Insurance Xdate > Reports > IL > Royal Coil Inc


Commercial Insurance Overview

Royal Coil Inc is based in Mchenry county in Illinois. They operate in the Manufacturing industry, specifically in Wire Springs, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

They have been with the same worker's comp carrier for the last 2 years. We have coverage data for them in a single state.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 4.179. A 4.179 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 87% which is a significant shift. It is worth investigating why.

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 -37%, 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 Royal Coil Inc. 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 Royal Coil Inc

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 Very Good, in the 2nd percentile compared to peers.
  • In the last year, premium Decreased by 37%. While peers Increased an average of 5%.
Good

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 100% of peers.
  • Shopping around for a carrier that would provide a more competitive tier would make sense.
  • In the last year, LCM Increased by 87%. While peers Increased an average of 0%.
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.

  • 20% of peers have changed carriers since last year. Those who did, saw a 0.6% increase in premium vs those who stayed with their current provider had a 6.2% increase.
  • Of those who changed carriers, 15.4% decreased their LCM vs those who stayed with their current provider who saw a 4% increase, a difference of roughly 4x.
  • Current Carrier's market share is in the 50th percentile at 2.5% of the market.
Needs Attention

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