Workers' Compensation Insurance Industry - Global Strategic

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Workers’ Compensation Insurance Industry - Global Strategic
Business Report

Description:    The Workers’ Compensation Insurance Industry Report provides insightful analysis, market
                overview, structure and outlook of the industry. Richly laden with quantitative analysis, the report
                provides the reader with a rudimentary preface to workers’ compensation insurance industry. A
                synopsized discussion offers preludes to regional insurance markets such as the United States,
                Canada, Hong Kong, Argentina, Denmark and Chile. The closely summarized market report is
                designed to offer a macro level picture of the trends, market structure/basics, recent mergers &
                acquisitions, and strategic corporate developments witnessed by the industry. Also provided is a
                compilation of recent past/ historical perspective of the industry and strategic corporate
                developments within it. The report examines the leading companies’ footing in the industry at
                global and/ or regional level, along with their annual written premiums. Global key and niche
                players briefly discussed and abstracted in the report include Allianz Australia Limited, CGU
                Insurance, Chubb Corp., Hartford Financial Services Group, Inc., Insurance Australia Group Ltd.
                (IAG), Sompo Japan Insurance Inc., Suncorp Metway Insurance Ltd, and Topdanmark among
                several others. The discussion also includes workers’ compensation insurance brokers such as BB&T
                Insurance Services Inc., Crawford & Co., Hilb Rogal & Hobbs Company, and Jardine Lloyd
                Thompson Group Plc.




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Contents:       WORKERS’ COMPENSATION INSURANCE INDUSTRY
                A STRATEGIC BUSINESS REPORT


                                               CONTENTS


                  1. Workers Compensation Insurance (WCI) - An Introduction            WC-1
                     Experience Modification Rating                          WC-1
                     Varying Degrees of Concentration Across the WCI Markets Worldwide WC-1
                      Table 1: Concentration of Workers’ Compensation Insurance
                      Markets Worldwide: Percentage Share of the Market
                      Collectively Held by Top Ten Players (includes corresponding
                      Graph/Chart)                                       WC-1
                     Spiraling Medical Expenses Bloat WC Losses                   WC-2
                     Insurance Groups - A Tough Time for Insurers                  WC-2

                  2. Regulatory Hurdles                                    WC-3

                  3. Role of Wholesalers                                  WC-4
                     Saving the Sinking Ship                               WC-4
                      Simplified Underwriting                             WC-4
                      Speedy Delivery                                    WC-4
                      Low Rejection of Risk                               WC-4
                      Easy Access to E-commerce                              WC-4
                     Outlook                                           WC-4
4. Regional Perspective                              WC-5

4a. United States                                     WC-5
  Soaring Health Care Costs Prop Rate Changes                   WC-5
  Self Insurance Programs - Making Their Presence Felt           WC-5
  Market Overview and Key Statistics                       WC-5
   Table 2: US Recent Past, Current & Future Analysis for
   Workers Compensation Insurance Market with Premiums in US$
   Billion for the Years 2006 through 2010 (includes
   corresponding Graph/Chart)                             WC-6
  Market Under Consolidation                              WC-6
   Table 3: Leading Players in the US Workers’ Compensation
   Market (2004 & 2005): Percentage Share of Direct Premiums
   Written for American Intl Group, Ace INA Group, CNA
   Insurance, Hartford Insurance, Liberty Mutual, State Comp Ins
   Fund, State Ins Fund of NY, St. Paul Travelers Group, Zenith
   Natl Ins Group, Zurich, and Others (includes corresponding
   Graph/Chart)                                      WC-6

   Table 4: Leading Players in the US Workers Compensation
   Casualty Market by Net Premium Written: 2003 (includes
   corresponding Graph/Chart)                          WC-7

   Table 5: Leading Players in the US Workers’ Compensation
   Insurance market (2001): Direct Premium Written in US$
   Billion and Percentage Breakdown for State Compensation Fund,
   Liberty Mutual Insurance, American Intern Group Inc,
   Zurich/Farmers Group, CNA Insurance, Royal & SunAlliance USA,
   Travelers/Citigroup, Kemper Insurance, Hartford Insurance
   Group, St Paul Cos, and Others (includes corresponding
   Graph/Chart)                                     WC-8

