Insurance Xdate > Reports > KY > Estic America Inc
Commercial Insurance Overview
Estic America Inc is based in Kenton county in Kentucky. They operate in the Construction industry, specifically in Power driven Handtools, 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 4 years. We see commercial coverage for them in 2 states including Kentucky, South Carolina.
The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.957. A 1.957 LCM overall is a bit high, but check the market comparison below for more details. The (LCM) that they are with increased by 20% which is a significant shift. It is worth investigating why.
Premium Comparison
This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Estic America Inc. This can give you an idea of what carriers might best fit your business.
$6.03$1.03
|
||
---|---|---|
$2.66 1% 427 Businesses 280 | ||
$2.02 8% 197 Businesses 97 | ||
$2.33 10% 145 Businesses 47 | ||
$2.83 123 Businesses 29 | ||
$1.99 120 Businesses 42 | ||
$2.04 8% 110 Businesses 44 | ||
$5.32 77% 88 Businesses 41 | ||
$2.44 20% 58 Businesses 20 | ||
$3.82 98% 53 Businesses 4 | ||
$2.27 26% 47 Businesses 18 |
Market Comparison for Estic America Inc
For the Agent
These are points that might help guide an agent as they look to approach a prospect.
- Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
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 61% of peers.
- Shopping around for a carrier that would provide a more competitive tier would make sense.
- In the last year, LCM Increased by 20%. While peers Increased an average of 2%.
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.
- 9% of peers have changed carriers since last year.
- Of those who changed carriers, 7.2% decreased their LCM vs those who stayed with their current provider who saw a 1.9% decrease, a difference of roughly 4x.
- Current Carrier's market share is in the 25th percentile at 0.5% of the market.
Business Owners
- We don't sell insurance. Our market intelligence allows us to find the ideal commercial insurance partner.
- Try our 100% free premium estimate tool to compare coverage options.
- Get a Quote from a real agent, guided by our market insights.
Agents
Our market intelligence, prospecting database, and software can streamline your new business process. This listings contains:
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