The value of gross premiums in 2023 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.
UnitedHealth was to be the largest insurer globally as of July 2023, with market capitalization amounting to approximately $480 bn. When ranking global insurers by their total assets, the Chinese insurance company Ping An Insurance placed first, with assets worth approximately $1.25 trillion. Ping An Insurance was also the company with the strongest brand value among insurance companies in 2023.
TOP 50 Re/Insurers & Brokers Worldwide in 2023 by market capitalization, $ bn
|№||Company||Country||Value, $ bn|
|2||Elevance Health||United States||108.9|
|4||Ping An Insurance||China||103.3|
|5||China Life Insurance||China||102.5|
|7||Marsh & McLennan Companies||United States||75.5|
|12||Zurich Insurance Group||Switzerland||60.4|
|16||Life Insurance Corporation of India (LIC)||India||48.9|
|18||American International Group||United States||37.8|
|19||The Travelers Companies||United States||36.8|
|20||Arthur J. Gallagher & Co.||United States||36.1|
|21||Tokio Marine||United States||35.7|
|23||Prudential Financial||United States||32.9|
|26||People's Insurance Company of China||China||27.3|
|28||Sun Life Financial||Canada||24.0|
|31||Willis Towers Watson||United Kingdom||22.0|
|33||The Hartford||United States||20.0|
|34||Molina Healthcare||United States||19.0|
|37||Cathay Financial Holding||Taiwan||17.1|
|38||W. R. Berkley||United States||16.9|
|39||Dai-ichi Life Holdings||Japan||16.7|
|41||SBI Life Insurance||India||15.5|
|44||Cincinnati Financial||United States||14.6|
|49||Corebridge Financial||United States||13.0|
Looking ahead, core inflation is projected to start cooling in 2023. That acceleration will result from weaker global activity, a housing market correction in various regions, easing supply chain strains, further tightening of monetary policy around the world and the deflationary effects of a likely global recession.
In this environment, insurers will need to carefully monitor consumer and business purchasing trends, as well as financial conditions.
Year-on-year percentage point change in policy interest rate
Inflation will have varying impacts across the industry. Inflation-driven increases in claims costs (e.g., repairs, replacement parts, labor) will be a particular problem for property and casualty (P&C) insurers in the US, where regulators have been turning down rate increases.
Commercial carriers have been able to pass along rate increases more consistently. Life insurers are cautiously optimistic as higher interest rates today fuel future profitability and seem to outweigh the impact of inflation.
Fact checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media