   Table 6: US Workers Compensation Insurance Market - A Past
   Perspective (includes corresponding Graph/Chart)               WC-9
  Voluntary Benefits Market                               WC-10
  The Social Contract Relates to Workers Compensation              WC-10
  Costs to Employers                                    WC-10
   Claim Costs                                       WC-11
   Reducing Costs                                     WC-11
  Residual Markets                                     WC-12
  Terrorism Coverage                                     WC-12
  Reforms                                            WC-12
  Characteristics of the US Workers’ Compensation Market            WC-12
  Basic Facts about Workers’ Compensation                       WC-13
  Factors Determining Premium Growth in Workers’ Compensation          WC-14
  Pricing Mechanism Followed in Various States                   WC-14
  Workers Compensation Fraud- Time to Grub Up                      WC-15
  Californian Market for Workers’ Compensation Insurance            WC-16
   A Problem-Ridden Market                                 WC-16
   Local Companies Fare Poorly                             WC-16
   The Search is on for Solution                          WC-16
  A Year of Debacle                                    WC-16
  Workplace Deaths and Injuries                             WC-18
   Table 7: Number and Causes for Workplace Casualties in the
   US: 2002 & 2003(includes corresponding Graph/Chart)              WC-18
   A Retrospect                                      WC-18
    Table 8: Fatal Occupational Injuries in the US (2000):
    Number of Fatalities and Fatality Rate for Construction,
    Transportation, Services, Agriculture, Manufacturing, Retail
    trade, Government, Wholesale trade, Mining, and Finance
    (includes corresponding Graph/Chart)                     WC-19
  Alternative Risk Markets in Workers’ Compensation               WC-19
   Group Self-Insurance                          WC-19
   Individual Self-Insurance                     WC-20
   Large Deductible Programs                       WC-20
   Retrospectively Rated Policies                 WC-20
  24-Hour Coverage Under Workers’ Compensation            WC-20
   Legal Barriers to 24-Hour Coverage               WC-21
   Institutional Barriers to 24-Hour Coverage        WC-21
   Regulatory Barriers to 24-Hour Coverage            WC-22
  Worker’s Compensation After September 11              WC-22
  Outlook                                     WC-23

4b. Canada                                          WC-24
  Workers Compensation/Employers Liability                        WC-24

4c. The Netherlands                                     WC-25
   Dutch ‘DSLWRA’ Insurance                                WC-25
    Table 9: Dutch Disability, Sick Leave, and Work Related
    Accident (DSLWRA) Insurance Market (2005): Percentage
    Breakdown by Leading Players - Aegon, Eureko, Fortis, ING,
    and Others (includes corresponding Graph/Chart)             WC-25

4d. Hong Kong                                         WC-26
  Employees’ Compensation                                WC-26

4e. Argentina                                       WC-27
  Workers Compensation and Employers’ Liability                   WC-27
   Key Benefits of Workers’ Compensation Law                      WC-27
  Workers’ Compensation - On Road to Profitability                WC-27
  The Workers’ Compensation Law of 1995                           WC-28
  Future Prospects of Insurance Industry in Argentina              WC-28

4f. Denmark                                            WC-29
   A Past Perspective                                   WC-29
    Table 10: Industrial Injuries Insurance Industry in Denmark
    (2002): Gross Premium and Gross Claims in DKK Million by
    Companies (includes corresponding Graph/Chart)                 WC-29

4g. Chile                                         WC-30
  Workmen’s Compensation and Employers’ Liability - A Brief Profile WC-30
   Coverage Patterns                                  WC-30
    Table 11: Chilean Insurance Industry (2001): Percentage
    Break-up of Workforce Accident by Industry (includes
    corresponding Graph/Chart)                           WC-30

