The value of gross premiums generated by the global insurance industry amounted to more than $5 trillion. The United States is the leading country on the insurance market in terms of value of life and non-life direct premiums written, with premiums estimated at $2.8 trillion, according to Beinsure Media report Top 50 Insurance Companies in the World.
World’s largest insurers and brokers is crucial for grasping the dynamics of the global insurance market. These entities not only shape industry trends and standards but also influence regulatory practices, product innovation, and market strategies.
Global gross premiums generated by the insurance industry in 2024 exceeded $5 trillion.
The United States leads the insurance market in life and non-life direct premiums. UnitedHealth ranks as the largest insurer globally, with a market capitalization of about $480 bn, according to Oleg Parashchak, CEO of Finance Media Holding. By total assets, Ping An Insurance of China ranks first, holding assets worth around $1.25 trillion. Ping An also holds the strongest brand value among insurance companies.
Looking ahead, core inflation is expected to cool in 2023. This shift will result from weaker global activity, corrections in various housing markets, easing supply chain strains, tighter global monetary policies, and deflationary effects from a probable global recession.
- Favored and well-performing risk types, including significant portions of the Financial Lines market, experienced an expansion of underwriting appetite, an increase in available capacity from new and established insurers, and healthy competition, driven largely by insurers’ return to profitability, an interest rate driven boost in insurer performance, and confidence that coverage language had been (re)aligned with insurer intent.
- Higher-risk, natural catastrophe-exposed, and claims-impacted risks, as well as those not demonstrating mature risk management practices, experienced the most significant price increases and capacity constraints, driven largely by natural catastrophe-driven volatility, a challenging early-2023 reinsurance market environment, and rising legal settlement amounts (e.g., “nuclear verdicts”).
- Across all risk types, the underwriting environment was disciplined and focused on risk differentiation. Superior results were achieved through early engagement with insurers and robust, differentiating submission details including valuation methodologies, risk control practices, improvements implemented, and lessons learned from past claims.
The world’s largest insurers are classified by their main business lines: life and health (L&H) insurance, and property and casualty (P&C) insurance. These companies typically operate globally, serving millions of customers in various regions.
World’s most valuable insurance brands retain their ranks through adaptability and innovation insurance strategies. Brand Finance compiles a Sustainability Perceptions Index which determines the role of sustainability in driving brand consideration across global insurance market.
Chinese brands continue to dominate the ranking of the world’s most valuable insurance brands, with Ping An (brand value up 4% to $33.6 bn), China Life Insurance (brand value up 2% to $17.5 bn) and CPIC (brand value up 1% to $15.3 bn) defending their respective 1st, 3rd and 5th places.
- UnitedHealth Group (U.S.): Focuses on health insurance and stands as one of the largest health insurers globally, known for its extensive network and diverse health insurance products.
- Ping An Insurance (China): Operates in both L&H and P&C sectors, offering a wide array of financial and insurance products. Noted for its innovation and technological advancements in insurance.
- AXA (France): A leading global insurer in the P&C segment, also offering life and savings products. Strong presence in Europe, North America, and Asia.
- Allianz (Germany): A global leader in insurance and asset management, providing a comprehensive range of services, including P&C insurance, L&H insurance, and investment products.
- China Life Insurance (China): One of the largest life insurance companies globally, offering a broad spectrum of life insurance and investment services.
India’s LIC (brand value steady at $9.8 bn) has become the strongest insurance brand, with a brand strength index score of 88.3 and associated AAA brand strength rating. The second strongest brand is Cathay Life Insurance (brand value up 9% to $4.9 bn) just ahead of NRMA Insurance (brand value up 82% to $1.3 bn).
The presence of companies from various regions underscores the global nature of the insurance industry, reflecting regional market strengths and the internationalization of insurance products and services. The diverse mix of life and health insurers, P&C insurers, and brokers highlights the industry’s multifaceted aspects, from individual and corporate health insurance to risk management and reinsurance services.
