Injured Workers' Insurance Fund · Towson, MD United States
Company Description
Phone: 410-494-2000
Fax: 410-494-2154
Toll Free: 800-264-4943
View Injured Workers' Insurance Fund Locations On A US Map
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This link will open in a new window The Injured Workers' Insurance Fund (IWIF) provides workers' compensation insurance to businesses in Maryland, said to be the birthplace of workers' compensation benefits. IWIF is the largest workers' compensation insurer in the state, covering more than 30,000 -- more than one-third -- of businesses in Maryland. The not-for-profit company offers risk management and loss control services, including consultations and training programs. IWIF sells it products directly and through a network of some 1,000 independent agents. Founded as The Maryland Accident Fund in 1914, it became independent of the state's control in 1998. To read the full description, subscribe now.
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Key Injured Workers' Insurance Fund Financials
| Company Type | Private - Not-for-Profit Single Location |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $15.4 |
| Employees | 370 |
Injured Workers' Insurance Fund Executives
11 executives listed for Injured Workers' Insurance Fund's Towson, MD location.
| Title | Name & Bio | Contact |
| Chairman | Daniel McKew | Network |
| President and CEO | Thomas Bromwell | Network |
| EVP Finance | Thomas Phelan | Network |
Competition
Competitive Landscape for Injured Workers' Insurance Fund
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Injured Workers' Insurance Fund Competitors
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