allowance, missed salary reissue and death allowance. In terms of medical expenses, Workers Compensation Insurance can provide insurance to help your employees pay for medical expenses related to work-related injuries or diseases. This may include emergency room visits, necessary surgery and prescriptions. On the issue of wage arrears, if employees need time off to recover from work-related injuries or diseases, Workers Compensation Insurance can help compensate for this loss of income. In the aspect of continuous care, some work-related injuries or diseases may be so serious that they need multiple treatments. For example, if your warehouse employees hurt their backs while lifting heavy boxes, work injury insurance can help them pay for daily care, such as physical therapy. Under unfortunate circumstances, if an employee dies due to a work-related accident, Workers Compensation Insurance can help pay the funeral expenses and provide death compensation for the beneficiary of the employee.
At the same time, Workers Compensation Insurance helps to reduce the possibility of employees suing enterprises for work-related injuries and diseases. Workers Compensation Insurance can provide medical insurance for employees and share enterprise risks, which is one of the main driving forces for the development of Workers Compensation Insurance market.

Voluntary insurance abandonment and agreement insurance abandonment

In the new era, due to diversified work contents and complicated work forms, flexible employment and multiple labor relations are common in the labor market. The traditional employment characteristics of Workers Compensation Insurance and labor relations are facing great challenges. In the practice of Workers Compensation Insurance, there is a problem that some workers (mainly migrant workers) voluntarily give up social insurance. A few employers don't sign labor contracts with workers, and Workers Compensation Insurance becomes more virtual.

The level of industry development is uneven

Workers Compensation Insurance has become an important force of social security and an important industry of national economy, but generally speaking, the industry foundation in some areas is poor and still in the initial stage of development. At present, Workers Compensation Insurance has not penetrated into all economic fields, social industries and people's lives, and its coverage is not wide. In many places, the insurance coverage rate is not high, which can not provide the people with some urgently needed insurance products and services, and the level of insurance protection is also low.

Region Overview:

In 2022, the share of the Workers Compensation Insurance market in North America stood at 41.84%.

Company Overview:

Travelers Companies Inc. is one of the major players operating in the Workers Compensation Insurance market, holding a share of 2.86% in 2023.

Travelers Companies Inc.

The Travelers Companies, Inc. operates as an insurance company. The Company provides commercial and personal property and casualty insurance products and services to businesses, government units, associations, and individuals.

Hartford Financial Services

The Hartford Financial Services Group, Inc. provides a range of insurance products. The Company's products include property and casualty insurance, group benefits, and mutual funds.

Segmentation Overview:

As for product types, the Guaranteed-cost Insurance Products segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Agency, with a market share of 62.68% in 2022.

Key Companies in the global Workers Compensation Insurance market covered in Chapter 3:

Hartford Financial Services
Allianz
NYSIF
QBE Insurance
Chubb Limited
Berkshire Hathaway
icare
CGU
AIG
ravelers Companies Inc.
Zurich Insurance Group
Liberty Mutual
AmTrust Financial Services
AXA

In Chapter 4 and Chapter 14.2, on the basis of types, the Workers Compensation Insurance market from 2018 to 2029 is primarily split into:

Guaranteed-cost Insurance Products
Loss-sensitive Insurance Products

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Workers Compensation Insurance market from 2018 to 2029 covers:

Agency
Bancassurance
Digital & Direct Channels

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)