5. Recent Industry Activity                            WC-31
   AmTrust Completes Acquisition of Associated Industries        WC-31
   Hilb Rogal & Hobbs to Acquire BACIA                      WC-31
   American Financial Group to Acquire Strategic Comp Holdings     WC-31
   Coventry Health Care Acquires Certain Mutual of Omaha          WC-32
   Liberty Mutual Acquires Ohio Casualty                   WC-32
   Alleghany Acquires EDC                               WC-32
   Unitrin to Divest UBI to AmTrust                       WC-32
   Cypress Merges with Arrowhead                           WC-33
   Octagon Risk Services Acquires Managed Care Holdings Corp.      WC-33
   EMLIC to Acquire Eastern Holding                        WC-33
   Accident Fund Insurance Acquires United Wisconsin            WC-33
   Equus Acquires 1st Metro Insurance                       WC-33
   Neace Lukens Acquires Integrity Insurance Agency             WC-33
   Hilb Rogal Acquires Ed Murray & Sons                     WC-33
   Hilb Rogal Acquires True Benchmark                       WC-34
   Stewart Sneed Hewes Group Buys Kyzar & Co                    WC-34
   First Niagara Signs Agreement with LA Lama                 WC-34
   POMCO Acquires HRH Risk Management                          WC-34
                BISYS Group Acquires Uhlemeyer                            WC-34
                Eye Care International Acquires Self Funded Alternatives       WC-34
                Community First Acquires Arnold & Arnold                    WC-34
                First Health Group Acquires COMP Medical                    WC-34
                Coventry Health Care Plans to Acquire First Health Group       WC-35
                CMI Management Team Plans to Acquire CompManagement                  WC-35
                KRG Capital Partners LLS Plans to Acquire PPOM LLC             WC-35
                USI Holdings Acquires Future Planning Associates              WC-35
                USI Holdings Acquires Benefit Partners of America             WC-36
                Brown & Brown Acquires Balcones-Southwest                     WC-36
                Milne Scali Acquires Assets of Richard Q Perry             WC-36
                Arthur Acquires Burch Marcus                            WC-36
                Senn Dunn Acquires Corpening Insurance Center                  WC-36
                Stanton Acquires Harris-Homeyer                           WC-36
                Capital Z Financial Services Acquires SBJ Group             WC-36
                Arthur J Gallagher & Co Acquires Don Laster Agency             WC-37
                Senn Dunn Acquires Sterling Financial Services              WC-37
                AllHealth Acquires The Holland Co.                       WC-37
                Arthur Acquires Obrien                                WC-37
                First Mainstreet Insurance Group Acquires Value Quote Insurance WC-37
                Milne Scali & Co Acquires Finkbeiner Agency                 WC-37
                Arthur J. Gallagher & Co Acquires Johnsey Insurance Agency       WC-37
                Arthur Acquires Burch Marcus                            WC-37
                Milne Scali Acquires IAS                             WC-38
                Arthur J Gallagher Acquires Persac Insurance Agency            WC-38
                First Place Financial Acquires Weigel Lackey & Ross Insurance   WC-38
                PacifiCare Health Systems Acquires American Medical Security
                 Group                                           WC-38
                Pacificare Health Systems Plans to Acquire Group Health
                 Business of Pacific Life Insurance Group                 WC-38
                Hub International Acquires TILCO Financial Services Limited     WC-39

              6. Strategic Developments in the Past                      WC-40
                 Willis Group Acquires Scott Tucker Insurance               WC-40
                 R&K Merges with Albany Health Associates                   WC-40
                 Employers Insurance Co. of Nevada Acquires Fremont
                  Compensation Insurance Group                           WC-40
                 Earnest R Shaw Acquires Kendall White Millar               WC-40
                 Eastern Holding Buys Additional 50% Stake in Educators Alliance WC-40
                 Maddison Monetary Taken Over by Lamensdorf                    WC-41

              7. Focus on Select Players Worldwide                     WC-42
                 Allianz Australia Limited, Australia                WC-42
                 CGU Insurance, Australia                           WC-42
                 Chubb Corp., US                                   WC-42
                 Hartford Financial Services Group, Inc., US             WC-43
                 Insurance Australia Group Ltd. (IAG), Australia          WC-43
                 Sompo Japan Insurance Inc., Japan                      WC-44
                 Suncorp Metway Insurance Ltd, Australia                 WC-44
                  Topdanmark, Denmark                                WC-44

              8. Leading Workers’ Compensation Insurance Brokers          WC-45
                 BB&T Insurance Services Inc., US                   WC-45
                 Crawford & Co., US                              WC-45
                 Hilb Rogal & Hobbs Company, US                      WC-45
                 Jardine Lloyd Thompson Group Plc, UK                 WC-45




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