Insurance Xdate > Reports > TX > Lorna Smith


Commercial Insurance Overview

Lorna Smith is based in Bexar county in Texas. They operate in the Services industry, specifically in Barber Shops, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

Having been with the same worker's comp carrier for 11 years, it may be wise to shop around. We see commercial coverage for them in 5 states including Kansas, Maryland, Oklahoma, Pennsylvania, Texas.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.693. A 1.693 LCM overall is a bit high, but check the market comparison below for more details.

We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison. The premium paid has decreased by -17%, does this mean payroll is decreasing or are they managing their risk better?

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Lorna Smith. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Lorna Smith

Premium

Worker's Comp premium is based on two key factors - the LCM your carrier has filed to use, and the total payroll you run over the policy term, which is multiplied by the rate to determine premium. Comparing premium to businesses in the same industry and of similar size can indicate how fair your WC insurance provider's costs are relative to the market.

  • Premium is Higher than 93% of peers.
  • In the last year, premium Decreased by 17%. While peers Increased an average of 1%.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 65% of peers.
  • Shopping around for a carrier that would provide a more competitive tier would make sense.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 6% of peers have changed carriers since last year. Those who did, saw a 0.9% decrease in premium vs those who stayed with their current provider had a 0.8% decrease.
  • Current Carrier's market share is in the 75th percentile at 2.5% of the market.
Good

Business Owners

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Agents

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Policy Renewal Date
Current Carrier
Class Code
SIC Code
NAICS Code
Premium
LCM
Multiple Locations
Multi State
Carrier Tenure
Contact Phone
Loss Cost
FEIN
Coverage History


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Carriers & Underwriters

Our data provides an unparalleled view into the commercial insurance market across the US. Examples include:

  • Competitive Account Won/Loss
  • Competitive Class distribution
  • Appetite Analysis
  • Market Share Analysis